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Global Lactic Acid Ester Market InsightMarch 24, 2022 Comments
The Lactic Acid Ester is forecast to moderate development over the next few years. According to the WK-chem Research “Global Lactic Acid Ester Professional Survey Report 2022, Forecast to 2027”, With the increasing use of lactic acid esters in end-use industries, including low-toxic cosmetics used to formulate hair dyes, moisturizers and other skin care products. Likewise, increasing production of green solvents for developing efficient and high-performance agrochemical formulations is expected to add momentum to the industry outlook. The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 3.17% base on WK-chem Research regression analysis model.
The ongoing COVID-19 crisis is boosting the lactic acid ester market with the help of mergers and acquisitions. The low toxicity of ethyl lactate is being preferred in hair and skin care products that are intended to improve the overall look and feel of the skin. Rigorous quality standards and pressure to curb the use of fossil-based solutions have intensified competition in the microelectronics industry. said Amy, Senior analyst, Chemical & Material Market Research Center in WK-chem Research. Manufacturers should overcome this by developing superior grade ethyl lactate solvents that ensure consistency and traceability throughout production in the microelectronics industry. In order to build credibility, manufacturers should present their clean room sample processing and analytics backed by dedicated technical and quality assurance support.
Lactic acid ester is one of the major bio solvents. It is manufactured using lactic acid. The lactic acid is manufactured from natural raw materials such as sugar, beet, sugar cane, and maize. The lactic acid is then converted into ester through esterification process. Factors such as increased demand for lactate esters from electronics industry, and increased awareness regarding bio solvents propel the growth of the market globally. The popularity of lactic acid ester has increased in developed regions such as North America and Europe because of which it is expected to replace other traditional solvents in majority of the industries. However, the presence of alternatives i.e., petrochemicals solvents is one of the major restraints for the market globally. In addition, the price competition from petrochemical solvents is one of the factors hindering the lactic acid ester market growth.
This WK-chem Research market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading Lactic Acid Ester companies that include Stephan Company, Merck Kraal, Galactic, Corbin N.V, GODAVARI BIOREFINERIES LTD, Cellular, Henan Jinan Lactic Acid Technology Co., Ltd, Musashino Chemical Laboratory, Ltd, Zhengzhou Tianrun Lactic Acid Co., Ltd, Shenzhen Esun Industrial Co., Ltd, QINGDAO ABEL TECHNOLOGY CO., LTD, Yancheng Huade Biological Engineering Co.,Ltd, Vetrtec Biosolvents Inc.
Segmentation of Lactic Acid Ester Market:
Based on type, lactic acid esters can be classified into methyl lactate, ethyl lactate, butyl lactate, others, with ethyl lactate occupying the main position. This is attributed to its excellent solvent properties, biodegradable, and nontoxic nature. It is utilized in numerous sectors with general applications such as perfumery, food additives, and others.
Lactic acid esters can be widely used in pharmaceutical, cosmetics & personal care, electronics, food & beverage, agrochemical, and others, the food & beverages industry accounted for the largest share and electronics industry are the fastest growing segment, in terms of revenue. This is attributed to increase in use of lactic acid esters as food additives in food industry. In addition, the rise in electronics industry and increased demand for lactic acid ester for microelectronics application is expected to boost the market growth during the forecast period.
Lactic Acid Ester Market: Regional Analysis
In terms of geography, the global Lactic Acid Ester market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa. North America holds a major market share owing to growing demand in numerous end-use industries such as food and beverages, electronics, agrochemicals, pharmaceuticals, and others.
Largest share area：North America
Largest share country：the Unite States
Product Type：Methyl Lactate, Ethyl Lactate, Butyl Lactate, Others
Application：Pharmaceutical, Cosmetics & Personal Care, Electronics, Food & Beverage, Agrochemical, and Others
Leading Company：Corbion, Stepan, Henan Jinan Lactic Acid Technology Co., Ltd, Musashino Chemical Laboratory, Ltd, Yancheng Huade Biological Engineering Co.,Ltd