The "Carboxylic Acids Based Esters Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 To 2030" report has been added to ResearchAndMarkets.com's offering.
The carboxylic acid-based ester market is expected to grow at a CAGR of 5% during the forecast period of 2022 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.
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.
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.
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 2022 to 2030.
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Carboxylic Acids Based Esters market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2030.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Carboxylic Acids Based Esters market?
- Which is the largest regional market for Carboxylic Acids Based Esters market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Carboxylic Acids Based Esters market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Carboxylic Acids Based Esters market worldwide?
Companies Mentioned
- Celanese
- Sasol
- Eastman Chemical
- Jiangsu Sopo
- the Jinyimeng Group
- Shanghai Wujing Chemical
- INEOS
- Green Biologics
- Wacker Chemie
- Yip's Chemical Holdings
Market Segmentation
Type
- Ethyl acetate
- Geranyl propionate
- Propyl propanoate
- Ethyl butanoate
- Methyl butanoate
- Butyl isovalerate
- Geranyl isovalerate
Application
- Paints and coatings
- Printing inks
- Cosmetics and personal care
- Pharmaceuticals
- Flavors and fragrances
- Others
Region Segment (2020 - 2030; US$ Million)
- North America
- U.S.
- Canada
- Rest of North America
- UK and European Union
- UK
- Germany
- Spain
- Italy
- France
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
- GCC
- Africa
- Rest of Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/tazk4d
View source version on businesswire.com: https://www.businesswire.com/news/home/20221025005573/en/
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