The carboxylic acid-based ester market is expected to grow at a CAGR of 5% during the forecast period of 2023 to 2030. The reaction of alcohol with a carboxylic acid results in the formation of compounds that have a pleasant aroma and are known as esters based on carboxylic acids. Recently, there has been a considerable increase in demand for carboxylic acids-based esters because of their ability to replace hazardous air pollutants (HAP) in the composition of paints, coatings, inks, cosmetics, and personal care products. This trend began around a year ago. Because of their high level of solubility and moderate rate of evaporation, esters derived from carboxylic acids are frequently utilised as solvents in the production of paints and coatings.
Increasing Demand from End User Industries is Strongly Fuelling the Market Growth
The increase in the construction and building industry in emerging economies is leading to an increase in the demand for the paints and coatings industry, which is fuelling the market growth of the Carboxylic Acids Based Esters Market. This increase in demand is a direct result of the rise in the construction and building industry in emerging economies. In addition, consumers are more interested in cosmetics, and rising levels of knowledge regarding personal care items such as moisturiser are driving the expansion of the market for carboxylic acid-based esters. In addition, the expansion of the fragrances and deodorants business, as well as the food industry. Esters derived from carboxylic acids are frequently used in the food and beverage industry to enhance the flavour and aroma of the products they are added to. Food technologists will often utilise either a natural ester or a blend of synthetic esters to create
It is projected that demand for paints and coatings would increase as a result of robust growth in the worldwide building and construction industry. It is anticipated that the expansion of the manufacturing industry in developing economies like China, India, Brazil, and other countries in the ASEAN region will considerably contribute to the growth of the market for carboxylic acids-based esters during the forecast period. In a same vein, there is a growing demand for printing inks all over the world, particularly in the packaging industry. Because of this, a number of companies that make packaging, particularly those that package food, are noticing a variety of changes in the final items they produce. Other makers of packaging for products like consumer electronics, toys, consumer goods, chemicals, medicines, and cosmetics and personal care are noticing a shift in consumer preferences as a result of these changes. distinctive flavours and scents for the foods they develop. As a result, the increase in the use of tastes and perfumes around the world is projected to stimulate the market for carboxylic acids-based esters during the forecast period.In a same vein, there is a growing demand for printing inks all over the world, particularly in the packaging industry. Because of this, a number of companies that make packaging, particularly those that package food, are noticing a variety of changes in the final items they produce.
Fluctuating Raw Material Cost to Remain as the Key Restraining Factor
It is anticipated that fluctuations in the cost of raw materials would be a primary factor that will impede the expansion of the market for carboxylic acids-based esters. Because of their petrochemical origin and the wide variations in short-term supply and demand, the prices of a number of the raw materials, including acetic acid, propionic acid, butyric acid, ethanol, butanol, and propanol, are vulnerable to change. In addition, the stringent regulations that have been placed on oil and gas extraction by a number of regulatory organisations have had an effect on the price of crude oil, which has in turn had an effect on the prices of carboxylic acids and their esters.
Bio-based Carboxylic Acids to Open Significant Opportunities During the Forecast Period
It is projected that bio-based carboxylic acids-based esters will create an enormous opportunity in the industry. As a result of the demand from customers for bio-based chemicals, a number of businesses have opted to make esters through processes that are both bio-based and non-toxic. As a direct consequence of this, a number of businesses are moving toward the utilisation of bio-based feedstock and vegetable oil, in addition to their esters, as solvents in a variety of end-user sectors.
Ethyl Acetate Accounted for the Largest Share Among Other Products in 2021
Ethyl acetate is the product that accounted for the largest share of the market for carboxylic acid-based esters in 2021. It finds widespread application as a solvent in a variety of industries, including those dealing with paints and coatings, printing inks, cosmetics and personal care products, and pharmaceuticals. There are a few more esters that fall into the category of niche product sectors within the market for carboxylic acids-based esters. These esters include geranyl propionate, propyl propanoate, ethyl butanoate, methyl butanoate, butyl isovalerate, and geranyl isovalerate. These are most commonly employed in the flavouring and fragrance industries. In addition, the application industries of paints and coatings, printing inks, and medicines all use a solvent that is a mixture of ethyl acetate and butyl acetate. This mixture is called ethyl butyl acetate.
Paints and Coating Dominated the Application Market in 2021
The demand for esters as solvents has increased as a direct result of the growing market for industrial and architectural paints and coatings. Increasing focus on infrastructure especially in emerging economies has led to the increase in demand on paints and coating market. These factors contributed to the dominance of paints and coating segments in 2021. Additionally, cosmetics and personal care segment is the fastest growing market that is expected to register a CAGR of 4% during the forecast period of 2023 to 2030.
APAC Global Leader Contributed to Over Half of Market Revenues in 2021
APAC held over 50% of the market for carboxylic acids-based esters in 2021, making it the world's most dominant region in this sector. Because of the concentration of significant important players in the region, the market for carboxylic acids-based esters is dominated by Asia-Pacific. During the duration of the forecast, the expansion of the market for carboxylic acids-based esters in the area will be further boosted by the rise in the applications of carboxylic acids-based esters. Europe is the world's second-largest market for esters that are based on carboxylic acids. It is projected that the growing demand for carboxylic acids-based esters in the paints and coatings application will considerably fuel the growth of the ethyl acetate and butyl acetate product categories in Europe.It is anticipated that rising demand for perfumes and other products containing fragrances will be a key growth factor in North America. In 2021, Latin America ranked as the world's second-fastest growing consumer of carboxylic acids-based esters. Similar is the case with other growing markets such as Middle East and Africa.
Intensifying Competition During the Forecast Period
The market for carboxylic acids-based esters on a global scale is highly fragmented. Key companies dominating this market include Celanese, Sasol, Eastman Chemical, Jiangsu Sopo, Jinyimeng Group, Shanghai Wujing Chemical, INEOS, Green Biologics, Wacker Chemie, and Yip's Chemical Holdings. Others companies considered in the report also include Wacker Chemie and Yip's Chemical Holdings. The report will reveal the key strategies adopted by top tier companies to enhance their market share in the highly competitive market.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Carboxylic Acids Based Esters market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
Type
| |
Application
| |
|
Region Segment (2022-2032; US$ Million)
|
Key questions answered in this report
