Carboxylic Acids Based Esters Market - Forecast(2024 - 2030)
Carboxylic Acids Based Esters Market Overview
Carboxylic acids
based esters market size is estimated to reach US$12.5 billion by 2027 and it
is projected to grow at a CAGR of 4.7% during 2022-2027. Carboxylic acids
comprise of carboxyl group of weak organic acid. It is extensively used as a flavoring agent and the
tart flavor of sour-tasting food comes from presence of carboxylic acid. Carboxylic
acid based esters include wide range of products such as methyl acetate, ethyl acetate,
propyl acetate, benzyl acetate, and isopropyl acetate including many others.
Benzyl acetate is the aromatic carboxylic acid which is connected to the aromatic ring of benzene.
Ester is the derivative of carboxylic acid in where carbon group is attached to
single-bonded oxygen. Acetylsalicylic
acid is considered as one of the significant types of esters which is
majorly used as flavoring
agent and also used in sunscreen lotions.
COVID-19 Impact
Many of the
industries across the globe have faced several challenges due to the COVID-19
pandemic. The industries such as cosmetics and personal care, paints and
coatings, pharmaceutical, and flavors and fragrances including many others have
experienced pitfalls. Many projects in such industries have been halted due to an
interrupted supply chain and employee shortages due to quarantines. Also, the
production and demand in paints and coatings industry has declined due to an
interrupted supply chain and cessation in transportation of raw materials. Moreover,
there was a sharp decrease in the production of personal care and cosmetics due
to factory shut down. Thus, the global pause in industrial production and
distribution, the demand and consumption of carboxylic acids based esters has
hampered to an extent in several industries.
Report Coverage
The report: “Carboxylic Acids Based Esters Market Report
– Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the
following segments of the carboxylic acids based esters industry outlook.
By Type: Methyl Acetate,
Ethyl Acetate, Propyl Acetate, Isopropyl Acetate, Butyl Acetate, Benzyl
Acetate, Isobutyl Acetate, Amyl Acetate, Octyl Acetate, Phenyl Acetate, Geranyl
Acetate, Methyl Propionate, Methyl Phenylacetate, and Others
By Application: Paints and
Coatings, Printing Inks, Pharmaceutical,
Cosmetics and Personal Care, Adhesives and Sealants, Flavors and Fragrances,
and Others
By Geography: North
America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy,
Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China,
Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan,
Malaysia, and Rest of APAC), and South America (Brazil, Argentina, Colombia,
Chile, and Rest of South America), and Rest of the World (Middle East and
Africa)
Key Takeaways
- Asia Pacific is the fastest growing region in the global carboxylic acids based esters market. This growth is mainly attributed to the increased demand for sustainable products mainly in cosmetic and personal care sector.
- Paints and Coatings is expected to be the significant segment owing to the surge in demand from construction industry.
- Carboxylic acids based esters plays an important role in several industries especially in the cosmetics and personal care which is expected to provide significant growth opportunity for the global market.
Figure: Asia Pacific Carboxylic Acids Based Esters Market Revenue, 2021-2027 (US$ Billion)
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Carboxylic Acids Based Esters Market Segment Analysis – By Type
The ethyl
acetate segment held the largest share in the carboxylic acids based esters market
share in 2021 and it is expected to grow with a CAGR of around 4.2% during the
forecast period. Carboxylic acids are majorly used as flavoring or
preservatives in food and beverages industry. Ethyl acetate is considered the
simplest carboxylic esters which is produced with the reaction of acetic acid
and ethanol. It is colorless liquid with pleasant fruity and sweet odor. Esters
are the common solvents and ethyl acetate is majorly used in aqueous solution
in order to extract organic solutes. For instance, to remove paint and nail
polish and to extract caffeine from coffee. Thus, increasing demand of ethyl
acetate as solvent in varnishes, paints, perfumes, and lacquers in driving the
growth of global carboxylic acids based esters market.
Carboxylic Acids Based Esters Market Segment Analysis – By End-Use Industry
The paints and coatings segment held the
largest share in the carboxylic acids based esters market
share in 2021 and it accounts for
around 25.0%. These esters are commonly used in paints and coatings, cosmetics
and personal care, and flavors and fragrances including many others industries.
Esters are used in paints and coatings as an organic solvent. In paints and
coatings, esters are used in combination with pigments that enable the polymers
to be suspended in an emulsion. Ethyl acetate, butyl acetate, and isopropyl
acetate are the commonly used carboxylic acids based esters used in paints and
coatings industry. Ester alcohol
possesses superior fil-forming properties in industrial paints, wood paints,
and emulsion paints. Thus, surge in demand of carboxylic acids based esters in
paints and coatings is boosting the global market.
Carboxylic Acids Based Esters Market Segment Analysis – By Geography
The Asia Pacific is the leading region accounts for the largest share in the carboxylic acids based esters market in 2021 and held nearly 40.0% of market share. This growth is mainly attributed to the increase in demand for carboxylic acids based esters in several end use industries in this region such as paints and coatings, flavors and fragrances, pharmaceutical, and cosmetics and personal care. Increase in construction projects in Asia Pacific is further boosting the demand for paints and coatings. According to Coatings World, Asia Pacific is the leading region in world accounting for around 46% of global coating market by value in 2019 and has grown with a CAGR of 3.3% during the same year. Thus, the growth in construction industry and surge in demand for paints and coating, in turn boosts the market growth.
Carboxylic Acids Based Esters Market – Drivers
Surge in Building and Construction Activities
Carboxylic acids such as methanoic and ethanoic acids are
extensively used as a initial point in the manufacturing of paints, coatings,
and adhesives. The easters, specifically ethyl acetate is used in order to
extract organic solutes from aqueous solution such as to remove paints and nail
polish. The solvents from the paints evaporates as the paint dries which forms thin
film on the surface. Carboxylic acid based salts and esters are successfully
used in paints for the preservation of paints despite the necessary properties
of paints. These esters are also used in the manufacturing of coatings owing to
the presence of highly branched aliphatic acid which improves the key
performance properties of the coatings. The increased construction activities
across the globe boosting the demand for such paints and coatings. For
instance, according to Invest India, infrastructure activities accounted for
13% share of the overall FDI inflows of US$ 81.72 billion for FY21. Thus, the
growth in construction sector increases the demand for paints and coatings, in
turn, fueling the growth of global carboxylic acids based esters market.
Growth Cosmetics and Personal Care Industry
Cosmetics and personal care is one of the fastest growing industry across the globe. It includes wide range of business divisions such as hair care, skincare, and fragrances including many others. Esters are the natural and sustainable compound used in cosmetics and personal care products in order to enhance the quality of products. Esters are extensively used in the production of range of flavors and fragrances as an emulsifier. In cosmetics and personal care industry, these esters used as it provides hydration to skin, used as solvents to mix the ingredients, as a thickening agent, and add naturally pleasant scents to the products. According to Acme-Hardesty, one of the leading distributors of castor oil and palm oil derivatives stated that the personal market would reach US$ 716.6 billion by 2025 in US, growing at a CAGR of 5.9%. Thus, growth of cosmetic and personal care industry and surge in demand for natural ingredients is boosting the demand for carboxylic acids based esters.
Carboxylic Acids Based Esters Market – Challenges
Volatile Raw Material Prices
Carboxylic acid based esters are manufacturing using range of products such as acetic acid, butyric acid, propionic acid, formic acid, caprylic acid, lauric acid, caproic acid, and stearic acid including many others. The production and prices of these acids are largely dependent on petroleum based sources. Thus, any change or fluctuations in the crude oil prices directly affects the prices of carboxylic acid and ultimately esters based on carboxylic acids. For instance, according to U.S. Energy Information Administration, prices of crude oil in 2021 have increased up to $71/lb from $42/lb in 2020. Thus, volatile crude oil prices or change supply demand of the other application market may impact the prices and supply of carboxylic acid market. Thus, volatile crude oil prices directly impacts the prices of raw material for carboxylic acid based esters which is restraining the growth of global market.
Carboxylic Acids Based Esters Industry Outlook
Technology launches, acquisitions,
and R&D activities are key strategies adopted by players in the Carboxylic
Acids Based Esters market. Carboxylic acids based esters market top 10 companies
include -
1. Celanese
Corporation
2. Eastman Chemical
Company
3. Green Biologics
Limited
4. INEOS
5. Jiangsu Sopo
6. Osaka Organic
Chemical Industry Ltd.
7. Sasol Limited
8. Shanghai Wujing
Chemical
9. Solventis
10. Wacker Chemie AG
Recent Developments
- In July 2019, Green Biologics Ltd has announced the shutdown of its Minnesota biorefinery. The company states that, it discontinued the sales and production of renewable butanol and acetone.
- In January 2019, INEOS Oxide announced the acquisition of the Wilmar Ethoxylation plant in Lavera, France. This helped the company to enhance its production capabilities which increase the annual ethylene oxide production capacity at Lavers to 270 KT.
Relevant Reports
Phosphate Ester Market-
Forecast (2022-2027)
Report Code: CMR 0484
Acrylic Ester Market- Forecast (2022 - 2027)
Report Code: CMR 0625
Fatty Acid Methyl Ester (FAME)
Market – Forecast (2022 - 2027)
Report Code: CMR 0678
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LIST OF TABLES
LIST OF FIGURES
1.US Carboxylic Acids Based Esters Market Revenue, 2023-2030 ($M)2.Canada Carboxylic Acids Based Esters Market Revenue, 2023-2030 ($M)
3.Mexico Carboxylic Acids Based Esters Market Revenue, 2023-2030 ($M)
4.Brazil Carboxylic Acids Based Esters Market Revenue, 2023-2030 ($M)
5.Argentina Carboxylic Acids Based Esters Market Revenue, 2023-2030 ($M)
6.Peru Carboxylic Acids Based Esters Market Revenue, 2023-2030 ($M)
7.Colombia Carboxylic Acids Based Esters Market Revenue, 2023-2030 ($M)
8.Chile Carboxylic Acids Based Esters Market Revenue, 2023-2030 ($M)
9.Rest of South America Carboxylic Acids Based Esters Market Revenue, 2023-2030 ($M)
10.UK Carboxylic Acids Based Esters Market Revenue, 2023-2030 ($M)
11.Germany Carboxylic Acids Based Esters Market Revenue, 2023-2030 ($M)
12.France Carboxylic Acids Based Esters Market Revenue, 2023-2030 ($M)
13.Italy Carboxylic Acids Based Esters Market Revenue, 2023-2030 ($M)
14.Spain Carboxylic Acids Based Esters Market Revenue, 2023-2030 ($M)
15.Rest of Europe Carboxylic Acids Based Esters Market Revenue, 2023-2030 ($M)
16.China Carboxylic Acids Based Esters Market Revenue, 2023-2030 ($M)
17.India Carboxylic Acids Based Esters Market Revenue, 2023-2030 ($M)
18.Japan Carboxylic Acids Based Esters Market Revenue, 2023-2030 ($M)
19.South Korea Carboxylic Acids Based Esters Market Revenue, 2023-2030 ($M)
20.South Africa Carboxylic Acids Based Esters Market Revenue, 2023-2030 ($M)
21.North America Carboxylic Acids Based Esters By Application
22.South America Carboxylic Acids Based Esters By Application
23.Europe Carboxylic Acids Based Esters By Application
24.APAC Carboxylic Acids Based Esters By Application
25.MENA Carboxylic Acids Based Esters By Application