Esters are primarily utilized in several food sectors as they are characterized by pleasing tastes and smells. In the chemical industry, esters as fats and oils are utilized in producing soaps and detergents, pharmaceuticals, paints, and coating. Esters have also proved their worth in improving the overall mechanical competence, increasing their wide implementation in automotive lubricant applications.
Certain type of esters such as phosphate esters are extensively used in industries as solvents, flame retardants, plasticizers, insecticides, and gasoline & oil additives. Polyol esters are tailored to make lubricants for high-performance applications. The efficient usage of ester in several end-use sectors and the limited presence of substitute products make it irreplaceable in the market. The esters market is expected to witness a rise in consumption, owing to its emergence as one of the necessary raw materials in the preparation of several industrial products.
As per the latest research published by Future Market Insights (FMI), the revenue generated from the sales of esters is bolstered by huge volumetric consumptionin personal care and pharmaceutical industries. The market value has surpassed US$ 75 Bn in 2019 and is poised to thrive at a steady CAGR during the forecast period, (2019 – 2029).
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Strict Environmental Regulation to Bolster Greener Products Demand
Personal care product companies are focusing on utilizing esters, to boost up the quality of their products. Esters are fatty acids that are sustainable and natural. They can enhance the performance and feel of other ingredients. However, despite positive outcomes of esters on the final product, there are strict restrictions concerning its consumption. Several environmental agencies such as EPA, the Department for Environment, and others have listed regulations concerning its usage, as when combined with water- and oil-based lubricants, it poses environmental hazards. Accordingly, users and manufacturers of lubricants must use and make products attuned with pollution prevention priorities and local regulations.
Stringent regulations are bolstering demand for greener alternatives to chemicals in used in a wide range of consumer products. The initiation of eco-friendly measures by downstream producers, formulators, and governments has influenced the demand for esters. Subsequently, manufacturers are focusing on catering to the demand for naturally-sourced or bio-based products.
Fewer Substitutes to Boost Demand for Esters
A few of the market players operating in the global esters market are Exxon Mobil Corporation, Mitsubishi Chemical Corporation, Cargill, Inc., Lanxess AG, and The Procter & Gamble Company. The market players are more centered towards research and development (R&D) to introduce new products in the market. These players are also beginning to develop products with decreased toxicity levels in order to abide by the stringent regulations.
With few options to replace and strong demand for esters from various end-use sectors, producers are pursuing in capacity improvements. The increasing prominence of contractual production is emerging as a noteworthy trend in the sector, as it provides an economically-feasible alternative for voluminous manufacturing of commoditized products to ply to rising need.
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