The global ester market is anticipated to exhibit impressive growth on account of growing infrastructure development. Rising demand for ester in several industrial applications and the defense sector can propel market growth. Growing population all over the world, coupled with demand for packaged food and beverages, is likely to increase the product demand in the years to come. The product is also extensively used as a sizing agent in paper and pulp. Furthermore, improving economic condition of emerging countries, along with growing adoption of cosmetic and personal care products, is expected to boost the product demand in the years to come.
Growing automotive production and sales, along with increasing demand for esters from the lubricant industry, is likely to support market growth in the years to come. Ester-based lubricants offer superior performance. Continuous growth of the textile industry is projected to offer lucrative opportunities for the market. The product is used as a textile finishing agent or binder in the textile industry. Moreover, increasing mining activities have augmented the use of explosives, which is expected to fuel the product demand.
Furthermore, rising demand for ester derivatives, such as polyesters, is anticipated to supplement market growth. It does not absorb moisture that offers better resistance to chemicals and stains. Polyesters can be used for varied applications, including home furnishing, industrial fabrics, computers, textiles, packaging, electrical insulation, and industrial fabrics.
Niche applications of esters, including bio-diesel, are likely to present growth opportunities for the players in the coming years. Bio-diesel derived from fatty acids can be utilized as a substitute for crude oil. In addition, demand for specialty and natural esters in personal care products can have a positive impact on market growth.
However, high manufacturing cost and complex processing for specific application can hinder market growth. Additionally, high price of ester-based lubricant is likely to challenge the market. Volatile crude oil prices are also expected to limit market growth as chemically synthesized esters are petroleum derivative.
Growing demand for esters from the lubricants, food products, cosmetics, and paper industry is likely to boost market growth. They are also used in cosmetics as a substitute for petroleum products. They can be obtained from vegetable oils and other renewable sources, thereby causing no adverse effects on human health. Furthermore, demand for cellulose esters is expected to increase due to their applications in coatings, paints, enamels for automotive, paper, plastic, graphic arts, consumer electronics, overprint varnishes, and inks. Use of these products in solid pharmaceutical dosage for controlled drug delivery is also expected to boost their demand in the years to come. Their use as a renewable bio-based material in order to achieve environmental sustainability is also anticipated to boost the product demand in future.
Asia Pacific is one of the prominent regional markets in terms of production as well as consumption. Factors, such as rapid industrialization and availability of raw materials in India and China, are contributing to regional growth. The region is a leading producer of vegetable oils and other natural oils, such as sunflower oil, soya oil, and palm oil. In addition, growing demand for personal care products and cosmetics, lubricants, and textile applications is fueling regional growth. North America is one of the leading consumers in the market. High demand for esters from the polyester, lubricant, and personal care industries is likely to boost the product demand in the region. Europe is likely to expand on account of growing need for vegetable oil-based esters.
Some of the leading companies operating in the ester market are PMC Biogenix Inc.; DuPont; Sasol Limited; Zhejiang Honghao Technology Co. Ltd.; and Daicel Chemical Industries.
For instance, Stephenson Personal Care introduced a range of naturally derived monoglyceryl and polyglyceryl esters known as DUROSOFT. These esters are compatible with oil and water phases. They are electrolyte tolerant and have no harmful effect on temperature sensitive ingredients.
