According to the latest market report published by Future Market Insights (FMI), titled “Esters Market: Global Industry Analysis and Opportunity Assessment 2016-2026”, the Esters market is expected to be valued at US$ 635.7 Mn by 2016 end and expand at a CAGR of 6.5% from 2016 to 2026, accounting for US$ 1,191.0 Mn by 2026.
‘Esters’ can be defined as the reaction products of acids and alcohols. Esters are small but an important part of the synthetic lubricants family and are found to be very useful for various applications in severe environment conditions. Esters are being used exclusively in jet engines lubrication mainly due to their unique combination of clean high temperature operation with low temperature flow ability. Key macroeconomic indicators directly influencing the global consumption of esters are growth of the synthetic lubricants market, industrial lubricants market and food grade lubricants market.
Esters are increasingly being used in industrial applications where the number of products, applications and operating conditions are immense. The high performance properties and custom design versatility of esters make them ideally suitable for certain niches in the industrial applications such as high temperature industrial oven chain lubricants and reciprocating air compressors. Rising demand for fatty acid esters and increasing adoption of Environmentally Acceptable Lubricants (EAL) for Vessel General Permit (VGP) are some of the major factors driving growth of the global esters market currently. Maintenance of ester lubricants requires expensive tools and equipment and involves high maintenance costs. Another potential disadvantage of esters is their ability to react with water or hydrolyse under certain conditions. However, in cases where the application leads to hydrolysis of ester, its structure can be changed to improve its hydrolysis stability.
On the basis of product type, the esters market has been segmented into monoesters, diesters, complex esters and methyl esters. In 2016, the complex esters segment is estimated to account for a major share of the global esters market and is expected to continue to dominate the market till 2026. The methyl esters segment is expected to expand at the highest CAGR of 7.0% in terms of value, during the forecast period (2016-2026).
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On the basis of application, the esters market has been segmented into automotive lubricants, industrial lubricants, aviation lubricants, marine lubricants and food grade lubricants. In 2016, the aviation lubricants application segment is estimated to account for a major share of the esters market, followed by the automotive and industrial lubricants segment. Synthetic lubricants, such as dibasic acid esters and dioctyl sebacate, are being used successfully as lubricants for gas turbines for temperatures up to 300°F. Esters of pentaerythritol and alkanoic acids are also used as lubricants for aircraft gas turbines.
The report provides detailed information about various trends driving each segment and offers insights and analysis about market trends in specific regions. On the basis of region, the market is segmented into seven regions. Of all the regions, the APEJ region is expected to dominate the market with 26.8% revenue share by the end of 2016. The APEJ and North America esters markets are collectively estimated to account for 49.6% revenue share of the total Esters market by 2026.
The report also delivers information on the market opportunities, future outlook, trends, BPS analysis, market attractiveness analysis and competitive landscape of the key players in the global esters market. The key players in the report have been profiled on the basis of company overview, financials, operating segment share, product and service offerings and key developments.
Key players in the global esters market include BASF SE, Exxon Mobil Corporation, NYCO SA, Hatco, Calumet Specialty Products Partners, L.P, PMC Biogenix, Inc., Cargill, Inc. and Croda International, Plc.
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