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Phosphate Ester Market Size, Growth, Trends And Report 2024-2033
Phosphate Ester Market Size
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According to The Business Research Company's, The phosphate ester market size has grown strongly in recent years. It will grow from $1.63 billion in 2023 to $1.77 billion in 2024 at a compound annual growth rate (CAGR) of 8.4%. The growth in the historic period can be attributed to growing use of phosphate esters in various industries, need for effective flame retardants in construction materials, expanding automotive sector, use of phosphate esters in paints, stringent fire safety regulations.
The phosphate ester market size is expected to see strong growth in the next few years. It will grow to $2.46 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to increasing use of phosphate esters in hydraulic fluids and drilling operations, rising use of phosphate esters in pesticides and fertilizers, growing industrialization and infrastructure development, need for fire-resistant and durable textiles, growing demand for specialty chemicals in various sectors. Major trends in the forecast period include advanced coatings with improved performance characteristics, ongoing research and development in chemical technologies, superior properties of phosphate esters, innovations in phosphate ester formulations, technological advancements.
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Market Drivers and Trends:
The rise in industrial manufacturing activity is expected to propel the growth of the phosphate ester market going forward. Industrial manufacturing refers to large-scale machinery, labor, and raw materials production in a systematic, often automated, process within factories or industrial plants. The rise in industrial manufacturing activities is due to increasing global demand and the expansion of infrastructure and supply chains in emerging markets. Phosphate esters are required in industrial manufacturing activities due to their properties as effective flame retardants, lubricants, and plasticizers, enhancing safety and performance in various applications. For instance, in July 2024, according to the report published by the Office for National Statistics, a UK-based non-ministerial department, the total value of UK manufacturers' product sales reached $548.3 billion (£429.8 billion) in 2022, marking a $36.22 billion (£28.4 billion) (7%) increase from $512.2 billion (£401.5 billion) in 2021. The food manufacturing division remained the largest, accounting for 21% of total sales and seeing the biggest value increase, rising by $10.7 billion (£8.4 billion) (11%) to $112.77 billion (£88.4 billion). Therefore, the rise in industrial manufacturing activity is driving the growth of the phosphate ester market.
Major companies operating in the phosphate esters market are focused on developing innovative products, such as high-performance phosphate methacrylate, providing exceptional adhesion, durability, and flame-retardant properties. High-performance phosphate methacrylate is a specialized monomer used in advanced coatings and adhesives, known for its superior adhesion, corrosion resistance, and flame retardant properties. For instance, in February 2024, Evonik Industries AG, a Germany-based specialty chemicals company, launched the VISIOMER HEMA-P 100. VISIOMER HEMA-P is a unique phosphate methacrylate monomer that offers nonmigratory, long-lasting effects when incorporated into polymers. It provides transparent flame retardancy, enhances adhesion, and reduces corrosion, making it an effective adhesion promoter and anti-corrosive agent. VISIOMER HEMA-P is versatile in applications such as wood, textiles, paper, direct-to-metal coatings, structural adhesives, waterproofing, and architectural cast PMMA. Its high monoester content ensures maximum performance across various uses.
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Major Key Players of the Market:
Exxon Mobil Corporation, BASF SE, Merck KGaA, Akzo Nobel N.V., Eastman Chemical Company, LANXESS Deutschland GmbH, Ajinomoto Co. Inc., Solvay SA, Clariant AG, Castrol Limited, Dow Chemical Co., Stepan Company, Ashland Inc., Croda International Plc, Elementis Plc, SCHILL+SEILACHER GMBH, Colonial Chemical Inc., GRI Group Ltd., IsleChem LLC, Chempri Oleochemicals, Lakeland Laboratories LLC, Fortune Chemicals Ltd.
Phosphate Ester Market 2024 Key Insights:
• The phosphate ester market size is expected to see strong growth in the next few years. It will grow to $2.46 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%.
• Impact Of Rising Industrial Manufacturing Activity On The Phosphate Ester Market
• Innovative Advances In Phosphate Esters Market
• Asia-Pacific was the largest region in the phosphate ester market in 2023
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