Bio-based Esters Market: An Eco-friendly Ingredient for Sustainable Products
- Esters derived from carboxyl acid are the most common esters. These esters are produced by the reaction of alcohols and carboxylic acids in the presence of sulfuric or hydrochloric acid. Bio-based esters are esters derived from natural resources such as soybean, corn oil, canola oil, and palm oil.
- Bio-based esters are widely used in various applications such as paints & coatings, personal care products, lubricants, plastics, construction, textile, and paper. Among these applications, paints & coating and plastics are the leading segments of the global bio-based esters market.
- Rising popularity of recyclable plastics to overcome the issue of plastics waste is driving the demand for bio-based ingredients. Bio-based esters offer excellent material strength to the plastic, with a minimal impact on the environment. This factor is driving the bio-based esters market across the globe.
- However, lack of awareness among end-users and higher cost incurred for the production of bio-based esters compared to synthetic esters may hinder the market during the forecast period
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Rising Demand for Eco-friendly Solvents in Paints & Coatings Industry to Drive the Global Bio-based Esters Market
- Rapid growth of the paints & coatings industry can be attributed to growth of industries such as public works, real estate, and building & construction. Rising concerns regarding high VOC content of synthetic solvents and growing awareness among the end-users about use of eco-friendly products are anticipated to drive the demand for eco-friendly i.e. green solvents across the globe.
- Green solvents are based on bio-based esters. They are derived from agricultural sources such as soybean oil, corn, sugarcane, refined glycerin, bio-succinic acid, and lactic acid. Petroleum-based solvents have a much larger environmental footprint compared to green solvents. Thus, increasing popularity of eco-friendly solvents in the paints & coatings industry is anticipated to drive the demand for bio-based esters during the forecast period.
Personal Care Industry to Offer Attractive Opportunities to Bio-based Esters Market
- End-consumers and manufacturers of personal care products are concerned about the environmental footprint of various products and their ingredients. Increasing awareness about ill-effects of synthetic ingredients has propelled the demand for sustainable products in the global personal care industry.
- Ingredients of personal care products, such as bio-based butyl and isopropyl esters, help manufacture effective personal care products, without hampering the environment
- Key players are engaged in the launch of bio-based products, such as esters, with the help of joint ventures with players operating in the rapidly expanding personal care industry. For instance, in 2016, Green Biologics, Inc., a U.S.-based subsidiary of Green Biologics Ltd., and Acme Hardesty, a division of Jacob Stern & Sons, Inc., announced their plans to enter into a joint development agreement aimed at providing 100% bio-based esters to the former’s customers.
- Thus, increasing popularity of sustainable personal care products is estimated to propel the demand for bio-based ingredients. This, in turn, would positively impact the demand for bio-based esters during the forecast period.
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North America to Hold a Leading Share of Global Bio-based Esters Market
- Geographically, the global bio-based esters market can be divided into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is a leading consumer of bio-based esters, followed by Europe and Asia Pacific. Rising demand for eco-friendly products, such as solvents, for use in paints, coatings, and industrial applications led by stringent environmental norms in the U.S., is anticipated to drive the demand for bio-based esters market in North America in the near future.
- Furthermore, strong growth of the construction industry, primarily in the U.S., backed by economic growth of the country is fueling the demand for solvents in the region. This, in turn, is positively impacting the demand for bio-based esters, considering their use in green solvent production in North America.
- On the other hand, the demand for bio-based esters in Asia Pacific is expected to rise at a significant pace. Increasing demand for high-end personal care products and increasing awareness among end-users backed by their increased buying power are responsible for rapid growth of the market in the region.
- Furthermore, the infrastructural development in countries such as China and India and rising public and private investments are augmenting the demand for solvents in the paints & coating industry in Asia Pacific. Government initiatives to curb environmental hazards caused by high VOC content of petroleum-based solvents are anticipated to boost the demand for green solvents in the region. These factors, in turn, are estimated to drive the demand for bio-based esters in Asia Pacific during the forecast period.
Key Players Operating in the Bio-based Esters Market:
Key players operating in the global are collaborating with one another and sharing the technology for advancements in the production of bio-based esters. For instance, in May 2018, Archer Daniels Midland Company (ADM), a provider of agricultural processors and food ingredients, and DuPont Industrial Biosciences (DuPont), a business unit of DowDuPont’s specialty products division, collaborated for the production of bio-based furan dicarboxylic methyl ester (FDME) at Decatur, Illinois (the U.S.). Demand within the global bio-based esters market is highly concentrated, with top manufacturers accounting for 50%–-55% share of the market. A few of the key players operating in the global bio-based esters market are:
- Cargill, Incorporated
- Arkema Inc.
- BASF SE
- Vertec BioSolvents
- Huntsman Corporation
- BIOAMBER S.A.S
Global Bio-based Esters Market: Research Scope
Global Bio-based Esters Market, by Source
- Palm Oil
- Soybean Oil
- Others (Including Sunflower Oil)
Global Bio-based Esters Market, by End-use
- Paints & Coatings
- Personal Care
- Others (Including Textile and Paper)
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