Ester Market Size was valued at USD 89.56 Billion in 2023. The Ester market industry is projected to grow from USD 94.26 Billion in 2024 to USD 134.87 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.58% during the forecast period (2024 - 2032). Building activity is increasing, as is the use of ester as a medium in Paper & pulp, and expansion in defense sectors are the key market drivers contributing to overall market growth and development.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Market CAGR for ester is driven by the rising use of ester as a sizing agent in paper & pulp. The marketplace for esters is expected to grow due to increased beauty product demand. The marketplace is expected to grow as an emulsifier and stabilizer demand rises in the skincare and laundry sectors. The esters industry is expanding with the cosmetics sector due to increasing worldwide demand for makeup and personal care goods. Esters' market development will be boosted by increasing usage as food additives in the food sector. They're commonly found in processed meals, ice cream, and baked products. It enhances the texture of foods by stabilizing and thickening them. Another aspect driving the rise is the need for processed food items.
Additionally, rapid industrialization and urbanization and an increasing need for esters compounds such as polyesters significantly boost the worldwide esters market's development pace. Furthermore, as more modern machinery is installed across various sectors, lubricants support the esters industry from expanding. The fast expansion and development of sectors such as automobile and building are expected to support market growth. Because of their low-temperature flow capabilities and clean functioning at high temperatures, esters are the preferred basic stock for lubricants composition in the aerospace, automotive, and general industrial industries.
The latest coronavirus epidemic has had a detrimental influence on the esters industry. Esters are used as lubricants in various industries, including automobiles, aerospace, maritime, and food. The Covid-19 epidemic has harmed the automobile, aviation, and maritime sectors. According to the ACEA, total new car sales in the European Union were 7.4% less in the initial two months of 2020 than at the same time in 2019. The rise of Covid-19 is harming the vehicle industry, cutting the need for lubricants for the car business. As a result, the esters market suffered due to lower end-user demand. However, the economy has already recovered to pre-pandemic levels and is likely to rise steadily.
The increased usage of ecologically acceptable lubricants creates profitable prospects for market participants throughout the projection period. Technological advances in automation and the rising usage of current-era equipment, such as Industry 4.0, will contribute to the foreseeable expansion of the esters market. Thus, it is anticipated that demand for Ester will increase throughout the projection timeframe due to the rising use of ester as a sizing agent in Paper & pulp. Thus, driving the Ester market revenue.
The ester market segmentation, based on source, includes natural and synthetic. The synthetic segment dominated the market, accounting for 66% of market revenue (USD 52.2 billion) in 2022. In developing economies, category growth is driven by an increased production capacity to produce ester synthetically on a large scale to meet overall market demand.                   Â
Figure 1: Ester Market, by Source, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The ester market segmentation, based on application, includes adhesive, oil additive, binder, sizing agent, and others. The oil additive category generated the highest market revenue and share of about 47% (USD 40 billion) in 2022. The adhesive category is expected to rise significantly during the projected timeframe, boosting the overall market growth.
The ester market segmentation, based on end-use industry, includes cosmetic & personal care, lubricant, paint & coatings, pulp & paper, construction, and others. The construction segment dominated the market, accounting for 95% of market revenue (USD 33.2 billion) in 2022. Pulp & Paper is expected to grow significantly during the projected timeframe, boosting the overall market growth.
By region, the research provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Ester market area will dominate this market, owing to the manufacturing industry's recovery will be accompanied by increased investments to revitalize the building and paints and coatings sectors, boosting the market growth and revenue in this region.
Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Ester Market Share by Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe region’s Ester market is expected to grow and expand significantly during the projected timeframe due to the enormous expansion of the automotive industry and rising personal care business that will boost the overall market growth. Further, the German Ester market holds the largest market share, and the UK Ester market is expected to grow and expand rapidly in the European region during the projected timeframe.
The Asia-Pacific Ester Market accounts for the second-highest market share and revenue during the projected timeframe. This is due to fast industrialization and a strong adoption rate from diverse end-use sectors, boosting the overall market growth. Moreover, China’s Ester market dominates the market share, and the Indian Ester market is expected to grow and expand steadily in the Asia-Pacific region during the projected timeframe.
Leading market players invested heavily in research and Development (R&D) to scale up their manufacturing units and product lines, which will help the Ester market grow worldwide. Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their footprint, with important market developments including new product portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. The Ester industry must offer cost-effective and sustainable options to survive in a highly fragmented and dynamic market climate.
Manufacturing locally to minimize operational expenses and offer aftermarket services to customers is one of the key business strategies organizations use in the Ester industry to benefit customers and capture untapped market share and revenue. The Ester industry has recently offered significant advantages to the construction & building industry. Moreover, more industry participants are utilizing and adopting cutting-edge technology has grown substantially. Major players in the Ester market, including Ashland (U.S.), DAK Americas (U.S.), Esterchem Ltd. (U.K), Huntsman International LLC (U.S.), BASF SE (Germany), Evonik (Germany), Sigma-Aldrich Co. LLC. (U.S.), U-PICA Company.Ltd. (Japan), Michelman, Inc. (U.S.), NOF CORPORATION. (Japan), and Fushun Anxin Chemical Co., Ltd. (China) is attempting to expand market share and demand by investing in research and development (R&D) operations to produce sustainable and affordable solutions.
Mitsubishi Chemical Corporation is a company that makes chemicals. The company creates, manufactures, and distributes health and performance care goods, building supplies, and other substances. They offer building, medicinal, power, and petrochemical services. They provide a wide range of goods, from components to useful goods, to help build the basis of many industries. Mitsubishi Chemical Corporation confirmed the inauguration of a new sugar ester manufacturing unit at its Fukuoka location in August 2021. The newly constructed plant will increase the company's manufacturing capacity to fulfill the increasing need of the dietary supplement businesses, wherein sugarcane ester is mostly utilized.
Optimus Technologies leads the industry in EPA-compliant biodiesel replacement technologies for moderate and heavy-duty vehicles. It is a Pittsburgh, Pennsylvania-based sustainable energy technology startup. The Vector System, an innovative fuel system, is manufactured by Optimus. In March 2021, Optimus Technologies collaborated with Renewable Energy Group Inc. With this collaboration, biofuel is provided to fleets across America. Due to the novel Optimus, the Internet, biodiesel can now be utilized in vehicles such as B100 or 100% mixed biodiesel.  
Ashland (U.S.)
DAK Americas (U.S.)
Esterchem Ltd. (U.K)
Huntsman International LLC (U.S.)
BASF SE (Germany)
Evonik (Germany)
Sigma-Aldrich Co. LLC. (U.S.)
U-PICA Company.Ltd. (Japan)
Michelman Inc. (U.S.)
NOF CORPORATION. (Japan)
Fushun Anxin Chemical Co. Ltd. (China)
August 2021:Â Mitsubishi Chemical Corporation confirmed the inauguration of a new sugar ester manufacturing unit at its Fukuoka location in August 2021. The newly constructed plant will increase the company's manufacturing capacity to fulfill the increasing need of the dietary supplement businesses, wherein sugarcane ester is mostly utilized.
July 2021: Verbio AG with Indian Oil Corporation Ltd established an  MoU in July 2021. The MoU will study the viability of forming a joint venture firm by utilizing Verbio's technology and industry experience to generate biofuels and distribute them via Indian Oil's network.
March 2021: Optimus Technologies collaborated with Renewable Energy Group Inc. With this collaboration, biofuel is provided to fleets across America. Due to the novel Optimus, the Internet, biodiesel can now be utilized in vehicles such as B100 or 100% mixed biodiesel.
Ester Source Outlook
Natural
Synthetic
Ester Application Outlook
Adhesive
Oil Additive
Binder
Sizing Agent
Others
Ester End-Use Industry Outlook
Cosmetic & Personal Care
Lubricant
Paint & Coatings
Pulp & Paper
Construction
Others
Ester Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 89.56 Billion |
| Market Size 2024 | USD 94.26 Billion |
| Market Size 2032 | USD 134.87 Billion |
| Compound Annual Growth Rate (CAGR) | 4.58% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Source, Application, End-Use industry, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Â Ashland (U.S.), DAK Americas (U.S.), Esterchem Ltd. (U.K), Huntsman International LLC (U.S.), BASF SE (Germany), Evonik (Germany), Sigma-Aldrich Co. LLC. (U.S.), U-PICA Company.Ltd. (Japan), Michelman, Inc. (U.S.), NOF CORPORATION. (Japan), and Fushun Anxin Chemical Co., Ltd. (China) |
| Key Market Opportunities | Growing mining-related operations result in increased use of weapons of mass destruction, which is expected to boost demand. |
| Key Market Dynamics | Building activity is increasing, as is using ester as a medium in Paper & pulp, and the defense industry is expanding. |
Ester Market Highlights:
Frequently Asked Questions (FAQ) :
The Ester market size was valued at USD 89.56 Billion in 2023
The market is projected to grow at a CAGR of 4.58% during the forecast period, 2024-2032
North America had the largest share of the market
The key players in the market are Ashland (U.S.), DAK Americas (U.S.), Esterchem Ltd. (U.K), Huntsman International LLC (U.S.), BASF SE (Germany), Evonik (Germany), Sigma-Aldrich Co. LLC. (U.S.), U-PICA Company.Ltd. (Japan), Michelman, Inc. (U.S.), NOF CORPORATION. (Japan), and Fushun Anxin Chemical Co., Ltd. (China)
The synthetic category dominated the market in 2023
The Oil Additive had the largest share of the market
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Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
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