The global polyol ester market is expected to see a significant growth in the coming years and witness significant growth between 2017 and 2027. The manufacturers and suppliers play a significant role in catering the need of the consumers by strengthening the supply chain, particularly in regions, such as APAC, Europe, and North America. According to the new report of Persistence Market Research titled, “Polyol Ester Market: Global Industry Analysis (2012-2016) and Forecast (2017-2027),” which tracks the performance of the global polyol ester market for the projected period of 10-years, suppliers are catering to specific requirements of polyol esters manufacturers, while adhering to high quality standards of production. Global Polyol Ester market is estimated to be valued at US$ 3,870.6 Mn by 2016 and is expected to expand at a CAGR of 5.1% over the forecast period.
Global Polyol Ester Market: Drivers
- Increasing demand for synthetic esters in high temperature grease
- Rising demand for biodegradable lubricants
- Increasing adoption of organic ester lubricants in industrial applications
- Wide range of ester-based fluids with multiple properties
- Increasing adoption of environmentally acceptable lubricants (eal) for vessel general permit (vgp)
- Rising demand for fuel economy in heavy-duty diesel vehicles and pcmos
- Significant demand for pfms from automotive and industrial application
- Rising demand for ultra-low viscosity lubricant additives
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Global Polyol Ester Market: Regional Analysis
Five regions have been covered in this report, such as North America, Latin America, Europe, APAC, and MEA. Asia Pacific generates a high revenue owing to the varied applications of polyol ester across different industry verticals. The price of polyol esters is steadily increasing in Japan, China, and India, as they have emerged as the fastest growing markets for end-user industries of polyol esters. These countries also happen to be the largest producers of pentaerythritol and neopentyl glycol and are all open for globalization. With the increased demand and governments emphasizing on developing trade relations, the price of these products have gone higher and will continue to grow. The polyol ester industry in Asia Pacific has a substantial growth potential. The automotive industry in China has seen a strong penetration of synthetic lubricant as compared to global standards. In terms of lubricants, the market scenario is not technologically advanced, and a lot of these materials are imported to cater to the unmet domestic demand.
Global Polyol Ester Market: Segmental Analysis
The market is segmented into product, application and end-user segments. Product segment consists of NPG, TMP, PE and DiPE. Among all the product types, NPG is estimated to account for largest values share in the global Polyol Ester market followed by TMP in 2027.
Application segment includes automotive crankcase material, gear oils, fire resistant hydraulic fluids, carrier fluids, food contact material, environmentally acceptable hydraulic, fluid and lubricants, heat transfer fluids, quenchants, breathing air compressor material, air compressor material, vacuum pump, instrument oil, seal swellants, and textile lubricants. Gear oils indicate the highest growth in the global level with BPS hitting +160, while drilling fuel on the other hand is on a downward spiral with BPS hitting as low as -30.
On the basis of end-use segment, the global polyol ester market is segmented into food & beverage, chemical, machinery, electrical & electronics, automotive, marine, aerospace, textile, mining, utilities, construction and miscellaneous manufacturing. Automotive industry will see a high growth in 2027 with BPS rising by +160. Chemical industry will also see a significant growth with BPS rising by +70. Meanwhile the mining industry will see a drop in BPS by -50, while the Utilities industry will also see a drop by -50 BPS.
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Global Polyol Ester Market: Key Players
Calumet Specialty, Huntsman Corp, Dow Chemical, Shell Chemical, Exxon Mobil, LANXESS, Perstrop, Inolex, and Purinova are some of the key players operating in the global polyol ester market.