Global Carboxylic Acids Based Esters Market Overview
The Carboxylic Acids Based Esters Market Size was estimated at 15.81 (USD Billion) in 2022. The Carboxylic Acids Based Esters Industry is expected to grow from 16.69 (USD Billion) in 2023 to 27.12 (USD Billion) by 2032. The Carboxylic Acids Based Esters Market CAGR (growth rate) is expected to be around 5.54% during the forecast period (2024 - 2032).
Key Carboxylic Acids-Based Esters Market Trends Highlighted
The global carboxylic acids-based esters market is poised for steady growth in the coming years. Key market drivers include the increasing demand for bio-based chemicals, growing use in personal care and cosmetics, and rising adoption in the food and beverage industry.Opportunities for market growth lie in the exploration of novel applications in industries such as pharmaceuticals and electronics. Recent trends indicate a growing emphasis on sustainable production methods, favoring the use of bio-based carboxylic acid-based esters.Moreover, advancements in synthetic techniques are leading to the development of new and improved esters with tailored properties, creating opportunities for product innovation and market expansion.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Carboxylic Acids Based Esters Market Drivers
Rising Demand for Bio-Based and Sustainable Products
The increasing consumer preference for eco-friendly and sustainable products is driving the demand for bio-based esters derived from renewable resources. Carboxylic acids-based esters derived from plant-based oils, such as palm oil, soybean oil, and coconut oil, are gaining traction as they offer a sustainable alternative to petroleum-based esters. Government regulations and incentives promoting the use of bio-based materials further contribute to the growth of the Carboxylic Acids Based Esters Market Industry.
Growing Applications in Personal Care and Cosmetics
Carboxylic acids-based esters are widely used in the personal care and cosmetics industry as emollients, solvents, and fragrances. They provide moisturizing and softening properties to skin care products, such as lotions, creams, and lip balms. Additionally, they are used as solvents for fragrances and essential oils in perfumes and cosmetics.
Expansion of the Food and Beverage Industry
The food and beverage industry is a major consumer of carboxylic acids-based esters, particularly in the production of flavors and fragrances. Esters derived from carboxylic acids are used to create a wide range of flavors, from fruity to floral, and are commonly found in beverages, confectionery, and baked goods.
Carboxylic Acids-Based Esters Market Segment Insights
Carboxylic Acids Based Esters Market Type Insights
The Carboxylic Acids Based Esters Market is segmented by type into saturated, unsaturated, branched, and cyclic. Among these, the saturated segment is expected to hold the largest market share in 2023, accounting for over 40% of the global market. This dominance is attributed to the high demand for saturated carboxylic acids-based esters in various industries, including food, beverages, personal care, and pharmaceuticals. The unsaturated segment is projected to witness a significant growth rate during the forecast period, owing to the increasing use of unsaturated carboxylic acids-based esters in the production of biofuels and biodegradable plastics.Branched and cyclic carboxylic acids-based esters are also expected to contribute to the overall growth of the market, albeit with smaller market shares. The growth of the Carboxylic Acids Based Esters Market is primarily driven by the rising demand for these esters in the food and beverage industry. Carboxylic acids-based esters are used as flavorings, emulsifiers, and solvents in a wide range of food and beverage products. The increasing demand for processed and packaged foods, along with the growing popularity of natural and organic ingredients, is fueling the demand for carboxylic acids-based esters in this industry.Moreover, the increasing use of carboxylic acids-based esters in the personal care and cosmetics industry is another major factor contributing to the market growth. These esters are used as emollients, humectants, and fragrances in various skin care, hair care, and cosmetic products. The growing awareness about personal grooming and the rising disposable income of consumers are driving the demand for personal care products, which in turn is boosting the market for carboxylic acids-based esters. In the pharmaceutical industry, carboxylic acid-based esters are used as intermediates in the synthesis of active pharmaceutical ingredients (APIs).The growing prevalence of chronic diseases and the increasing demand for new and effective drugs are expected to drive the demand for carboxylic acids-based esters in this industry. Overall, the Carboxylic Acids Based Esters Market is expected to witness steady growth over the coming years, driven by increasing demand from various end-use industries. The market is expected to reach a value of USD 18.52 billion by 2024, growing at a CAGR of 5.8% during the forecast period.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Carboxylic Acids Based Esters Market Carbon Chain Length Insights
The Carboxylic Acids Based Esters Market segmentation by Carbon Chain Length comprises Short-Chain, Medium-Chain, and Long-Chain. Among these, the Short-Chain segment held the largest market share in 2023, accounting for around 42.5% of the Global Carboxylic Acids-Based Esters Market revenue. The growth of this segment is attributed to the increasing demand for short-chain carboxylic acids-based esters in the food and beverage industry, particularly in the production of flavors and fragrances. A medium-chain segment is projected to witness the highest CAGR of 5.9% during the forecast period, owing to the rising demand for medium-chain triglycerides (MCTs) in dietary supplements and functional foods.Additionally, the increasing use of medium-chain carboxylic acids-based esters in personal care and cosmetic products is further driving the segment's growth.
Carboxylic Acids-Based Esters Market Application Insights
The Carboxylic Acids Based Esters Market segmentation provides insights into the application of Carboxylic Acids Based Esters in various industries. The major applications of Carboxylic Acids Based Esters include solvents, plasticizers, fragrances, flavors, lubricants, and pharmaceuticals. Solvents are the largest application segment, accounting for around 40% of the Carboxylic Acids Based Esters Market revenue in 2023. The demand for solvents is driven by their use in various industries, including paints, coatings, and adhesives. Plasticizers are the second-largest application segment, with a market share of around 30%.Plasticizers are used to make plastics more flexible and durable. Fragrances and flavors are used in a variety of consumer products, such as perfumes, cosmetics, and food. The demand for fragrances and flavors is expected to grow in the coming years due to the increasing demand for personal care products and processed food. Lubricants are used to reduce friction and wear between moving parts. The demand for lubricants is expected to remain steady in the coming years due to the increasing use of machinery and equipment. Pharmaceuticals are used in the treatment of a variety of diseases.The demand for pharmaceuticals is expected to grow in the coming years due to the increasing prevalence of chronic diseases.
Carboxylic Acids-Based Esters Market End User Insights
The Carboxylic Acids Based Esters Market is segmented into various end-user industries, including the chemical industry, construction industry, automotive industry, food and beverage industry, and pharmaceutical industry. Each of these industries utilizes carboxylic acid-based esters for specific applications, contributing to the overall market growth. In the chemical industry, carboxylic acid-based esters are employed as solvents, plasticizers, and intermediates in the production of various chemicals. For instance, in 2023, the chemical industry accounted for approximately 35% of the Carboxylic Acids Based Esters Market revenue, owing to the increasing demand for esters in the manufacturing of paints, coatings, and adhesives.The construction industry utilizes carboxylic acid-based esters in the formulation of adhesives, sealants, and coatings. These esters enhance the durability, flexibility, and weather resistance of construction materials. In 2023, the construction industry held a market share of around 20%, driven by the rising construction activities worldwide. The automotive industry employs carboxylic acid-based esters as lubricants, additives, and fuel additives. These esters improve engine performance, reduce friction, and enhance fuel efficiency. In 2023, the automotive industry accounted for approximately 15% of the Carboxylic Acids Based Esters Market revenue.The food and beverage industry utilizes carboxylic acid-based esters as flavorings, fragrances, and preservatives. These esters contribute to the sensory attributes of food and beverages, enhancing their taste, aroma, and shelf life. In 2023, the food and beverage industry held a market share of around 12% due to the growing demand for processed foods and beverages. The pharmaceutical industry employs carboxylic acid-based esters as excipients, drug intermediates, and active pharmaceutical ingredients. These esters play a crucial role in drug formulations, improving stability, solubility, and bioavailability.In 2023, the pharmaceutical industry accounted for approximately 18% of the Carboxylic Acids Based Esters Market revenue, driven by the development of new drugs and therapies.
Carboxylic Acids-Based Esters Market Regional Insights
The Carboxylic Acids Based Esters Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, North America is expected to hold the largest market share in 2023, owing to the presence of major manufacturers and increasing demand from end-use industries. Europe is expected to be the second-largest market, followed by APAC. APAC is expected to witness the highest growth rate during the forecast period due to the increasing demand from emerging economies such as China and India. South America and MEA are expected to account for a smaller share of the global market but are expected to grow at a steady pace.The Carboxylic Acids Based Esters Market was valued at 16.69 billion USD in 2023 and is expected to reach 27.12 billion USD by 2032, exhibiting a CAGR of 5.54% during the forecast period.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Carboxylic Acids-Based Esters Market Key Players And Competitive Insights
Major players in Carboxylic Acids Based Esters Market industry are focusing on expanding their product portfolio by introducing new products to cater to the evolving needs of consumers. Leading Carboxylic Acids Based Esters Market players are also investing in research and development activities to improve the efficiency of their production processes and develop new applications for their products. The Carboxylic Acids Based Esters Market industry is characterized by the presence of a large number of small and medium-sized enterprises. However, the market is dominated by a few key players, such as BASF, Dow Chemical Company, and Eastman Chemical Company. These companies have a strong global presence and offer a wide range of Carboxylic Acids Based Esters products. The Carboxylic Acids Based Esters Market is expected to witness significant growth in the coming years, owing to the increasing demand for these products from various end-use industries such as automotive, construction, and electronics.One of the major competitors in the Carboxylic Acids Based Esters Market is BASF. The company offers a wide range of Carboxylic Acids Based Esters products, including plasticizers, solvents, and intermediates. BASF has a strong global presence and operates in over 180 countries. The company is also investing heavily in research and development activities to develop new and innovative Carboxylic Acids Based Esters products. Another major competitor in the Carboxylic Acids Based Esters Market is Dow Chemical Company. The company offers a wide range of Carboxylic Acids Based Esters products, including plasticizers, solvents, and coatings. Dow Chemical Company has a strong global presence and operates in over 160 countries. The company is also investing heavily in research and development activities to develop new and innovative Carboxylic Acids Based Esters products.Eastman Chemical Company is another major competitor in the Carboxylic Acids Based Esters Market. The company offers a wide range of Carboxylic Acids Based Esters products, including plasticizers, solvents, and intermediates. Eastman Chemical Company has a strong global presence and operates in over 100 countries. The company is also investing heavily in research and development activities to develop new and innovative Carboxylic Acids Based Esters products.
Key Companies in the Carboxylic Acids Based Esters Market Include
- Eastman Chemical Company
- Evonik Industries
- INEOS
- SABIC
- Saudi Arabian Oil Company (Saudi Aramco)
- Shell
- Vertellus
- Solvay
- BASF SENewparaDow
- TPC Group
- Sumitomo Chemical
- TOTAL
Carboxylic Acids-Based Esters Market Industry Developments
The Carboxylic Acids Based Esters Market is projected to reach USD 27.12 billion by 2032, exhibiting a CAGR of 5.54% during the forecast period (2024-2032). Increasing demand for carboxylic acid-based esters in the food and beverage, pharmaceutical, and personal care industries is driving market growth. For instance, in February 2023, BASF launched a new range of cosmetic esters, the Cetiol Ultimate range, which offers improved sensory profiles and performance in various personal care applications. Moreover, rising environmental concerns and regulations favoring bio-based and sustainable products are expected to create lucrative opportunities for the market.
Carboxylic Acids-Based Esters Market Segmentation Insights
- Carboxylic Acids Based Esters Market Type Outlook
- Saturated
- Unsaturated
- Branched
- Cyclic
- Carboxylic Acids Based Esters Market Carbon Chain Length Outlook
- Short-Chain
- Medium-Chain
- Long-Chain
- Carboxylic Acids-Based Esters Market Application Outlook
- Solvents
- Plasticizers
- Fragrances
- Flavors
- Lubricants
- Pharmaceuticals
- Carboxylic Acids-Based Esters Market End User Outlook
- Chemical Industry
- Construction Industry
- Automotive Industry
- Food and Beverage Industry
- Pharmaceutical Industry
- Carboxylic Acids Based Esters Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
15.81(USD Billion) |
| Market Size 2023 |
16.69(USD Billion) |
| Market Size 2032 |
27.12(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
5.54% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Eastman Chemical Company, Evonik Industries, INEOS, SABIC, Saudi Arabian Oil Company (Saudi Aramco), Shell, Vertellus, Solvay, BASF SENewparaDow, TPC Group, Sumitomo Chemical, TOTAL |
| Segments Covered |
Type, Carbon Chain Length, Application, End User, Regional |
| Key Market Opportunities |
Biodegradable and Sustainable Products Growing Demand from the Food and Beverage Industry Expansion in Personal Care and Cosmetic Applications Rising Use in Pharmaceuticals and Agrochemicals |
| Key Market Dynamics |
1 Rising demand for personal care2 Escalating use in industrial applications3 Growing consumption of food and beverages4 Increasing adoption in the pharmaceutical sector5 Stringent regulations on emissions |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Global Carboxylic Acids Based Esters Market is expected to reach a valuation of 16.69 billion USD in 2023.
The Global Carboxylic Acids Based Esters Market is anticipated to exhibit a CAGR of 5.54% from 2024 to 2032.
The Asia-Pacific region is projected to account for the largest share of the Global Carboxylic Acids Based Esters Market.
Carboxylic Acids Based Esters find applications in various industries, including pharmaceuticals, personal care, and food and beverages.
Major players in the Global Carboxylic Acids Based Esters Market include BASF SE, Eastman Chemical Company, and Evonik Industries AG.
Factors driving the growth of the Global Carboxylic Acids Based Esters Market include increasing demand from the pharmaceutical industry and rising consumer preference for natural and eco-friendly products.
The Global Carboxylic Acids Based Esters Market faces challenges such as fluctuating raw material prices and stringent environmental regulations.
The Global Carboxylic Acids Based Esters Market is projected to reach a valuation of 27.12 billion USD by 2032.
The pharmaceuticals segment is anticipated to hold the largest share of the Global Carboxylic Acids Based Esters Market.
The COVID-19 pandemic had a moderate impact on the Global Carboxylic Acids Based Esters Market, with temporary disruptions in supply chains and demand fluctuations.
