Expansion of Carboxylic Acids-based Esters Market to Remain Consistent During 2015-2023

Transparency Market Research has published a new report titled, “Carboxylic Acids Based Esters Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2023.” According to the report, the global carboxylic acids based esters market was valued at US$8.45 bn in 2014 and is anticipated to reach US$13.43 bn by 2023, expanding at a CAGR of 5.3% between 2015 and 2023.

Carboxylic acids based esters have gained popularity as solvents in various application industries such as paints & coatings, printing inks, cosmetics & personal care, pharmaceuticals, and flavors & fragrances. Robust growth in the global building & construction industry is anticipated to boost demand for paints & coatings, which is the largest application segment of the market. Similarly, rising demand for printing inks across the globe, especially in packaging, is increasing the utility of esters as solvents. Carboxylic acids based esters are also employed by food technologists to produce characteristic flavors and fragrances in food. Hence, increasing demand for esters in flavors & fragrances application is another key driver which is likely to boost the carboxylic acids based esters market in the near future. Volatility in raw material prices is expected to be a key factor hampering growth of the carboxylic acids based esters market. However, bio-based carboxylic acids based esters are anticipated to provide immense opportunities in the market.

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Ethyl acetate was the largest product segment of the carboxylic acids based esters market in 2014. It is widely used as a solvent in paints & coatings and printing inks. A mixture of ethyl acetate and butyl acetate is also employed as solvent in application industries such as paints & coatings, printing inks, and pharmaceuticals. A few other esters such as geranyl propionate, butyl valerate, propyl propanoate, ethyl butanoate, propyl butanoate, methyl butanoate, butyl isovalerate, and geranyl isovalerate are niche product segments of the carboxylic acids based esters market and are majorly used as flavors & fragrances. Some of the high-priced esters include eugenyl acetate, phenethyl acetate, geranyl propionate, and phenethyl propionate. Acetic acids based esters including ethyl acetate was the largest product segment of the carboxylic acids based esters market in 2014 and is expected to continue its dominance during the forecast period from 2015 to 2023. Caproic acids and iso-butyric acids based esters are other key ester products in the market.

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Paints & coatings was the largest application segment of the carboxylic acids based esters market and held over 40% share in 2014. It is also expected to be second-fastest growing segment during the forecast period. Carboxylic acids based esters are largely used as solvents in paints & coatings application owing to properties such as high solvency and medium evaporation rate. Flavors & fragrances is anticipated to be the fastest-growing segment during the forecast period. Carboxylic acids based esters are widely employed as flavors or fragrances to improve the quality of foods & beverages. These esters have emerged as strong substitutes for aromatic solvents such as benzene and toluene for the printing inks application. Thus, these are primarily used in the printing inks application to provide viscosity and stability during storage. The printing inks segment is expected to witness moderate growth rate from 2015 to 2023.

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The global carboxylic acids based esters market is fragmented. Key manufacturers include Celanese Corporation, INEOS, Jiangsu Sopo (Group) Co., Ltd., Shanghai Wujing Chemical Co., Ltd., Yip's Chemical Holdings Limited (Jiangmen Handsome), and Jinyimeng Group Co., Ltd. Some other manufacturers are Jubilant Life Sciences Limited, Wuxi Baichuan Chemical, Showa Denko, and Saudi International Petrochemical Company (Sipchem).

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