Global Phosphate Esters market, which accrued revenue worth 1.94 (USD Billion) in 2019, is set to record the CAGR of nearly 7.9% over the period from 2020 to 2026.
Phosphate Esters Market
The global Phosphate Esters market, which accrued revenue worth 1.94 (USD Billion) in 2019, is set to record the CAGR of nearly 7.9% over the period from 2020 to 2026. The report offers assessment and analysis of the Phosphate Esters Market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
Phosphate esters are kind of organic salts made up of organophosphorus compounds. Moreover, these compounds are extracted from alcohol and phosphoric acid. They are active an-ionic surfactants and are manufactured as free acids. Additionally, when phosphate esters are combined with poly ethylene glycol, they can provide aqueous drilling fluids with exceptional lubricating features. They were used as fire retarding plasticizers and high temperature functional fluids in industrial as well as consumer items during 1940’s. Apparently, the massive utilization of fire retardants in 1960’s and 1970’s increased and this paved a way for rising use of phosphate esters as fire safety materials in commercial items manufactured from synthetic polymers.
Market Growth Dynamics
Phosphate esters are widely utilized in the form of fire resisting base-stocks in various applications like compressors, hydraulic systems, and turbines. This, in turn, will steer the business growth over the forecasting timeframe. Furthermore, high ignition temperature, outstanding oxidation stability, and reduced vapor pressures make phosphate very difficult to burn, thereby driving their demand in various industries. These compounds have found use as stabilizers, metal passivators, anti-wear additives, and anti-oxidants in various lubricant preparations.
Furthermore, phosphate esters possess good thermal stability and are also used as plasticizers. These beneficial features of the compound will enhance its popularity & utilization across various regions within the span of next few years, thereby driving the industry growth. The flame retarding property of the product has helped the PVC material find massive application in data & communication wires, plenum cables, and Plasticizers items. They are also used in transport fabrics as well as wall coverings due to its fire & smoke resisting features and this will further steer the market trends.
Moreover, massive need for fire resistant hydraulic fluids and lubricants as well as use of phosphate esters as the substitute chemical compound for polychlorinated biphenyls will embellish the market expansion in the years to come. Nonetheless, the hydrolysis risk and low viscosity index of the product can pose a threat to the growth of the market over the few years span.
Asia Pacific Market To Grow Rapidly During Forecast Timeline
The growth of the market in Asia Pacific over estimated timespan is owing to presence of major producers of the compound in the countries like India and China. Apart from this, increase in the use of these compounds in myriad end-use sectors along with thriving agrochemicals industry will drive the business growth in the region within the next few years. Additionally, escalating demand for polymers & plastics in India and China will culminate in huge product penetration in Asia Pacific zone.
Key players profiled in the report are Eastman chemical company, Solvay S.A., Daihachi chemical co., Elementis PLC, BASF SE, Israel Chemical Ltd., Exxon Mobil Corporation, Clariant, Castrol Ltd., Ashland Inc., Dow Chemical Company, Stepan Company, Akzo Nobel N.V., Croda International Plc, Lanxess AG, and Lakeland Laboratories Ltd.
The global phosphate esters market is segmented as follows:
Phosphate esters are widely utilized in the form of fire resisting base-stocks in various applications like compressors, hydraulic systems, and turbines. This, in turn, will steer the business growth over the forecasting timeframe.
The CAGR of the industry is expected to be nearly 7.9% during the forecast timeline.
Asia Pacific will contribute remarkably towards the global market share over the estimated timeline.
The key market players include Solvay S.A., Lanxess AG, Elementis PLC, Akzo Nobel N.V., Exxon Mobil Corporation, Eastman chemical company, Castrol Ltd., Ashland Inc., Dow Chemical Company, Stepan Company, Israel Chemical Ltd., Croda International Plc, Clariant, BASF SE, Daihachi chemical co., and Lakeland Laboratories Ltd.
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