Market Overview:
Lactic acid ester market is synthesized from inorganic and organic acids by dehydration with alcohol. Naturally, derived esters comprise of oils, fats, and triglycerides. A common type of esters consists of nitrate esters, fatty acid esters of glycerol, and others depending on the alkyl or aromatic group. It provides multi-functional properties such as superior spreadability, high oxidation stability, and less pour point, which makes them suitable for utilization in various ends use industries such as food beverage, cosmetic personal care, paint coatings, construction, pulp paper, lubricant, and others.
Some of the important factors that positively influence the growth of ester market are improving construction industry, expanding automotive industry, and rising mining activities in developing countries. In the recent years, increasing growth of the automotive sector is observed due to the investment of key manufacturers in emerging economies on account of favorable norms. Furthermore, rising population along with increasing consumer spending on personal care products in developed and developing region is estimated to drive the growth of the market. Furthermore, rising building construction activities along with increasing consumption of lubricants are estimated to fuel the demand for ester market over the assessment period 2021-2030. However, complex processing and relatively higher production cost of ester for a specific application is predicted to hamper the growth of the market in the upcoming years.
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Regional Analysis:
The Asia Pacific is estimated to be the largest ester market followed by North America and Europe owing to increasing demand from building construction, automotive, aerospace, and among others. Emerging economies such as India, Thailand, Malaysia, China, and South Korea are the fastest growing market for ester and is expected to grow at the same pace shortly. North America is expected to witness steady growth over the estimated period on account of growing demand for textile and mining sector. Developing countries of Latin America and the Middle East and Africa is expected to witness a moderate growth on account of increasing end-use application. In Europe, countries such as Germany, the U.K, and France are predicted to witness a healthy growth due to increasing demand from automotive manufacturers.
Market Segmentation:
The methyl ester market size global is segmented on the basis of source, application, end use industry, and region. On the basis of the source, ester market is categorized into natural and synthetic. On the basis of the application, the market is classified into adhesive, oil additive, binder, sizing agent, and others. Among these, oil additives are estimated to grow at a significant CAGR due to rising demand for ester based lubricants from various end-use industries. On the basis of the end use industry, the global ester market is categorized into cosmetic personal care, lubricant, paint coatings, pulp paper, construction, and others. Among the end use industry segment, lubricant as well as cosmetic personal care together accounted for the largest market share in terms of value and is estimated to grow at a healthy CAGR due to rising automotive production and sales along with high consumption of personal care products such as cream, lotion, shampoos, and conditioners. The construction segment is estimated to register significant growth due to increasing maintenance and renovation work in residential commercial buildings, as well as for onsite application.
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Competitive analysis:
The major players operating in the ester market are Ashland (U.S.), DAK Americas (U.S.), Esterchem Ltd. (U.K), Huntsman International LLC (U.S.), BASF SE (Germany), Evonik (Germany), Sigma-Aldrich Co. LLC. (U.S.), U-PICA Company.Ltd. (Japan), Michelman, Inc. (U.S.), NOF CORPORATION. (Japan), and Fushun Anxin Chemical Co., Ltd. (China) among others.
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