Polyols Esters Market: Introduction
Esters are the chemical compound and are derived from the carboxylic acids and alcohols. Polyols ester are the synthetic oil having relatively high thermal and oxidation stability and is derived from esterification, having significant application in refrigeration compressors. Polyol esters are less hydroscopic and bio-degradable compounds, possessing fair hydrolytic stability. The primary appearance of the polyol esters is transparent, oily, colorless and pale yellow in color. The high end physical and chemical properties which amplifies the demand for polyol esters across end-use industries include, its low volatility, low vapour point, good lubricantion and also compatibility with other additives.
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The key application of polyol esters is in jet turbine engine. In addition to this, polyol esters have various applications including, as an active agent in pharmaceuticals – an important application in field of medicine. Polyol esters form derivatives which are used in application of oil & refinery industry and also in urea activators. Moreover, Polyol esters have other prominent areas of application, such as in chemical industry, foam industries, petrochemicals, among others. From refrigeration lubes to oven chain lubes, polyol esters can be customized for a range of applications. Owing to their application diversity across various end-use industries, the market for polyol ester is expected to experience significant growth opportunities over the forecast period of 2017–2027.
Market Dynamics: Polyols Esters Market
Global demand for Polyols esters is expected to witness steady growth over forecast period. Rising demand for Polyols esters due to rising number of application in various end use industries such as chemical industries, heavy goods, food & beverages, electrical & electronics and among others is estimated to enhance the growth of global polyols esters market. Exceptional characteristics which include good lubricant, compatible with additives, low pour point are the key growth drivers for the market. Moreover significant demand from automotive and for ultra-low viscosity lubricant additives is expected to account for more than half of the market volume share. Robust sales & distribution network across the region is expected to create an opportunity for the market. In line with this, manufacturers are planning to increase their production capacity. The only impact which can restrict the growth of the market is increasing crude oil prices which is expected to create challenge for the market in between the forecast period.
Crude oil derivatives and esters are raw materials for the manufacture of Polyols esters. Hence, their prices being largely dependent on crude oil prices, the increase in the latter is expected to translate into higher esters prices, thereby increasing the production cost of Polyols esters. Hence, rising crude oil prices are expected to impact the Polyols esters price trends in the future.
Regional Outlook: Polyol Esters Market
In order to identify opportunities based on product type, application across end-use industries in respective regions, the global polyol esters market is studied among seven key regions. The overall chemical industry growth, with synergistic effects of urbanization and population growth, is projected to facilitate the Asia pacific market in achieving new heights with regard to the polyol esters market over the forecast period. Market in Western Europe is estimated to experience relatively stable market conditions, while that of in the Eastern Europe, especially in Poland and Russia will experience comparatively faster growth conditions. North American market is also expected to create sustainable market opportunities in terms of consumption for polyol esters through 2027.
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Market Participants: Polyol Esters Market
Examples of the market participants in the Polyols ester market are as follows:
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