North America Phosphate Esters Market Size, Share & Trends Analysis Report By Product (Trialkyl Phosphate Esters, Triaryl Phosphate Esters), By Application (Fire Retardants, Lubricants), By Region, And Segment Forecasts, 2023 - 2030

North America Phosphate Esters Market Size, Share & Trends Analysis Report By Product (Trialkyl Phosphate Esters, Triaryl Phosphate Esters), By Application (Fire Retardants, Lubricants), By Region, And Segment Forecasts, 2023 - 2030

North America Phosphate Esters Market Growth & Trends

The North America phosphate esters market size is estimated to reach USD 717.1 million by 2030 according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 9.2% from 2023 to 2030. The growth of the market is attributed to the growth of the end-user industries from agriculture, oil & gas, and construction. Their versatile nature enables applications in a wide range of products such as agrochemicals, lubricants, and hydraulic fluids.

Phosphate esters are manufactured by mixing polyols such as glycerol, along with phosphoric acid material, after which the mixture is heated under reduced pressure along with an organic base. They have excellent solubility and stability in the alkali state, providing it with versatility to be used as surfactants under different conditions. Along with this, phosphate esters display excellent low foaming properties along with wetting and emulsification.

Fire retardant acts as one of the primary applications for phosphate esters due to the high ignition temperatures and oxidation stability provided by them. This enables them to be used in the electronics industry to provide fire-resistant coatings in electronic equipment. They also reduce flammability in hydraulic fluids, foams, and plasticizers. Increasing cases of forest fires in North America, with 61,410 wildfires reported in 2022 alone, have become a cause of concern in recent years. This, in turn, has contributed to the increase in demand for phosphate esters as a constituent in the making of fire retardants.

Phosphate esters are also used as additives in lubricants to improve their anti-ware and pressure-sustaining properties. The thermal stability provided by them enables lubricants to work smoothly even in high temperatures for a considerable amount of time. Their compatibility with synthetic base oils also allows them to be used in synthetic lubricants, providing stability and improved performance.

Agriculture plays a huge role in the economies of North American countries. The continent is blessed with an abundance of land as well as a favorable climate and soil and is a major producer of agricultural products. Phosphate esters are used extensively in the formulation of agrochemicals. They enable a controlled release of nutrients and surfactants to improve the spreading of agrochemicals on plant surfaces.

North America with three big economies of the U.S., Canada, and Mexico, forms a major market for phosphate esters due to an abundance of end-user industries such as chemical, manufacturing, oil & gas, agrochemicals, and pharmaceuticals. The advanced nature of the manufacturing landscape in the electronics industry based in these countries, especially the U.S. also makes it a ready consumer for esters in its coating purposes. The manufacturing process of companies in the region coupled with economic wherewithal has led to the region becoming a hotbed for major players in the market such as Solvay, Caster oil, Exxon Mobil Corporation, and others.

North America Phosphate Esters Market Report Highlights

• Based on product, the triaryl phosphate esters segment is anticipated to register the fastest CAGR of 9.4% from 2023 to 2030 due to their growing applications in the oil & gas, agriculture, and pharmaceutical sectors
• In terms of application, the surfactants segment is anticipated to register the fastest CAGR of 9.6% during the forecast period due to the growth of the detergent & cleaning industry in the aftermath of the COVID-19 pandemic
• In terms of region, Canada is anticipated to register the fastest CAGR of 9.6% from 2023 to 2030 due to significant growth of end-user industries such as chemical manufacturing and personal care products in the country
• The phosphate esters market grew in a significant manner from the substantial increase in demand for healthcare products such as vaccines, hand sanitizers, and other cleaning products due to the advent of the pandemic
• Lower toxicity and smaller carbon footprint of biodegradable variants of phosphate esters have driven their usage in North American countries such as Canada, which have implemented strict regulations such as the Environmental Protection Act of 1999 to control environmental damage from manufacturing and usage of harmful chemicals

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