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Phosphate Esters Market growth in the Asia Pacific will be stimulated by generating over 8.3% revenue by 2023

Author : Ronak Bora | Published Date : 2019-03-22 

Based on revenue, Asia Pacific will drive the phosphate ester market with a CAGR of 8.3%. The regional trialkyl phosphate ester market will generate revenue over USD 40 million by 2025. Rapid industrialization in Asia Pacific is expected to subsequently propel phosphate esters market by 2024. Phosphate Esters Market will surpass USD 3 billion by 2025; according to a new research report.

Phosphate esters market is expected to witness steady growth from developed countries due to tremendous growth in the aerospace industry. Phosphate esters as fire resistant hydraulic fluids which find widespread applications in systems such as aircraft carriers, excavators, hydraulic brakes, aircraft flight control system, power steering systems, turbines & compressors, lifts, etc. Some phosphate esters are specifically used for the aerospace industry, for instance, Dibutyl phenyl phosphate is widely used as a significant hydraulic fluid across aerospace industry.

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Fire resistant property of the phosphate esters makes it preferred for different applications such as PVC, plastic, film & cables to improve the behavior of plasticized polymers. Additionally, the ability of phosphate ester to maintain low viscosity, required for hydraulic fluids will further stimulate phosphate ester demand in aerospace industry.

Stringent regulations regarding handling and use of phosphate ester as pesticide and fertilizer in agriculture and as a hydraulic fluid in different industries, due to the toxicity may hamper industry growth in coming years. Direct product contact with skin or eyes may lead to irritation, red rash, itching and burning sensation to skin and intense stinging sensation to eyes. However, increasing development trend of bio-based esters to overcome problems associated with synthetic esters is expected to generate lucrative opportunities for phosphate esters market by 2024.

Triaryl phosphate ester will account at over USD 1.5 billion by the end of 2025. The product owing to its antifoaming properties is widely used in hydraulic fluids used in aircraft flight control system, power steering systems, hydraulic brakes, etc. In addition to that the triaryl phosphate ester also find several applications across fire retardants, surfactants, lubricants, plasticizers, agrochemicals, etc.

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Hydraulic fluids segment will account over 18% of the phosphate esters market share by the end of 2025. Phosphate ester based hydraulic fluids are prominently used in hydraulic brakes, excavators and backhoes, aircraft flight control systems, power steering systems, transmissions, lifts, garbage trucks, and industrial machinery. Product based hydraulic fluids are significantly used in aerospace industry as it simultaneously offers fire resistant characteristics.Due the presence of the large number of players in the market, the phosphate esters market is highly competitive in nature. Major players in the business includes BASF SE, Israel Chemical Ltd, Clariant, Eastman chemical company, Lanxess AG, Elementis PLC, Akzo Nobel N.V., Solvay S.A., Ashland Inc., Daihachi chemical company, Lakeland Laboratories Ltd.

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The companies are focusing on increasing their production capacity and regional presence by strategic mergers & acquisition. For instance, in April 2017 Lanxess acquired Chemtura which is one of the world's leading suppliers of flame retardant and lubricant additives. This will help the Lanxess to increase its production capacity and strengthen its position in the market.

 

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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