May 11, 2020
According to the research report titled ‘Phosphate Esters Market Size By Type, By Application, Industry Analysis Report, Regional Outlook Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2025’, available with Market Study Report LLC, global phosphate esters market is predicted to exceed USD 3 billion by the year 2025.
Phosphate ester is fire resistant which is widely used in aerospace systems such as aircraft carriers, lifts, turbines & compressors, power steering systems, aircraft flight control system, hydraulic brakes and excavators. Booming aerospace industry is the major factor driving the growth of phosphate esters market.
Products such as dibutyl phenyl phosphate are used as a major hydraulic fluid in aerospace industry. Since phosphate ester is resistant to fire, it is used in cables, film, plastic and PVC to enhance the plasticized polymers properties. However, strict regulations pertaining to the use of phosphate ester in fertilizers and pesticides across agriculture sector owing to its toxic nature may hinder the market growth.
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As per type, triaryl phosphate ester market segment is expected to be worth USD 1.5 billion by the year 2025. The product is used as hydraulic fluid in brakes, power steering and aircraft flight control systems, primarily due to its antifoaming properties. It is also utilized in numerous applications such as agrochemicals, plasticizers, lubricants, surfactants and fire retardants.
Based on the application spectrum, hydraulic fluids segment is presumed to hold 18% market share by the year 2025. Phosphate ester is widely used as hydraulic fluid in industrial machinery, garbage trucks, lifts, excavators & backhoes, and power steering systems.
As per the regional analysis, Asia-Pacific phosphate esters industry is expected to grow with a CAGR of 8.3% through 2025, while the trialkyl phosphate ester market segment in APAC is poised to amass USD 40 million by the end of the forecast period. Swift industrialization is augmenting the demand for phosphate esters in Asia-Pacific.
The major contenders in phosphate esters market are Lakeland Laboratories Ltd., DAIHACHI Chemical Co., Ashland Inc., Solvay S.A., AkzoNobel N.V., Elementis PLC., Lanxess AG, Eastman Chemical Co., Clariant, Israel Chemical Ltd. and BASF SE among others.