The global market for bio-based esters reached $1.45 billion in 2020 and is anticipated to grow at a CAGR of 9% during the forecast period of 2023 to 2030. The most prevalent types of esters are those that are generated from a carboxylic acid. These esters are the result of a process that takes place in the presence of sulfuric or hydrochloric acid and involves the combination of alcohols with carboxylic acids. Esters that are obtained from natural resources such as soybeans, corn oil, canola oil, and palm oil are referred to as biobased esters. Bio-based esters serve as the foundation for environmentally friendly solvents. They originate from agricultural products such as refined glycerin, bio-succinic acid, and lactic acid, as well as soybean oil and corn. Sugarcane is another source. It is projected that the demand for bio-based esters would be driven by the rise in the popularity of environmentally friendly solvents in the end-user industries.
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The growth of industries such as public works, real estate, and building and construction fuelled the paints and coatings industry. This expansion is in the US. Concerns about the high VOC content of synthetic solvents and a rise in end-user awareness of green products are expected to fuel global demand for green solvents. Both final customers and manufacturers of personal care products worry about environmental impact. Increased knowledge about the detrimental effects of synthetic ingredients is driving demand for sustainable personal care products.
Paints & coatings dominated the market in 2021. This was mostly due to environmental concerns about using chemical-grade industrial solvents with a high amount of VOC in paints and coatings solutions. Global awareness of the environmental and health implications of chemical-grade industrial solvents is increasing significantly. This is increasing demand for bio-based alternatives in paints, varnishes, and adhesives in end-use industries like automotive and construction. As a result of the COVID-19 epidemic, bio-based esters were used as a solvent in paints and coatings. These antiviral esters made this possible. Throughout the forecast period, the category is expected to lead.
North America dominated the worldwide biobased esters market in 2021. Europe and Asia-Pacific follow North America. North America's need for ecologically friendly products such as solvents for paints, coatings, and industrial uses is driven by strict US environmental laws. The continuous expansion of the construction industry, especially in the U.S., is fueling the demand for solvents. Asia Pacific will have the fastest-growing bio-based esters market from 2023 to 2030. Consumer interest in luxury personal care products is significantly driving the market in APAC. The growth of infrastructure in countries like China and India, as well as an increase in both public and private investments, are contributing to an increase in the demand for solvents in the paints and coatings industry in the Asia Pacific region. It is projected that an increase in government attempts to reduce environmental dangers caused by the high VOC content of petroleum-based solvents will lead to an increase in demand for environmentally friendly solvents in the region. It is anticipated that the effects of these variables will, in turn, propel the demand for bio-based esters in the Asia Pacific during the length of the forecast.
The biobased esters market is significantly consolidated with key players dominating the market. However, the growth in the market is expected to encourage new regional players, who can cater to the needs of the customers in their region. However, pricing will be the key competitive factor that is expected to decide the success of companies in this market. Key companies in this segment include Cargill, Incorporated, Arkema Inc., BASF SE, Vertec BioSolvents, Solvay, Huntsman Corporation, BIOAMBER S.A.S., and others.
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