Esters Market is Expected to be Valued at US$ 1,191.0 Mn by 2026

Introduction:

Esters can be defined as the reaction products of acids and alcohols. Esters are small but an important part of the synthetic lubricants family and are found to be very useful for various applications in severe environment conditions. Esters are being used exclusively in jet engines lubrication mainly due to their unique combination of clean high temperature operation with low temperature flow ability. Key macroeconomic indicators directly influencing the global consumption of esters are growth of the synthetic lubricants market, industrial lubricants market and food grade lubricants market.

Market Value and Forecast

The global esters market is anticipated to expand at a moderate CAGR during the forecast period. Esters are being increasingly used in industrial applications where the number of products, applications and operating conditions are immense. The high performance properties and custom design versatility of esters is ideally suitable for certain niches in the industrial applications such as high temperature industrial oven chain lubricants and reciprocating air compressors. Rising demand for fatty acid esters and increasing adoption of Environmentally Acceptable Lubricants (EAL) for Vessel General Permit (VGP) are some of the factors driving growth of the global esters market currently. Maintenance of ester lubricants requires expensive tools and equipment and involves high maintenance costs. Another potential disadvantage of esters is their ability to react with water or hydrolyse under certain conditions. However, in cases where the application leads to hydrolysis of ester, its structure can be changed to improve its hydrolysis stability.

The global esters market is expected to be valued at US$ 635.7 Mn by 2016 end in terms of value. Various types of ester based fluids, such as phosphate esters and silicate esters, are widely used as lubricants, hydraulic fluids and/or as lubricant additives. Phosphate esters are used in fire-resistant lubricants for heavy-duty industrial gas turbines and auxiliary equipment and in hydraulic fluids in foundries, steel mills and other applications where the fluid could leak onto hot surfaces. High viscosity synthetic esters are used as base stocks in high temperature lubricants. These lubricants can be effectively used for continuous operation at 260°C and undergo very little oxidative degradation and evaporation as compared to other base stocks. These benefits make synthetic esters the most preferred lubricants for high temperature grease applications. There is an increasing demand for environmentally adapted lubricants that are based on saturated and unsaturated ester oils for industrial and food grade applications.

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Segmentation by Product Type

On the basis of product type, the esters market has been segmented into monoesters, diesters, complex esters and methyl esters. The complex esters segment estimated to account for a major revenue share of the global esters market by 2016 end and is expected to continue to dominate the market till 2026. Complex esters are being widely used as refrigeration lubricants because of their miscibility with Hydro Fluorocarbon (HFC) refrigerants. These are also used in environmentally sensitive products such as hydraulic fluids and other lubricants where biodegradable materials are required.

Segmentation by Application

On the basis of application, the global esters market has been segmented into automotive lubricants, industrial lubricants, aviation lubricants, marine lubricants and food grade lubricants. The aviation lubricants application segment is estimated to account for a major revenue share of the global esters market by 2016 end, followed by the automotive and industrial lubricants segment. Synthetic lubricants such as dibasic acid esters and dioctyl sebacate are being used successfully as lubricants for gas turbines for temperatures up to 300°F. Esters of pentaerythritol and alkanoic acids are also used as lubricants for aircraft gas turbines.

Key Regions:

The global esters market has been segmented into seven major regions including North America, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan, Eastern Europe, Latin America and the Middle East & Africa. Of all the regions, the APEJ region is expected to dominate the market with 26.8% revenue share by the end of 2016. The APEJ and North America esters markets are collectively estimated to account for 49.6% revenue share of the total esters market by 2026.

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Key Players:

Key players in the global esters market include BASF SE, Exxon Mobil Corporation, NYCO SA, Hatco, Calumet Specialty Products Partners, L.P, PMC Biogenix, Inc., Cargill, Inc. and Croda International, Plc.

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This release was published on openPR.