Bio-based Esters Market - Global Industry Report, 2031

Posted by aartimule on December 23rd, 2021

Bio-based Esters: Introduction

  • Rise in 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 minimal impact on the environment. This is driving the bio-based esters market across the globe.
  • Bio-based esters are widely used in various applications such as paints & coatings, personal care products, lubricants, plastics, construction, textile, and paper. Paints & coatings and plastics are the leading segments of the global bio-based esters market.
  • 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.

Key Drivers and Restraints of Bio-based Esters Market

  • Rapid growth of the paints & coatings industry can be ascribed to growth of industries such as public works, real estate, and building & construction. Increase in concerns regarding high VOC content of synthetic solvents and growth in awareness among 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, increase in popularity of eco-friendly solvents in the paints & coatings industry is anticipated to drive the demand for bio-based esters during the forecast period.
  • End-consumers and manufacturers of personal care products are concerned about the environmental footprint of various products and their ingredients. Increase in awareness about ill-effects of synthetic ingredients is propelling the demand for sustainable products in the global personal care industry.

Bio-based Esters: End-use Segment

  • In terms of end-use, the bio-based esters market can be segmented into paints & coatings, personal care, construction, and others
  • The paints & coatings segment dominated the market in 2020 primarily due to the rise in environmental concerns over usage of chemical-grade industrial solvents with high VOC content in paints and coatings solutions
  • Awareness regarding effects of chemical-grade industrial solvents on environmental and human health is increasing across the globe. This is driving the demand for bio-based alternatives in core applications such as paints & coatings and adhesives in end-use industries such as construction and automotive.

COVID-19 Impact on Bio-based Esters Market

  • On January 30, 2020, the International Health Regulations Emergency Committee of the World Health Organization (WHO) declared the Coronavirus disease (COVID-19) outbreak a public health emergency of international concern. Originating in China, the virus has spread to at least 214 countries and territories around the world.
  • Several governments and private sector businesses are operating at a limited capacity or have ceased operations completely due to recent events surrounding the COVID-19 pandemic
  • Manufacture of various consumer goods and other products across the globe came to a halt due to the unavailability of raw materials, shortage of labor, and other reasons. This is expected to hamper the bio-based esters market.

North America to Dominate Bio-based Esters Market

  • In terms of region, the bio-based esters market can be divided into 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. Rise in demand for eco-friendly products, such as solvents, for usage 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.
  • Strong growth of the construction industry, primarily in the U.S., supported by economic growth of the country is fueling the demand for solvents. This is positively impacting the demand for bio-based esters, considering their usage in production of green solvents, in North America.
  • Demand for bio-based esters in Asia Pacific is expected to rise at a significant pace. Increase in demand for high-end personal care products is boosting the market in the region.
  • Infrastructure development in countries such as China and India; and rise in public and private investments are augmenting the demand for solvents in the paints & coatings industry in Asia Pacific. Rise in government initiatives to curb environmental hazards caused by high VOC content of petroleum-based solvents is 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 Manufacturers Operating in Bio-based Esters Market

The bio-based esters market was consolidated in 2020. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the bio-based esters market include:

  • Cargill, Incorporated
  • Arkema Inc.
  • BASF SE
  • Vertec BioSolvents
  • Solvay
  • Huntsman Corporation
  • BIOAMBER S.A.S.

Bio-based Esters Market: Research Scope

Bio-based Esters Market, by Source

  • Palm Oil
  • Soybean Oil
  • Others

Bio-based Esters Market, by End-use

  • Paints & Coatings
  • Personal Care
  • Construction
  • Others

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aartimule
Joined: April 16th, 2020
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