Global Sorbitan Esters Market: Overview
Sorbitan esters are produced after sorbitol undergoes a chemical reaction that produces esters. Sorbitol is a combination of fatty acid and polyoil. Both of these chemicals can be naturally found in plant-based materials such as seaweed and fruits, and some of the animal-based sources.
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The industrial applications of these sorbitan esters are immense and of wide ranging variety. With the growing urbanization and industrialization, the growth of the sorbitan esters market is on a rise. The growing economies across the world are investing for the development of their automobile, commercial services, and construction sectors. These are among the chief end-use industries of the sorbitan esters and thus helping in their overall development.
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Global Sorbitan Esters Market: Notable Developments
The vendor landscape of the global sorbitan esters market is a consolidated as there are only a handful of leading players. Some of the prominent names in the market include Evonik, Clariant AG, Akzo Nobel NV, and Ashland Inc. among others.
Some of the notable developments in the global sorbitan esters market are given below:
- In September 2019, Ashland Inc., announced that the company has launched a new adhesive. The product is called Purethane™ A2018. It is expected to help the company to expand its reach in the sorbitan esters market and cement its leading position.
- In September 2019, a leading brand in the global sorbitan esters market, Clariant AG, announced that the company has entered into a strategic partnership with Merck & Sabic to improve their marking of flexible packaging. This is expected to the expand and enhance the production capacity of the company.
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Global Sorbitan Esters Market: Drivers and Restraints
Sorbitan ester is a FDA approved drug that can be used in pharmaceuticals, food and beverages, and cosmetics. These sorbitan esters find large number of application in food and beverages sector as solubility provider, stabilizer, and emulsifier. With the constant growth of the global food and beverages industry, it is only natural that it helps in the development of the global sorbitan esters market. Moreover, the popularity of the sorbitan esters is growing as they provide efficient processing and improves the aeration, quality, and stability of the food products.
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Another important driving factor for the growth of the global sorbitan esters market is the booming cosmetics and personal care products industry. This coupled with its application in pharmaceuticals and agricultural industries is also a big factor that drives the growth of the global market.
Global Sorbitan Esters Market: Geographical Outlook
The global sorbitan esters market has five key regions in terms of geographical segmentation. These regions are Latin America, North America, Asia Pacific, Europe, and the Middle East and Africa. Of these, the global market is currently dominated by the Asia Pacific segment. The growth of the market in Asia Pacific is mainly down to the developing industrial applications of sorbitan esters in the region.
As the development of the emulsion, chemical, and agricultural industries continues, the growth of the sorbitan esters market in Asia Pacific is expected to be on a constant rise. An additional driving factor for the market growth has been the rise of the emerging economies such as India and China. The above-mentioned sectors are some of the most developing sectors in these countries and the governments there are helping and investing more for their further development. This thus is also expected to aid the growth of the sorbitan esters market in the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.