The global esters market is poised for significant growth, projected to attain a valuation of USD 94.19 billion by 2023, propelled by diverse end-use applications. This upward trajectory is anticipated to continue, with a forecasted compound annual growth rate (CAGR) of 5.4% from 2023 to 2033. As a result, the market is expected to burgeon to approximately USD 159.36 billion by 2033, presenting lucrative opportunities for expansion and innovation across industries.
The lubricant business has worked tirelessly to provide high-performance lubricants that benefit the aerospace, automotive, and industrial sectors. One such innovation was the use of synthetic esters in the production of very effective lubricants.
Esters are being employed more often in the creation of lubricants as appropriate replacements for conventional base oils due to their biodegradability as well as low toxicity. At a certain viscosity, they are substantially less volatile than other lubricant base oils and have the propensity to lubricate even at very high temperatures.
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An increase in manufacturing activity has been brought on by rapid industrialization backed by a growth in emerging nations’ economies. The use of new machinery like Industry 4.0 and other technological advancements like automation are expanding, which is driving up demand for high-performance lubricants. This in turn is bolstering the global demand for esters.
Key Takeaways from the Market Study
- The esters market increased at a CAGR of 4.5% from 2018 to 2022.
- The esters market in the United States is expected to account for 33.7% of all sales in 2023.
- China is predicted to take 23.4% of the global market share for esters in 2023.
- By the end of 2023, the Japan esters market will hold 7.5% of the global market.
- By 2023, it is expected that the France esters market would increase its market share by 8.3%.
- By 2023, a 9.8% market share is anticipated for the United Kingdom esters industry.
- The automobile and aviation category will expand quickly with 5.4% CAGR throughout the projection period.
- Polyol esters will account for more than 60% of the market for esters globally in 2023.
“The rise in the cosmetics and personal care sector, the desire for sustainable as well as bio-based chemicals, and the increased use of esters as lubricants and plasticizers are the main drivers of the global esters market,” remarks an FMI analyst.
Competitive Landscape
To expand their product offers on the global market, esters producers actively invest in product and technological advances, research and development expenses, and industrial alliances.
There are several independent manufacturers of alcohol and oleochemicals. These independent manufacturers deliver raw ingredients to ester producers via a significant distribution network.
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Prominent Players in the Esters Market
- Mitsubishi Chemical Corporation
- Exxon Mobil Corporation
- Cargill, Inc.
- The Procter & Gamble Company
- Lanxess AG
- Arkema SA
- Evonik Industries AG
Product Portfolio
- The creation of ester-based polymers, including polyethylene terephthalate (PET), is a specialty of Mitsubishi Chemical Corporation. PET is frequently used to make packaging materials, plastic bottles, and textile fibers.
- Many of the synthetic lubricants produced by ExxonMobil contain ester base stocks. These ester-based lubricants are renowned for their remarkable thermal and oxidative resilience and are created for applications that require exceptional performance.
- Cargill, a significant leader in the food sector, provides a variety of esters-based food components. Emulsifiers and texturizing chemicals used in food preparation might be examples of these.
- Esters may be an ingredient in any of the many consumer goods made by P&G. These include cosmetics and skincare products for personal care, as well as home cleaning goods that may include esters.
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 ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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