Albany, New York, May 15, 2017: Market Research Reports Search Engine (MRRSE) has announced that its repository now features a report, titled “Esters Market: Global Industry Analysis and Opportunity Assessment 2016-2026.” The report, by Future Market Insights (FMI), predicts that the global esters market will stand at US$635.7 mn by 2016 and is predicted to reach US$1,191.0 mn by 2026, by expanding at a 6.50% CAGR from 2016 to 2026.

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The report starts with the introduction section that entails the market definition of esters. Esters are chemical compounds and are derived from an acid in which one or more hydroxyl groups are substituted by alkoxy group. Normally, esters are derived from an alcohol and carboxylic acid. Esters having low molecular weight are majorly utilized as fragrances and are found within pheromones and essential oils. They are also a significant part of synthetic lubricants and are useful in numerous applications such as their use in perfumes, etc.

In the next section of the report, the market dynamics such as the prime drivers, opportunities, and challenges faced by the global esters market have been presented. The rising adoption of Environmentally Acceptable Lubricants (EALs) for Vessel General Permit (VGP) and the soaring demand for fatty acid esters are amongst the key factors driving the growth of the market. On the other hand, ester lubricants’ maintenance needs, expensive equipment and tools, and huge maintenance costs involved in these lubricants may inhibit the growth of the market.

In terms of product, the report segments the market for esters into diesters, methyl esters, complex esters, and monoesters. Amongst these, on the basis of revenue, the segment of complex esters is predicted to lead the market by the end of 2016 and is predicted to maintain its superiority till 2026. On the other hand, complex esters are also being extensively employed as refrigeration lubricants owing to their miscibility with hydro fluorocarbon (HFC) refrigerants.

By application, the report segments the market into industrial lubricants, automotive lubricants, aviation lubricants, food grade lubricants, and marine lubricants. Amongst these, the segment of aviation lubricants is poised to lead the market on the basis of revenue by the end of 2016 and will be trailed by the industrial and automotive lubricant segments.

Geographically, the report segments the market into Western Europe, North America, Asia Pacific Excluding Japan (APEJ), Eastern Europe, Japan, the Middle East & Africa, and Latin America. Amongst these, by the end of 2016, APEJ is predicted to lead the market with a share of 26.8% on the basis of revenue. Furthermore, North America and APEJ will collectively constitute a share of 49.6% on the basis of revenue by 2026.

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As mentioned in the report, the prominent players in the global esters market are NYCO SA, BASF SE, ExxonMobil Corporation, Hatco, L.P, Cargill, Inc., Calumet Specialty Products Partners, and PMC Biogenix, Inc., among others.

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