The value of the esters market stood at USD 93.8 billion in 2023, and this number is projected to reach USD 136.7 billion by 2030, advancing at a CAGR of 5.7% during the projection period.

This development of the industry can be credited to the thriving automobile industry, increasing requirement for coatings in the construction industry, and rising usage of esters across the lubricants, cosmetics, and personal care industries.

The esters market is advancing due to the rising need for high-performance lubricants to provide fine protecting and lubrication properties. High-performance oils formed using esters provide high thermal lubricity, stability, and oxidation resistance, thus advancing the fuel effectiveness, longevity, and performance of engines and numerous other machine parts. This makes them perfect for the marine, automotive, industrial machinery, and aerospace sectors.

The growing demand for bio-based and sustainable items from numerous sectors is producing opportunities for the market. This is mainly because of the announcement of sustainability goals and the execution of severe ecological guidelines by governments. For example, the European Union's Renewable Energy Directive, and also numerous sustainability certification packages, boost the acceptance of renewable feedstock and biobased esters.

On the basis of type, the polyol category dominates the esters industry. Polyol esters are formed with the aid of ester monomer polymerization. They provide high-temperature stability, low energy consumption, long life, low maintenance, biodegradability, affordability, and low making of smoke. Due to these advantages, they are extensively utilized in fire-resistance hydraulic oils and fluids for jet engines.

On the basis of applications, the textile category is leading the market. This growth can be credited to the fact that polyester fibers, which are made from ester polymers, are widely utilized in making fabrics and textiles and for clothing, home furnishings, and industrial purposes. Polyester fabrics have better wrinkle resistance and high colorfastness and preservation, making them simple to maintain and care for. These fabrics also provide great printability, allowing long-lasting and vibrant prints.

The presence of several production sites, a large population, and increasing demand from the food industry have led Asia Pacific to become the leading producer of esters. For this reason, a new sugar ester production facility was operated by Mitsubishi Chemical Corporation in August 2021, to meet increasing demand for these products in the food sector.

Japan, India, Taiwan, China, and South Korea are the key contributors to the industry in the region. Such nations have established textile and chemical industries, which are the key customers of esters. The strong manufacturing infrastructure, and also growing manufacturing expenditures, and easy obtainability of labor in the region, have gained funding from global companies.

Source: P&S Intelligence