Carboxylic Acids Based Esters Market - Forecast(2023 - 2028)

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.

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.

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