A new report published by the Transparency Market Research (TMR) presents that the global Carboxylic Acids Based Esters Market exhibits highly fragmented market, thanks to regional and international presence of the key players operating in this market. The research report includes some of the prominent players operating in the global carboxylic acids based esters market such as Saudi International Petrochemical Company (Sipchem), Celanese Corporation,Yip’s Chemical Holdings Limited (Jiangmen Handsome), Jubilant Life Sciences Limited, and Showa Denko.
The manufacturers operating in this market are largely focused in innovation and development of new products through various reaction process. Additionally, some of the companies are also focused toward expansion of manufacturing industries in the developing economies likely to propel growth of this global market in near future.
The revenue generated by the global carboxylic acids market based esters likely to register valuation of US$8.45 bn in 2014 and is expected to touch US$13.43 bn through 2023. This market is projected to expand at robust 5.3% CAGR from 2015 to 2023.
On the basis of applications, paints and coatings application dominates the application segment of the global carboxylic acids based esters market on account of rapid increase in construction and building activities likely to witness significant growth. The painting and coating held over the market share of 40 percent in 2014. It is also expected that the global carboxylic acids based esters market expected to hold largest market in near future. Based on geography, the global market for carboxylic acids esters is segmented into the Middle East and Africa, North America, Europe and Asia Pacific.
Rapid Increase in Usage of Fragrances Likely to Boost Demand
Carboxylic acid has gained popularity in several application industries which are cosmetics & personal care, painting and coatings, fragrances and falvour, pharmaceuticals, this can be important factor fueling growth of the global carboxylic acids based easter in coming years. Moreover upsurge in the development and construction of building is another factor positively supporting growth of this market in near future. Additionally, this Easter are the strong substitute for the aromatic solution such as medium evaporation rate, and high solvency. This can be another factor boosting growth of this market in near future. And increasing demand for easter in fragment and flavor are another factor influencing growth of the carboxylic acid based easter market in coming years.
Rising usage of fragrance and aroma for enhancing the quality of the food and beverages likely to fuel growth of the global market for carboxylic acid in near future. The usage of carboxylic acids based easter in the printing ink industries is expected to trigger growth of this market throughout the said period. The low molecular weight of the products leads to low boiling point and fast evaporation rate. Further leading to high adoption rate of solvent in printing application. This can be another factor augmenting growth of this market in coming years. Additionally, the synthetic esters are majorly used as the substitute to natural and for all-purpose oil, this can be another key prospect influencing growth of the global carboxylic acids based esters market.
Fluctuation in Crude Oil Price Likely to Restrain Market Growth
On the other hand, volatility in cost of raw material materials is likely to be one of important factor restraining growth of this market in near future. As crude oil are the major source for raw materials and likely to witness massive price fluctuation, this can be another factor affecting growth of this market in coming years. This aforementioned facts likely to have negative impact on the price of carboxylic acids and esters. However, bio-based carboxylic acids based esters are likely to offer immense opportunities for the growth of the global carboxylic acids based esters market in near future.