Esters are defined as chemical compounds and are usually synthesized from inorganic or organic acids by the process of dehydration with alcohol. Naturally occurring esters include oils, triglycerides, and fats. Esters are being extensively utilized in a number of applications involving extreme environmental conditions. In addition, esters have also been extensively employed for lubrication in jet engines owing to their low temperature flow capabilities and clean operation even in high temperatures. The global esters market is projected to be valued at US$635.7 mn by the end of 2016 and is poised to touch US$1,191.0 mn by 2026, by expanding at a 6.50% CAGR between 2016 and 2026.
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Rising Demand from Paper and Personal Care Industries to Fuel Global Esters Market
The global market for esters is predicted to grow due to the increasing demand from the paper and personal care industries. The increasing count of automobiles within emerging economies is poised to set a positive outlook for the market for lubricants. Thus, the rising demand for esters from the lubricant industry will also stimulate the growth of the market as ester-based lubricants present superior performance in comparison to the other types of lubricants. On the other hand, the soaring cost of ester-based lubricants will inhibit the growth of the global esters market. In addition, the complex processing involved in the production of esters coupled with the high cost of production will also pose a negative impact on the growth of the market.
Complex Esters Segment to Excel All through 2026
Esters are majorly of four main types, namely monoesters, diesters, complex, and methyl esters. Amongst these, complex esters will lead the market by the end of 2016 and are expected to maintain their dominance all through 2026. Complex esters have a wide viscosity range and are also preferred for their high oxidative and thermal stability. In addition, these esters are cost-effective in nature and have low eco-toxicity and good biodegradability. On the other hand, on the basis of volume, the segment of methyl esters is predicted to rise at the highest 7.0% CAGR from 2016 to 2026.
Utilization of Esters is Highest in Aviation Lubricants
Esters are majorly utilized in industrial lubricants, automotive lubricants, marine lubricants, aviation lubricants, and food grade lubricants. Amongst these, synthetic lubricants such as dioctyl sebacate and dibasic acid esters are being utilized extensively as lubricants in gas turbines. Out of these, by the end of 2016, the aviation lubricant application segment is predicted to lead the market in terms of revenue. This segment will be trailed by industrial lubricants and automotive lubricants.
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North America and APEJ Together to Account for a Revenue Share of 49.6% by 2026
Geographically, the global esters market is segmented into Western Europe, North America, Asia Pacific excluding Japan (APEJ), Eastern Europe, Latin America, Japan, and the Middle East and Africa. Of these, APEJ is poised to lead the market by the end of 2016 with a revenue share of 26.8%. In addition, North America and APEJ will collectively account for a revenue share of 49.6% in the esters market by 2026.
The chief players operating in the global esters market are BASF SE, NYCO SA, Calumet Specialty Products Partners, PMC Biogenix, Inc., and Croda International, Plc., among others.