The phosphate esters market is estimated to be USD 843.9 Million in 2017 and is projected to reach USD 1,179.8 Million by 2022, at a CAGR of 6.9% from 2017 to 2022. The growth of the phosphate esters market is primarily driven by the increasing demand from the Asia Pacific and Middle East & Africa regions and the increased use of non-halogenated phosphorus esters in various applications, such as lubricants, paints & coatings, and surfactants, among others.
The triaryl phosphate esters segment is estimated to be the largest type segment of the phosphate esters market in 2017. Triaryl phosphate esters are widely used as fire retardants and hydraulic fluids owing to their self-extinguishing properties. Asia-Pacific and North America are the major markets for triaryl phosphate esters, in terms of value and volume.
The plasticizers application segment is projected to be the fastest-growing segment during the forecast period from 2017 to 2022. Phosphate esters are typically used as plasticizers with various polymers, such as chloride, thermoplastic polyurethane, and polyurethane foams, as they offer good gelling behavior and low-temperature performance. They offer good fire retardant and self-extinguishing properties, which are useful in various applications to improve the behavior of plasticized polymers. Triaryl phosphates (such as triphenyl phosphate) are most commonly used plasticizers.
Asia Pacific is expected to be the fastest-growing market for phosphate esters during the forecast period, owing to the presence of high growth economies in the region. Emerging countries, such as China and India are the world's major producers and consumers of phosphate esters.
Phosphate esters are more environment-friendly as compared to other fire retardants but are priced higher than these retardants. Any low-cost substitute will pose a threat to the phosphate esters market during the forecast period.