Global Esters Market was valued at US$ 937.7 Million in 2022, exhibiting a CAGR of 8.6% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 1,813.4 Million by 2030.
Global 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) as published by Coherent Market Insights.
Global Esters Market- Drivers
Increasing Demand for Fatty Acid Esters
Rising demand for fatty acids esters for various industrial applications is expected to drive the market growth. Fatty acids have excellent oxidative bio-stability and hydrolytic properties as compared to natural triglyceride oils. Moreover, growing demand for biodegradable lubricants as these are environmentally friendly, and are also ideal for various industrial application is expected to drive the market growth.
Global Esters Market- Opportunities
Increasing Research and Development of Esters
Increasing research and development in the field of esters for development of fatty esters with enhanced properties is expected to drive the market growth. Developing economy coupled with rising demand for bio-based lubricants from the automotive industry is further projected to drive the market growth. Moreover, growing demand for sustainable surfactants for household cleaning products is also projected to drive the market growth of the esters.
Global Esters Market- Restraints
High Cost Equipment for Ester Maintenance
Even though the market has experienced significant growth, there are still some obstacles, such as rising raw material costs and a lack of adequate standards for lubricants that are safe for consumption. The permissible amount of ester additives in the food industry is also subject to some regulation. In the forecasted period, it is anticipated that all of these issues will limit market growth. For example, electro-hydraulic-control maintenance equipment that is used in industrial and aviation applications costs hundreds of millions of dollars, and this restrict producers of synthetic lubricants to produce ester lubricants in bulk.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/esters-market-3975
Key Takeaways:
On the basis of region, Europe is estimated to experience fastest profitable growth in the global esters market 2022.
On the basis of product type, the methyl esters segment from the esters market is expected to grow at the fastest rate in terms of revenue in 2022.
Global Esters Market- Trends
Rising Use of Esters in Other Industries
Due to their favorable low-temperature properties, silicate esters are frequently used for lubricating low-temperature refrigeration compressors. Due to the growing acceptance of esters like silicate and phosphate esters in many end-use sectors and the lack of suitable alternatives in the market, the global esters market is expected to experience rapid growth in the near future. Ester lubricants are also becoming more and more popular in the Asia Pacific region, particularly in Japan, where they are extensively used in hydraulic fluids that are fire-resistant and used in the metal-processing, petrochemical, and automotive industries.
Innovation in the Field of Esters
Product innovation by major market players for serving across various end-use industries is expected to drive the market growth. For instance, in March 2023, sucrose esters of fatty acids (E 473) have been reevaluated for use as a food additive in foods for infants under 16 weeks of age, and follow-up on previous evaluations of their use as a food additive in foods for all population groups.
Global Esters Market - Impact of Coronavirus (COVID-19) Pandemic
The coronavirus pandemic affected one of the most important sectors of the global economy including chemicals and materials sector. The spread of COVID-19 hampered the global esters market growth, owing to decreasing demand for esters from marine, automotive, and aviation industry.
