The latest market report published by Credence Research, Inc. “Global Carboxylic Acids based Esters Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The Global Carboxylic Acids based Esters Market generated revenue of around USD 9,127.04 million in 2020 and is anticipated to grow at a CAGR of over 4.13% during the forecast period from 2021 to 2027 to reach around USD 13,210.06 million in 2027. While, cumulative growth opportunity presented by the global Carboxylic Acids Based Esters industry is around USD 84 billion during 2021 to 2027.
Global Carboxylic Acids based Esters Market, 2020 – 2027 (USD Million)
Browse the full report at Carboxylic Acids based Esters Market (credenceresearch.com)
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.
Growing End-user Industry in Emerging Economies
Paints and coatings, printing inks, pharmaceutical and cosmetics industry is growing at a rapid pace in Asia Pacific. The region dominated the production as well as consumption of major products pertaining to above categories. Growing economies and rising income level driving the demand for end products of Carboxylic Acids based Esters. China, India, South Korea and Japan are backbone of strong demand for Carboxylic Acids based Esters in the region. Moreover, Malaysia, Thailand, Indonesia, Taiwan and Vietnam also contribute significantly towards the revenue of Carboxylic Acids based Esters industry.
Paints & Coatings to Gain Significant Position in Carboxylic Acids based Esters Industry
Paints & coating is one of the major outlets for the Carboxylic Acids based Esters industry with over 20% share in the total revenue generated by the industry. Strong demand for paints & coating in automotive and construction industry across the world is major driving force for the global Paint and Coatings industry, which in turn propelling the demand for Carboxylic Acids based Esters as well.
Ethyl Acetate to Be Growth Engine of the Global Carboxylic Acids based Esters Industry
Ethyl acetate is one of the leading product types of Carboxylic Acids based Esters and held over 15% share in total revenue generated by this industry in 2020. Ethyl acetate is in great demand from food & beverage industry. Ethyl acetate is widely being used in flavors and fragrances to be used in food & beverages industry. Strong growth of food & beverage industry is expected to trigger the demand for flavors & fragrances and ethyl acetate in turn.
Key industry participants in the global Carboxylic Acids based Esters industry include but not limited to; Celanese, INEOS, Green Biologics, Eastman, Wacker Chemie, Jiangsu Sopo, Yip’s Chemical, Sasol, Jinyimeng and Shanghai Wujing Chemical. Major players are focusing on capacity expansion and market share consolidation.
Global Carboxylic Acids based Esters Market by Grade, 2015 – 2027
- Analysis Level
- Industrial Level
Global Carboxylic Acids based Esters Market by Type, 2015 – 2027
- Ethyl Acetate
- Geranyl Propionate
- Propyl Propanoate
- Ethyl Butanoate
- Methyl Butanoate
- Butyl Isovalerate
- Geranyl Isovalerate
Global Carboxylic Acids based Esters Market by Application, 2015 – 2027
- Paint And Coatings
- Printing Ink
- Cosmetics and Personal Care
Global Carboxylic Acids based Esters Market by Company, 2015 – 2027
- Green Biologics
- Jiangsu Sopo
- Yip’s Chemical
- Wacker Chemie
- Shanghai Wujing Chemical