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Global Carboxylic Acid-based Esters Market: Rising Use of Printing Inks Drives Demand, Market Growth By 2023
Carboxylic Acid Based Esters Market
The global carboxylic acid-based esters market’s valuation was US$8.4 bn in 2014 and is expected to exhibit a steady CAGR of 5.3% from 2015 to 2023. The market’s final valuation is likely to be US$13.4 bn.
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Ethyl Acetate to Remain Leading Revenue Generator
The global carboxylic acid-based esters market is dominated by ethyl acetate, n-butyl acetate, and methyl acetate, which are likely to remain the market’s leading product segments through the 2015-2023 forecast period. Ethyl acetate alone accounts for around 30% of the carboxylic acid-based esters market and is likely to be the leading contributor in the coming years. In addition to these, esters such as eugenyl acetate, geranyl propionate, phenethyl acetate, and phenethyl propionate represent low-volume product segments that nevertheless offer a good profit margin due to their high prices.
By application, the paints and coatings industry dominated the demand from the global carboxylic acid-based esters market in 2014 and is likely to remain the leading contributor in the coming years. The segment’s 40% share in the carboxylic acid-based esters market in 2014 was due primarily to the use of a mixture of ethyl acetate and butyl acetate as a solvent for many paint and coating formulations.
Geographically, Asia Pacific is the leading market for carboxylic acid-based esters. Due to the growth of the manufacturing sector in countries such as China, India, Taiwan, South Korea, the demand for paints and coatings has risen steadily, driving the carboxylic acid-based esters market. The share of Asia Pacific in the global market for carboxylic acid-based esters is expected to rise to 59.3% by the end of 2023.
Rising Demand for Paints in Booming Construction Industry Vital for Carboxylic Acid-based Esters Market
One of the prime drivers for the global carboxylic acid-based esters market is the steady expansion of the construction industry, particularly in developing economies. Being relatively safe from the recent global economic crises, the rising disposable income of consumers in emerging regions such as Asia Pacific, Latin America, and the Middle East has driven the construction industry at a strong rate. The need for paints in new construction projects has thus become a key driver for the carboxylic acid-based esters market in the last few years.
The booming packaging industry, driven by the globalization of the food and beverage industry and the growing popularity of online shopping websites, has also played a key role in the growth of the carboxylic acid-based esters market in the last few years. Like paints and coatings, printing inks also need a stable solvent. The printing inks industry has thus become another key application area for the carboxylic acid-based esters market.
On the other hand, the unstable pricing structure of the global oil and gas industry has been a key restraint on the carboxylic acid-based esters market. While the petroleum industry is showing no signs of settling down, the development of carboxylic acid-based esters derived from more easily available biobased sources is likely to help the carboxylic acid-based esters industry overcome the effect of fluctuations in the petroleum industry’s pricing in the coming years.
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