Isopropyl Ester Market is segmented based on Application and End Use Industry.
Based on Application, the market is categorized into emollient, flavoring agent, plasticizer, solvent, engine fuel, and others.
Based on End Use Industries, Isopropyl Ester is segmented into lubricant, surfactant & detergent, food, cosmetics & personal care, pharmaceutical and others.
Global cosmetics market registered a significant growth of around 4% in the past 10 years. Growth in demand of skin care products has been observed due to rising share of skin care in cosmetics, therefore, Isopropyl Ester Market is projected to grow at a significant CAGR over the forecast period. Global biodiesel production has increased from 19 billion liters (in 2014) to 23 billion liters (in 2016). The increasing usage of Isopropyl Ester in the production of biodiesel is anticipated to drive the market growth from 2016 to 2023. Isopropyl Ester is used as a flavoring agent in food industry.
The demand for innovative confectionery items, especially those that possess unique flavor is one of the major factors driving market growth. Furthermore, changing consumer lifestyles, increasing demand for convenience food and rising consumer requirement for flavored and nutritious beverages are the major drivers for market growth.
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The prominent players operating in the Isopropyl Ester Market include BASF SE (Germany), Procter & Gamble (U.S.), Oleon N.V (Belgium), Sigma-Aldrich Co. LLC (U.S.), Hangzhou Dayangchem Co. Limited (China), Alfa Aesar, Thermo Fisher Scientific (U.S), Musim Mas Holdings. (Singapore), Shodhana Laboratories Ltd (India) and others.
Europe is estimated to be the largest regional market for Isopropyl Ester followed by North America on account of growing food & beverage, biodiesel, and personal care segment. Germany is expected to account for the largest share in Europe followed by France, UK, Italy and Spain over the next six years. However, in 2016, North America was the largest pharmaceutical market followed by Europe and Asia Pacific.
In Asia Pacific, specifically countries including China and India is expected to witness a significant growth as regional government has approved proposal for foreign collaboration, industrial license, and 100 percent export-oriented units. The online food ordering business in India, China and Japan is witnessing exponential growth and is expected to benefit methyl esters consumption in food processing industry.
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Isopropyl Esters are produced by the reaction of methyl esters with Isopropyl Alcohol. Isopropyl Ester-based biodiesel has greater efficiency and performance than methyl ester, which makes it more suitable to be used as a biofuel. Consumption of fossil fuel is increasing rapidly whereas reserves of fossil fuel are depleting. This has led to surge in demand for biofuel in emerging countries such as China, India, Brazil, and Russia.
Isopropyl Ester is used in various end use industries such as lubricant, surfactant & detergent, food, cosmetics & personal care, pharmaceutical and others owing to its non-toxicity, biodegradability, high lubricity, and better cold flow. However, high price of Isopropyl Ester in comparison with methyl ester may hinder growth market over the forecast period.
Rising disposable income along with increasing consciousness regarding health is driving Isopropyl Market Growth. Increasing usage of Isopropyl Ester as moisturizer and thickener in the preparation of cream, hair care, and personal care products is expected to drive industry growth.
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