The carboxylic acid-based ester market is expected to grow at a CAGR of 5% during the forecast period of 2023 to 2030. The expansion of the construction and building sector in developing nations is one of the primary reasons that is anticipated to drive the growth of the market for carboxylic acids-based esters throughout the period covered by the projection. In addition, it is projected that the expanding knowledge regarding personal care products such as moisturiser would further fuel the expansion of the market for carboxylic acids-based esters. It is further expected that the rise in the expanding consumer's interest towards the bio-based chemical will further cushion the expansion of the market for carboxylic acids-based esters. On the other hand, it is anticipated that the stringent regulations imposed by a variety of organisations on the extraction of oil and gas would further limit the expansion of the market for carboxylic acids-based esters during the course of the time period in question.
In spite of this, the fluctuating prices of the raw materials can present an additional obstacle to the expansion of the market for carboxylic acids-based esters during the forecast period.
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Carboxylic acid-based esters are expected to rise significantly throughout the forecast period owing to the growth of China, India, Brazil, and other ASEAN nations' manufacturing industries. Along similar lines, the global packaging industry is driving an increase in the need for printing inks. Numerous manufacturers of packaging, especially those involved in food packaging, have noticed a wide range of modifications in their end products as a result. Manufacturers of packaging for other products, such as consumer electronics, toys, consumer goods, chemicals, medications, cosmetics, and personal care, are also observing a shift in consumer preferences as a result of these changes. Market growth for esters derived from carboxylic acids is anticipated to be driven by rising demand for flavourings and fragrances around the world. Similar to this, the global packaging industry is driving increased demand for printing inks.
The rise of the market for esters derived from carboxylic acids is likely to be hampered by changes in the cost of raw materials. Many of the raw materials, such as acetic acid, propionic acid, butyric acid, ethanol, butanol, and propanol, are subject to fluctuating pricing due to their petrochemical origin and the considerable swings in short-term supply and demand. Further, the price of crude oil has been affected by the tight regulations placed on oil and gas production by a number of regulatory organisations, which has in turn affected the cost of carboxylic acids and their esters.
According to forecasts, the market for bio-based carboxylic acids-based esters will open up significant opportunities for market players. Companies have begun producing esters using bio-based and non-toxic raw materials in response to consumer demand for bio-based chemicals. Due to this, many companies are switching to using bio-based feedstock and vegetable oil, as well as their esters, as solvents in a wide range of end-user industries.
In the 2021, ethyl acetate was the dominant product segment. As a solvent, it is used extensively across industries, such as paints and coatings, printing inks, cosmetics and personal care products, and pharmaceuticals, to name a few. In the market for esters based on carboxylic acids, there are a few more esters that can be classified as niche product sectors. Propyl propionate, ethyl butanoate, methyl butanoate, butyl isovalerate, and geranyl isovalerate are all examples of esters. These are mostly used in the flavouring and fragrance markets. Paints, coatings, printing inks, and pharmaceuticals all employ a solvent that combines ethyl acetate and butyl acetate. Ethyl butyl acetate is the name of this compound.
As the market for industrial and architectural paints and coatings has expanded, so has the need for esters as solvents. The demand for paints and coatings has increased as a result of rising interest in infrastructure, especially in developing countries. As a result of these elements, the coatings and paints industry wasdominant in 2021. In addition, the cosmetics and personal care sector is expected to be the fastest growing industry, with a CAGR of 4% predicted between 2023 and 2030.
In 2021, the Asia-Pacific region dominated the global market for carboxylic acids-based esters, with more than half of the total market share. The dominance of this region is due to the presence of number of major manufacturers in APAC. Europe was the second largest market for Carboxylicacid-based esters market in 2021. In Europe, ethyl acetate and butyl acetate are expected to expand at a rapid rate due to the rising demand for esters derived from carboxylic acids in the paints and coatings industry. Demand for perfumes and other fragranced items is expected to rise, which is seen as a potential driver of expansion in the North American market. Latin America is projected to be the world's second-fastest expanding market during the forecast period of 2023 to 2030. Likewise, the Middle East and Africa are both promising and expanding markets.
Competition among global producers of carboxylic acids-based esters is fierce. Companies such as Celanese, Sasol, Eastman Chemical, Jiangsu Sopo, the Jinyimeng Group, Shanghai Wujing Chemical, INEOS, Green Biologics, Wacker Chemie, and Yip's Chemical Holdings are at the forefront of this industry. Companies such as Wacker Chemie and Yip's Chemical Holdings are also considered in the research report. The analysis will shed light on the business strategies used by market leaders to increase their share in a fiercely competitive market.
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