Esters are the products of reactions between carboxylic acids and alcohols. They are used in lubrication formulations in various fields due to their smooth flow and ability to function stably at high temperatures. The booming demand for synthetic lubricants due to the rampant growth of the global transportation and industrial sectors is expected to propel the global esters market in the coming years.
According to a research report recently added to the market intelligence database of Market Research Reports Search Engine, the global esters market is expected to be valued at US$635.7 mn by the end of 2016. Exhibiting a steady CAGR of 6.5% from 2016 to 2026, the market is expected to almost double in value, rising to a valuation of US$1.2 bn.
Aviation Lubrication Emerges as Major Application Segment of Global Esters Market
The global esters market can be segmented into the application segments of industrial lubricants, aviation lubricants, automotive lubricants, food grade lubricants, and marine lubricants. Of these, aviation lubricants are expected to be the largest application segment of the global esters market through the forecast period.
The flourishing aviation industry and the rising demand for synthetic lubricants is responsible for the high share of the aviation lubricants segment in the global esters market. The automotive and industrial sectors also accounted for significant consumption of esters, due to the rising demand from both in developing economies.
Of the various types of esters sold in the global esters market, complex esters took up the dominant share in 2016 and will retain the market lead through the forecast period. However, the methyl esters segment is expected to exhibit the fastest CAGR over the forecast period, estimated at 7%. Other major product segments of the global esters market are monoesters and diesters.
APEJ, North America Dominate Global Esters Market
Regionally, the global esters market is segmented into North America, Latin America, Europe, Asia Pacific except Japan (APEJ), Japan, Western Europe, Eastern Europe, and the Middle East and Africa. APEJ dominated the global esters market in 2016, holding a 26.8% share in the market by revenue. Collectively, North America and APEJ account for close to 50% of the total market revenue.
The booming aviation industry in Asia Pacific and the renewed vigor exhibited by the region’s automotive industry since the turn of the millennium are responsible for the dominance of APEJ in the global esters market. The rising stature of the Chinese, Indonesian, South Korean, and Indian automotive industries is expected to keep APEJ dominant in the global esters market in the coming years.
Browse Full Global Esters Market Report with TOC :http://www.mrrse.com/esters-market
High Maintenance Costs Restrain Global Esters Market
The global esters market has enjoyed abundant demand due to their high performance characteristics and temperature tolerances. The increasing demand for environmentally acceptable lubricants (EAL) will also be a major factor driving the global esters market in the coming years.
On the other hand, ester lubricants require expensive technology and equipment for maintenance in order to avoid wastage. This is a crucial restraint on the global esters market. Their capacity to react with water under some circumstances is also a drawback that major vendors in the global esters market will need to focus on in the coming years.