Esters Market Set to Achieve 5.2% CAGR Growth from 2022 to 2029

During the projected period of 2022-2029, the worldwide ester market is anticipated to provide an absolute dollar opportunity. It is projected to be worth around US$ 89.36 billion in 2022, with a positive CAGR of 5.2% bringing the total to US$ 127.41 billion by 2029. The market is anticipated to expand as a result of the rising demand for esters from a variety of end-use sectors, including chemicals & materials, food & beverage, and automotive.

Ester is regarded as a crucial component for producing a number of products, such as lubricants, flavorings, and surfactants. Their extensive use has been noted in the culinary, cosmetic, and automobile industries. Around 11.0% of the world market for specialty chemicals will be made up of esters in 2020.

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A half-yearly comparison of the growth forecast for the demand for esters has been presented by Future Market Insights along with recent developments being witnessed in the market. One of the key factors propelling the market is the expansion of the automotive and construction industries.

Key Takeaways

• Some of the crucial drivers that are estimated to surge the growth of the ester market include the introduction of bio-based esters and the rising adoption of esters in the formulation of lubricants, solvents, surfactants, flavoring agents, personal care products, etc.
• The global demand for an ester is estimated to skyrocket and witness a growth rate of 5.4% during the first half of 2022, whereas the market was forecast to grow with a 5.2% CAGR as per the earlier projections.
• Accounting for surging growth in the automotive and construction industry is set to drive the market growth in the global scenario. Due to the introduction of bio-based esters and increasing adoption of esters for formulating lubricants, solvents, surfactants, flavoring agents, personal care products, etc. are some of the major factors driving the market.
• The chemical industry is excessively using ester as the compound is the preferred base stock in lubricant formulation for the automotive, aviation, and other manufacturing industries because they have a clean operation at high temperatures and low-temperature flow ability.
• The diverse application of ester compounds in the formulation of fragrances, varnishes, paints, and lubricants is multiplying its demand all over the world. Esters are chemical compounds derived from organic or inorganic acids by substituting a hydroxyl group (-OH) with an alkyl group (-O-).

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Competitive Landscape

Mitsubishi Chemical Corporation, Exxon Mobil Corporation, Cargill, Inc., The Procter & Gamble Company, Lanxess AG, Arkema SA, and Evonik Industries AG are some of the key companies profiled in the full version of the report.

Leading players operating in the global esters market are investing in partnerships, advanced product launches, collaborations, acquisitions, and the establishment of new facilities to gain a competitive edge in the global market.

Key players are heavily investing in geographical and capacity expansions in order to gain momentum in the market. In addition to that, market players are inclining towards renewable sources for esters production to set up a circular economy infrastructure to sustain in the competitive environment.

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Esters Market by Category

By Product:

Dibasic Esters
Polyol Esters
Methyl Esters
Nitrate Esters
Vinyl Esters
Phosphate Esters
Acrylic Esters
Sucrose Esters
Fatty Acid Esters

By Application:

Lubricants
Solvents
Plasticizers
Fuel and Oil Additives
Flame Retardants
Insecticides
Explosives
Surfactants
Flavoring Agents

By End-Use Industry:

Chemicals
Food
Automotive and Aviation
Marine
Textiles
Cosmetics and Personal Care Products
General Manufacturing

By Region:

North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East and Africa

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Plant Sterol Esters Market: https://www.futuremarketinsights.com/reports/plant-sterol-esters-market

Glycerol Esters Market: https://www.futuremarketinsights.com/reports/glycerol-esters-market

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.