Esters Market, By Product Type (Monoesters, Diesters, Complex Esters, and Methyl Esters), By Application (Automotive Lubricant, Industrial Lubricant, Aviation Lubricant, Marine Lubricant, and Food Grade Lubricant), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)

Published In : Jul 2023

Code : CMI3975

Pages :120

Formats :

Excel and PDF

Industry : Specialty and Fine Chemicals

Market Challenges And Opportunities

Global Esters Market: Market Drivers

Rising Demand for Esters from Cosmetic Industry

The growing demand from the cosmetic industry is expected to drive growth in the esters market. The demand for emulsifiers and stabilizers in the personal care and detergent industries is also expected to drive growth in the market for esters. The esters market is expanding alongside the cosmetic industry as a result of the rising demand for cosmetics and personal care products around the world.

Growing Demand for Esters from Food Industry

Increasing use of esters in the food industry as a food additive is expected to drive the market growth. These are largely used in baked food products, ice-creams, and processed food. It stabilizes and thicken the food, and also enhance the texture of the food products. Global ester market is expected to witness growth due to rising demand for processed food products around the globe. For instance, in August 2021, Mitsubishi Chemical Corporation announced the opening of a new sugar ester production facility at its Fukuoka facility. The new facility will increase the company\'s production capacity in order to meet the rising demand from the food industry, where sugar ester is primarily used.

Global Esters Market: Market Restraints

Lack of Proper Standardization for Food-Grade Lubricants

Lack of proper standardization for food-grade lubricants is expected to hinder the market growth. Moreover, the market is also facing restrictions on the amount of ester additives used in the food industry. All these factors are expected to hinder the market growth.

High Cost of Raw Materials

Fluctuating prices of raw materials used in the preparation of chemically synthesized esters that are produced from petroleum product, and hence volatile price of crude oil affects the overall price of the synthetic esters. This factor is expected to hinder the market growth.

Global Esters Market: Market Opportunity

Rising Use of Esters in Various Products

Increasing use of esters for niche applications such as solvency and bio-diesel are expected to offer potential growth opportunities for the market players. Bio-diesel derived from fatty acids is considered as an ideal alternative of the conventional crude oil. Moreover, growing demand for specialty and natural esters from various industries is further expected to drive the market growth of the esters.

Inclusion of Esters by Paint Industry

Growing demand for eco-friendly ester from the paints industry is expected to provide potential growth opportunities to the market. Increasing demand for esters are in from packaging industry is expected to drive the market growth. Moreover, increasing adoption of environmentally acceptable lubricants (EAL) is further anticipated to drive the market growth of the esters over the forecast period.