The esters market had a valuation of USD 15.86 Billion in 2022, with expectations to reach USD 27.25 Billion by 2032, reflecting a substantial compound annual growth rate (CAGR) of 6.2% throughout the forecast period. The robust surge in market revenue is primarily attributed to the increasing demand for esters in the lubricant sector. This demand is propelled by the exceptional lubricating properties of esters, including high viscosity, superior low-temperature performance, and enhanced fuel efficiency.
Esters, which are organic compounds resulting from the reaction between an acid and an alcohol, find extensive applications across various industries. These applications include lubricants, cosmetics, pharmaceuticals, flavors and fragrances, plasticizers, among others.
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Top Companies:
- BASF SE
- Eastman Chemical Company
- Evonik Industries AG
- The Dow Chemical Company
- Huntsman Corporation
- Mitsubishi Chemical Corporation
- Ineos Group Limited
- Perstorp Holding AB
- Celanese Corporation
- DuPont de Nemours, Inc.
Some Key Highlights from the Report
Growing Demand in End-Use Industries:
- Esters are widely used in industries such as food and beverages, pharmaceuticals, cosmetics, plastics, and lubricants. The increasing demand for products in these sectors directly impacts the demand for esters.
Surging Popularity of Bio-Based and Sustainable Products:
- With a growing emphasis on sustainability and environmental awareness, there is an increasing demand for bio-based esters derived from renewable resources. Consumers and industries alike are seeking alternatives to traditional petrochemical-based esters.
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Based on Region market is segmented into:
- North America
- Europe
- Asia-Pacific
- South America
- Middle East Africa
Product Type Outlook:
- Fatty Esters
- Aromatic Esters
- Epoxy Esters
- Others
Application Outlook:
- Food Beverages (FB)
- Personal Care
- Pharmaceuticals
- Lubricants
- Others
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