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Carboxylic Acids based Esters Market by Grade (Analysis Level, Industrial Level) by Type (Ethyl Acetate, Geranyl Propionate, Propyl Propanoate, Ethyl Butanoate, Methyl Butanoate, Butyl Isovalerate, Geranyl Isovalerate, Others) by Application (Paint And Coatings, Printing Ink, Cosmetics and Personal Care, Pharmaceuticals, Others)- Growth, Future Prospects, And Competitive Analysis, 2017 -2025

Carboxylic Acids based Esters Market Analysis

Carboxylic acids-based esters have gained significant popularity among various end-user industries in the recent years due to their ability to replace hazardous air pollutants (HAP) in the formulation. Paints & coatings is the largest application of these esters used in the form of solvents. Carboxylic acids-based esters are oxygenated solvents (active solvents) with oxygen functionality. These solvents are primarily used in synthetic resins due to their high solvency. These solvents dissolve resins and film, and thus reduces viscosity of lacquers and varnishes for different applications. Commonly used acid solvents are alkyl acetates and propionates.

A similar functionality of carboxylic acids-based esters is in inks application. These esters are used in gravure, flexographic, and screen-printing processes. Most commonly used acid ester is ethyl acetate as it possesses low boiling point and fast evaporation rate for printing application. Likewise, N-propyl propionate is a non-HAP solvent; thus, it can be used as a replacement for toluene in industrial printing inks.

Growing from USD 9,127.04 million amid COVID 19, Carboxylic Acids based Esters market is expected to post sluggish CAGR of around 4.13% through forecast period.  Carboxylic Acids based Esters market is expected to generate revenue of around USD 13,210.06 million by the end of 2027. The cumulative growth opportunity presented by the global Carboxylic Acids based Esters over the forecast period will be whopping USD 84 billion.

Interesting Facts about Carboxylic Acids based Esters Industry

  • Carboxylic Acids based Esters are organic compounds and can be prepared using renewable resources
  • Carboxylic Acids based Esters possess broad range of application base
  • Paint And Coatings is major application market for Carboxylic Acids based Esters
  • Ethyl Acetate is largest product type segment of Carboxylic Acids
  • Major raw materials used in production of Carboxylic Acids based Esters are carboxylic acid and alcohols   

Flavours & fragrances to remain as one of the important application

Flavours & fragrances is another crucial application of carboxylic acids-based esters. Acid esters are one of the commonly used flavouring agents in the food & beverages industry. These esters are artificially synthesized compounds that possess artificial flavours and aromas. For instance, artificial pineapple flavour is a mixture of seven esters, three carboxylic acids, and seven essential oils (other natural extract). In some cases, an individual ester has a smell similar to a natural flavour/aroma.

Asia Pacific to Retain its Leading Position Throughout Forecast period

Asia Pacific is the largest consumer and producer of carboxylic acids-based esters with China being the largest producer of these esters. Several small and private enterprises in this region produce acid esters and export them to several countries in Europe, North America, and Middle East & Africa (MEA). The carboxylic acids-based esters market is highly fragmented as a large number of companies are involved in the production of these esters for paints & coatings and inks applications.

These esters are oxygenated solvents. Hence, they offer partial to complete miscibility with water and most organic solvents such as ethanol, ether, benzene, and hexane. Carboxylic acids based esters are used as active solvents in synthetic binders due to their ability to blend in order to provide tailored solvency and evaporation rate with several resins such as acrylic, alkyds, and epoxy. Carboxylic acids based esters have a pleasant odor, and the evaporation rate varies through a broad range, right from rapid evaporation of methyl acetate to slow evaporation of hexyl acetate. Ethyl acetate is the largest product segment of the carboxylic acids based esters market that is widely used as a solvent in the paints & coatings application. It is less toxic as compared to BTX solvents (aromatic solvents); thus, it has the potential to completely substitute aromatic solvents in a broad range of applications including adhesives, paints, pigments, industrial cleaners, and chemical intermediates.

Mounting Demand for Printing Inks in Packaging Applications

Demand for printing inks in packaging is increasing across the globe. Packaging is the first visual and tactile impression any prospective purchaser gains in the shop. As a result, several packaging manufacturers, especially food packagers, are observing various transformations in their end products. Others packaging manufacturers witnessing the shift in trends are associated with electronic goods, toys, consumer goods, chemicals, pharmaceuticals, and cosmetics & personal care industry.

The most crucial among these transformations is the usage of printing inks. Composition of a printing ink is highly specific; it is dependent on the printing process and demand for visual aesthetics on the finished print product. However, in general, all printing inks consist of a colorant, solvent, vehicle, and additives.

Carboxylic acids-based esters in the form of solvents are largely preferred by the packaging industry for printing applications. These esters are widely used in gravure, flexographic, and digital printing processes. Additionally, these acid esters possess a few high-performance attributes such as high heat resistance, excellent solvent release, blocking resistance, and outstanding pigment wetting, which makes it an ideal choice among printers in the packaging industry.

Digital printing including ink jet printing continues to witness rapid growth rate as compared to traditional printing and image processing. High demand for digital printing in flexible packaging has driven demand for carboxylic acids-based esters in the form of solvents in printing inks application. This, in turn, is anticipated to be a key driver for growth of the carboxylic acids-based esters market.

Stiff Competition for Procuring Raw Materials

Ethanol is one of the key commodity chemicals widely employed in several end-user industries in the form of solvents. Similarly, high demand for acetic acid stems from vinyl acetate monomer (VAM) and terephthalic acid (PTA) production. As a result, manufacturers of carboxylic acids-based esters have to face stiff price competition from other application industries. This, in turn, inhibits the carboxylic acids-based esters market growth.

Crude oil is the fundamental feedstock used to produce several carboxylic acids that are further used in ester production. Extraction of crude oil is closely governed by several regulatory bodies who administer onshore and offshore exploration of oil & gas reserves across the globe. For instance, the U.S. Environmental Protection Agency has enacted several laws and regulations that limit oil & gas extraction in North America. These pertain to crude oil and natural gas waste, greenhouse gas emission, effluents guidelines, and underground injection control (UIC). This, in turn, has established stringent government regulations, which have significantly affected prices of crude oil and subsequently, prices of carboxylic acids and their esters.

Prominent Manufacturers of Carboxylic Acids based Esters

Jiangsu Sopo, Yip's Chemical, Sasol, Green Biologics, Eastman, Wacker Chemie, Celanese, INEOS, Jinyimeng and Shanghai Wujing Chemical are some of the key manufacturers if Carboxylic Acids based Esters. However, the market of Carboxylic Acids based Esters is quite fragmented and featured with the presence of large number of producers.

Frequently asked questions about global Carboxylic Acids based Esters industry

Like many other sectors, chemical industry also experienced a setback owing to COVID 19 situation in 2020 and market size of Carboxylic Acids based Esters industry shrink by around 13%. However, global demand for Carboxylic Acids based Esters is likely to recover in 2021 and predicted to post CAGR of over 4%

Asia Pacific is the largest regional market with highest share in the total volume of Carboxylic Acids based Esters consumed in 2020

Stiff competition for procuring raw materials such as alcohol which commodity chemical and used in large number of other applications. Hence, procurement has been remained one of the major challenges for the manufacturers

Paints & coatings segments dominated the consumption of Carboxylic Acids based Esters

Ethyl estate segments dominated the Carboxylic Acids based Esters consumption by type

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Published Date:  Nov 2021
Category:  Chemicals
Report ID:   60440
Report Format:   PDF
Pages:   120
Rating:    4.1 (56)
Delivery Time: 24 Hours to 48 Hours   
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