By 2025, Phosphate Esters Market will exhibit growth of 8% | Eastman Chemical company, Ashland Inc., Castrol Ltd, BASF SE, Lanxess AG, Akzo Nobel N.V., Elementis PLC, Solvay S.A., Exxon Mobil Corporation
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Top Key Players in The Market are:
Phosphate esters manufacturers are constantly expanding their product portfolio to increase their profit margin and achieve competitive advantage. Key industry players include Lakeland Laboratories Ltd., Lanxess AG, BASF SE, Daihachi Chemical Company, and Israel Chemical Ltd., among several others.
A considerable increase in defense and military budgets due to political instability and cross border tension is supporting the use of advanced aviation solutions. Phosphate esters as fire resistant hydraulic fluids are used in aircraft components such as hydraulic brakes, excavators, aircraft carriers, aircraft flight control systems, turbines and compressors, lifts, and power steering systems among various others.
Fire-resistant characteristics of the material makes it a viable option for various applications like plastic, PVC, film, and cables to enhance the behavior of plasticized polymers. Moreover, the ability of phosphate ester to showcase low viscosity is integral to hydraulic fluids. Estimates suggest that global phosphate esters market size will reach over US$3 billion in yearly revenues by 2025.
Increasing adoption of triaryl phosphate ester
Triaryl phosphate ester is gaining widespread demand due to antifoaming characteristics and is being used in the aircraft flight control systems, hydraulic brakes, and power steering systems for hydraulic fluids. Moreover, triaryl phosphate ester also finds application across lubricants, fire retardants, surfactants, agrochemicals, and plasticizers.
These industry players are signing mergers, entering into collaborations, and acquiring other companies in the field to improve their offerings and expand their global presence. In April 2017, Germany based chemical company Lanxess acquired leading American supplier of flame retardant and lubricant additives Chemtura. The purchase aimed at increasing the production capabilities of Lanxess and strengthening its position in the market.
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Asia Pacific is expected to emerge among the most significant regional grounds for phosphate esters registering a CAGR of 8.3% through 2025 in terms of revenue growth. The APAC trialkyl phosphate ester industry was expected to generate revenue of more than USD 40 million by 2025. Increasing industrialization in APAC due to investments from foreign companies as well as frequently changing consumer preferences will boost regional product demand.
High toxicity of the product to impact the market growth
Strict rules established regarding the adoption and use of the product as fertilizer and pesticide in agriculture and as a hydraulic fluid in various other sectors of the economy, due to its high toxicity level may pose a threat to the market growth. Direct contact of phosphate ester with eyes or skin may cause irritation, itching, burning sensation, red rashes on the skin, and stinging sensation to eyes. However, the development of bio-based esters to address issues related to synthetic esters will support the demand for phosphate esters in the coming years.
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Introduction: During the time of discovery of their excellent fire resistance and antiwear properties in the early 1940s, the employment of phosphate esters by various industry verticals has steadily increased over the time. Phosphate esters are generally used as fire resistant base stocks especially in applications such as turbines, hydraulic systems and compressors among others. The first commercially available phosphate ester product was synthesized from the derivatives of coal tar and
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