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Published Date: 2016-01-13Number of Pages: 137

Carboxylic Acids Based Esters Market for Paints & Coatings, Printing Inks, Cosmetics & Personal Care, Pharmaceuticals, Flavors & Fragrances, and Other Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023

Carboxylic acids based esters are sweet-smelling compounds that are formed when an alcohol reacts with a carboxylic acid. Recently, demand for carboxylic acids based esters has risen significantly due to their ability to replace hazardous air pollutants (HAP) in the formulation of paints, coatings, inks, cosmetics, and personal care products. Carboxylic acids based esters are largely used as solvents in paints & coatings owing to properties such as high solvency and medium evaporation rate. 

Strong growth in the global building & construction industry is anticipated to boost demand for paints & coatings. Expansion of the manufacturing industry in growing economies such as China, India, Brazil, and other countries in ASEAN is expected to contribute significantly to growth of the carboxylic acids based esters market in the near future. Similarly, demand for printing inks is increasing across the globe, especially in packaging. As a result, several packaging manufacturers, especially food packagers, are observing various transformations in their end-products. Other packaging manufacturers from industries such as electronic goods, toys, consumer goods, chemicals, pharmaceuticals, and cosmetics & personal care are witnessing shift in trends. Carboxylic acids based esters are widely employed as flavors or fragrances to improve the quality of food and beverages. A natural ester or a mixture of synthetic esters is used by food technologists to produce characteristic flavors and fragrances in food. Hence, global growth of flavors & fragrances application is likely to boost the carboxylic acids based esters market in the near future.

Volatility in raw material prices is expected to be a key factor hampering the carboxylic acids based esters market growth. Several raw materials such as acetic acid, propionic acid, butyric acid, ethanol, butanol, and propanol are subject to price variation owing to their petrochemical source and wide fluctuations in short-term supply and demand. Furthermore, stringent regulations imposed by several regulatory bodies on oil & gas extraction has affected prices of crude oil, subsequently impacting prices of carboxylic acids and their esters. Bio-based carboxylic acids based esters are anticipated to provide immense opportunities in the market.

Consumer preferences for bio-based chemicals has driven several companies to choose bio-based and non-toxic routes to produce esters. As a result, several companies are shifting toward bio-based feedstock and vegetable oil as well as their esters for usage as solvents in various end-user industries.             

Ethyl acetate is the largest product segment of the carboxylic acids based esters market and is widely used as a solvent in paints & coatings, printing inks, cosmetics & personal care, and pharmaceuticals applications. A few other esters such as geranyl propionate, propyl propanoate, ethyl butanoate, methyl butanoate, butyl isovalerate, and geranyl isovalerate are niche product segments of the carboxylic acids based esters market. These are chiefly used as flavors and fragrances. A mixture of ethyl acetate and butyl acetate is also employed as a solvent in application industries such as paints & coatings, printing inks, and pharmaceuticals.

Asia Pacific is the global leader in the carboxylic acids based esters market, constituting over 50% share in 2014. The region is expected to maintain its dominance during the forecast period. Carboxylic acids based esters are used in a wide range of applications with paints & coatings being the major one in this region. The region is also a global manufacturing hub; several companies have set up plants to manufacture printing inks, flavors, medicines, and paints & coatings. Europe is the second-largest market for carboxylic acids based esters. Rising demand for carboxylic acids based esters in paints & coatings application is anticipated to significantly propel the ethyl acetate and butyl acetate product segments in Europe.

Rising demand for perfumes and fragrance products is expected to be key growth factor in North America. Latin America was the second-fastest consumer of carboxylic acids based esters in 2014. Rising demand for industrial and architectural paints & coatings has propelled demand for esters as solvents in this region. Furthermore, propensity of consumers toward flavors & fragrances is one of the major drivers of the carboxylic acids based esters market in Middle East & Africa.

The global carboxylic acids based esters market is fragmented. Key manufacturers include Celanese Corporation, INEOS, Jiangsu Sopo (Group) Co., Ltd., Shanghai Wujing Chemical Co., Ltd., Yip's Chemical Holdings Limited (Jiangmen Handsome), and Jinyimeng Group Co., Ltd. Some other manufacturers are Jubilant Life Sciences Limited, Wuxi Baichuan Chemical, Showa Denko, and Saudi International Petrochemical Company (Sipchem).

carboxylic-acids-based-esters-market

 

Chapter 1 - Preface  
1.1 Report Description 
1.2 Market Segmentation 
1.3 Research Scope 
1.4 Research Methodology 
1.5 Assumptions 

Chapter 2 - Executive Summary  
2.1 Global Carboxylic Acids Based Esters Market, Volume and Revenue, (Kilo Tons) (US $ Mn), 2014–2023
2.2 Market Snapshot

Chapter 3 - Industry Analysis  
3.1 Introduction 
3.2 Value Chain Analysis 
3.3 Market Dynamics 
       3.3.1 Driver 1- High Demand for Acid Esters as Solvents in Paints & Coatings is Expected to Drive Demand for Carboxylic Acids Based Esters
       3.3.2 Driver 2- Rising Demand for Printing Inks in the Packaging Industry is Anticipated to Accelerate Growth of the Carboxylic Acids Based Esters Market
       3.3.3 Driver 3- Increasing Demand for Carboxylic Acids Based Esters in Flavors & Fragrances is Expected to Boost Market Growth
       3.3.4 Restraint 1 – Volatility in Raw Material Prices is Expected to Hamper Market Growth
       3.3.5 Opportunity 1 – Bio-based Carboxylic Acids Based Esters Likely to Provide Significant Opportunities
3.4 Porter’s Five Forces Analysis 
3.5 Market Attractiveness Analysis – Carboxylic Acids Based Esters Market, By Application 
3.6 Company Market Share – Carboxylic Acids Based Esters Market, % Share, 2014 

Chapter 4 - Carboxylic Acids Based Esters - Price Trend Analysis, 2015-2023 (US$/Ton)
4.1 Carboxylic Acids Average Price Trend Analysis, 2014–2023 (US$/Ton)
4.2 Alcohols Average Price Trend Analysis, 2014–2023 (US$/Ton)
4.3 Carboxylic Acids Based Esters Market, Price Trend Analysis, by Product Segment, 2014–2023 (US$/Ton) 

Chapter 5 – List of Key Customers for the Carboxylic Acids Based Esters Market

Chapter 6 - Market Segmentation (By Product) 
6.1 Global Carboxylic Acids Based Esters Market - Product Segment Overview
6.2 Global Carboxylic Acids Based Esters Market Volume, by Product, 2014–2023 (Kilo Tons)
6.3 Global Carboxylic Acids Based Esters Market Revenue, by Product, 2014–2023 (US$ Mn)

Chapter 7 - Market Segmentation (By Application Global Carboxylic Acids Based Esters Market – Application Overview
7.1 Global Carboxylic Acids Based Esters Market for Paints & Coatings Application, 2014–2023 (Kilo Tons) (US$ Mn)
7.2 Global Carboxylic Acids Based Esters Market for Printing Inks Application, 2014–2023 (Kilo Tons) (US$ Mn)
7.3 Global Carboxylic Acids Based Esters Market for Cosmetics & Personal Care Application, 2014–2023 (Kilo Tons) (US$ Mn)
7.4 Global Carboxylic Acids Based Esters Market for Pharmaceuticals Application, 2014–2023 (Kilo Tons) (US$ Mn)
7.5 Global Carboxylic Acids Based Esters Market for Flavors & Fragrances Application, 2014–2023 (Kilo Tons) (US$ Mn)
7.6 Global Carboxylic Acids Based Esters Market for Other Applications, 2014–2023 (Kilo Tons) (US$ Mn)) 

Chapter 8- Market Segmentation (By Region)
8.1 Market Segmentation – Regional Analysis
8.2 North America Carboxylic Acids Based Esters Market Volume, by Product, 2014–2023 (Kilo Tons)
8.3 North America Carboxylic Acids Based Esters Market Revenue, by Product, 2014–2023 (US$ Mn)
8.4 North America Carboxylic Acids Based Esters Market Volume, by Application, 2014–2023 (Kilo Tons) 
8.5 North America Carboxylic Acids Based Esters Market Revenue, by Application, 2014–2023 (US$ Mn)
8.6 Europe Carboxylic Acids Based Esters Market Volume, by Product, 2014–2023 (Kilo Tons)
8.7 Europe Carboxylic Acids Based Esters Market Revenue, by Product, 2014–2023 (US$ Mn)
8.8 Europe Carboxylic Acids Based Esters Market Volume, by Application, 2014–2023 (Kilo Tons) 
8.9 Europe Carboxylic Acids Based Esters Market Revenue, by Application, 2014–2023 (US$ Mn)
8.10 Asia Pacific Carboxylic Acids Based Esters Market Volume, by Product, 2014–2023 (Kilo Tons)
8.11 Asia Pacific Carboxylic Acids Based Esters Market Revenue, by Product, 2014–2023 (US$ Mn)
8.12 Asia Pacific Carboxylic Acids Based Esters Market Volume, by Application, 2014–2023 (Kilo Tons) 
8.13 Asia Pacific Carboxylic Acids Based Esters Market Revenue, by Application, 2014–2023 (US$ Mn)
8.14 Latin America Carboxylic Acids Based Esters Market Volume, by Product, 2014–2023 (Kilo Tons)
8.15 Latin America Carboxylic Acids Based Esters Market Revenue, by Product, 2014–2023 (US$ Mn)
8.16 Latin America Carboxylic Acids Based Esters Market Volume, by Application, 2014–2023 (Kilo Tons) 
8.17 Latin America Carboxylic Acids Based Esters Market Revenue, by Application, 2014–2023 (US$ Mn) 

Chapter 9 - Company Profiles
9.1 Sasol
9.2 Green Biologics Limited 
9.3 Eastman Chemical Company 
9.4 Celanese Corporation 
9.5 INEOS 
9.6 Jiangsu Sopo (Group) Co., Ltd. 
9.7 Shanghai Wujing Chemical Co., Ltd. 
9.8 Yip's Chemical Holdings Limited 
9.9 Jinyimeng Group Co., Ltd. 
9.10 Wacker Chemie AG

Chapter 10 – Primary Research - Key findings

Carboxylic acids based esters are usually formed when alcohol reacts with carboxylic acid. It is a type of condensation reaction and popularly known as “Esterification” in organic chemistry. Carboxylic acids based esters are notably popular among paints & coatings manufacturers as these can replace hazardous air pollutants (HAP) in the formulation of paints, coatings, and inks. Strong growth in the global building & construction industry has provided momentum to the paints and coatings segment, which is expected to be the largest application of the market between 2015 and 2023. Furthermore, low molecular weight of these esters results in low boiling point and fast evaporation rate. Thus, it also has a wide acceptance as solvent for printing application. Carboxylic acids based esters have a fruity aroma. Hence, food technologists use it as artificial flavors in foods & beverages. Some of the synthetic esters are widely used as substitutes to natural and essential oils in various applications including perfumes, deodorant, body mist, and air fresheners. Volatility in raw material prices is expected to hamper market growth. Crude oil, the major raw material source of several carboxylic acids and alcohols, has been witnessing large price fluctuation over the past few years. This has affected the prices of carboxylic acids and their esters. However, bio-based carboxylic acids based esters are anticipated to provide immense opportunities in the market.

This report estimates and forecasts the carboxylic acids based esters market on the global and regional level. The study provides forecast from 2015 to 2023 based on volume (Kilo Tons) and revenue (US$ Mn).

The study includes market estimate for an exhaustive list of key product segments in the carboxylic acids based esters market. It includes methyl acetate, ethyl acetate, propyl acetate, isopropyl acetate, isobutyl acetate, n-butyl acetate, eugenyl acetate, isoamyl acetate, phenethyl acetate, methyl propionate, ethyl propionate, propyl propionate, butyl propionate, geranyl propionate, phenethyl propionate, methyl butanoate, ethyl butanoate, propyl butanoate, butyl butanoate, methyl valerate, ethyl valerate, iso-propyl-valerate, butyl valerate, isobutyric acid n-propyl ester, isobutyric acid iso-propyl ester, phenethyl isobutyrate, butyl isovalerate, geranyl isovalerate, methyl caproate, ethyl caproate, and butyl caproate. The study also provides a comprehensive view of the carboxylic acids based esters market by dividing it into applications such as paints & coatings, printing inks, cosmetics & personal care, pharmaceuticals, flavors & fragrances, and others. These application segments have been analyzed based on historic, present, and future trends, and the market has been estimated from 2015 to 2023 in terms of volume (Kilo Tons) and revenue (US$ Mn). Regional segmentation includes current and forecast demand for carboxylic acids based esters in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). A detailed market segmentation further includes demand for above-mentioned products and applications in all regions.

The report includes a detailed value chain analysis, which provides a comprehensive view of the market. This section of the report provides detailed information about value addition at each stage of the value chain in the carboxylic acids based esters market. The report comprises drivers and restraints for the carboxylic acids based esters market along with their support data during the forecast period. Additionally, the report comprises the study of opportunities in the carboxylic acids based esters market from 2015 to 2023.

The report includes Porter’s Five Forces Model to measure the degree of competition in the carboxylic acids based esters market. The study includes a separate section of qualitative write-up on market attractiveness analysis, wherein application segments have been analyzed. Furthermore, the report also provides a price trend analysis for key raw materials and carboxylic acids based esters from 2015 to 2023 in US$/Ton. A separate chapter on list of key customers for the carboxylic acids based esters is also included in the report.

Secondary research sources that were typically referred to include, but were not limited to company websites, annual reports, broker report, investor presentations, financial reports, and SEC filings. Other sources such as internal and external proprietary databases, news articles, statistical databases, national government documents, market reports, webcasts, and podcasts specific to companies operating in the market have also been referred for the report.

In-depth interviews and discussions with a wide range of key industry participants and opinion leaders were conducted to compile this research report. Primary research represents bulk of the research efforts, supplemented by extensive secondary research. Key players’ product literature, annual reports, press releases, and relevant documents were reviewed for competitive analysis and market understanding. This helped in validating and strengthening secondary research findings. Primary research further developed the analysis team’s expertise and market understanding.

The report covers detailed competitive outlook that includes market share and profiles of key participants operating in the global market. Key players profiled in the report include Sasol, Green Biologics Limited, Eastman Chemical Company, Celanese Corporation, INEOS, Jiangsu Sopo (Group) Co., Ltd., Shanghai Wujing Chemical Co., Ltd., Yip's Chemical Holdings Limited, Jinyimeng Group Co., Ltd., and Wacker Chemie AG. Company profiles include attributes such as company overview (headcount, headquarters, and stock listing), brand overview, key competitors, business overview, business strategies, recent/key developments and acquisitions, and financial overview.

The global carboxylic acids based esters market has been segmented as follows:

  • Carboxylic Acids Based Esters Market – Product Segment Analysis
    • Methyl acetate
    • Ethyl acetate
    • N-propyl acetate
    • Isopropyl acetate
    • Isobutyl acetate
    • N-Butyl acetate
    • Eugenyl acetate
    • Isoamyl acetate
    • Phenethyl acetate
    • Methyl propionate
    • Ethyl propionate
    • Propyl propionate
    • Butyl propionate
    • Geranyl propionate
    • Phenethyl propionate
    • Methyl butanoate
    • Ethyl butanoate
    • Propyl butanoate
    • Butyl butanoate
    • Methyl valerate
    • Ethyl valerate
    • Iso-propyl-valerate
    • Butyl valerate
    • Isobutyric acid N-propyl ester
    • Isobutyric acid Iso-propyl ester
    • Phenethyl isobutyrate
    • Butyl isovalerate
    • Geranyl isovalerate
    • Methyl caproate
    • Ethyl caproate
    • Butyl caproate
  • Carboxylic Acids Based Esters Market – Application Analysis
    • Paints & coatings
    • Printing inks
    • Cosmetics & personal care
    • Pharmaceuticals
    • Flavors & fragrances
    • Others (adhesives & sealants, chemical intermediates, agrochemicals, industrial cleaners, etc.)
  • Carboxylic Acids Based Esters Market – Regional Analysis
    • North America
    • Europe
    • Asia Pacific
    • Latin America
    • Middle East & Africa (MEA)


 
 
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