Lactic Acid Esters Market Overview
According to a recent survey conducted by ChemView Consulting, the Global Lactic Acid Esters Market grew at a CAGR of 3.4% between 2017-2021 and is estimated to be US$ 642.1Mn in 2022. Currently, the market is anticipated to grow at a CAGR of 4.0% and is expected to reach a valuation of US$ 950.5Mn by 2032 end.
The size of the global lactic acid ester market is projected to expand at a respectable rate. Due to its low toxicity, ethyl lactate is increasingly used in end-use industries like cosmetics to create hair dyes, moisturizers, and other skincare products. The industry outlook is also anticipated to be boosted by increased production of green solvents for creating effective and high-performing agrochemical formulations.
ChemView Consulting has analyzed that lactic acid is converted into lactic acid esters, which are esterified molecules. It is sometimes referred to as a lactic acid derivative. A green solvent called lactic acid is produced by fermenting and purifying carbohydrates. The commercial use of lactic acid esters as solvents spans many end-use industries. This fact-based study examines the lactic acid esters market as a whole. This comprises patterns, actions taken by various important players, and other elements affecting the expansion of the world market for lactic acid esters.
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A crucial development for the worldwide lactic acid ester market will be the quick uptake of ethyl lactate as a precision cleaning agent in paint and coating applications. For instance, VertecBioTM EL Ethyl Lactate solvents can provide a 100% biodegradable method of dissolving inks, varnishes, and paints, making them effective cleanup solvents. Additionally, the widespread usage of ethyl lactate as an additive in foods like ice cream and cakes further stimulates market dynamics over the estimated timeline.
Segments Covered in Report
By Product Type:
- Ethyl Lactate
- Methyl Lactate
- Butyl Lactate
- Paints & Inks
- Food & Beverages
By Region and Country:
- North America (U.S., Canada)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, Rest of Europe)
- Asia-Pacific (China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Rest of Asia-Pacific)
- Middle East (Saudi Arabia, Turkey, UAE, Rest of Middle East)
- Africa (South Africa, Nigeria, Egypt, Rest of Africa)
Key Takeaways from the Lactic Acid Esters Market
- Based on the product type, Ethyl lactate, another name for lactic acid ethyl ester, is a monobasic ester made from ethanol and lactic acid frequently employed as a solvent. This substance, made from biodegradable materials, is naturally found in small amounts in chicken, wine, and other foods. It can be used as a water-soluble degreaser.
- Based on the region, with a market share of 27.6%, Europe is expected to become a lucrative source of revenue for the lactic acid ester sector. This is a result of the considerable increase in demand for cosmetics and personal care items across Europe, particularly in Germany. Additionally, substantial industry expansion in the region will be aided by significant research and development spending in the pharmaceutical sector in the UK.
Key companies covered in the market study are Stepan, Musashino, Corbian, Merck, Henan Jinan Technology, Galactic, Shenzhen Esun, GODAVARI, Zhengzhou Tianrun, QINGDAO ABEL
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Report Key Highlights and Coverage
- Our comprehensive, data-backed, and facts-oriented report provides niche and cross-sectional analysis at global and country levels.
- Assessment of the historical (actual data) and current market size (2017-2021), market projections (2022-2032), and CAGR.
- The market assessment across North America, Europe, East Asia, South Asia & Pacific, Latin America, Middle East, and Africa.
- Competitive tactical intelligence, key strategies adopted by top players, production capacity and company shares analysis, product brand surveys, and export-import analysis
- Pricing analysis to set and benchmark your current or future offerings across each product type helps you understand whether your pricing strategy is aligned with market expectations and can be compared to market disruptions.
- Predictions on critical supply and demand trends and technological expertise needed to address operations scalability.
- Consumer behavior shifts and their implications for players, list of end-users, and their consumption analysis.
- Key drivers, restraints, opportunities, and emerging trends impact market growth.
- Value chain analysis (list of manufacturers, distributors, end-users, and average profitability margins).
- Strategic market analysis, recommendations, and future headways on crucial winning strategies.
About ChemView Consulting
ChemView Consulting is a leading information, market intelligence, and business consulting firm serving clients worldwide in Chemical & Materials, Food & Beverage, Oil & Gas, Clean Energy & Power, and Packaging domains. In their business transformation journey, we have collaborated with global enterprises, including 70% of the largest Forbes 1000 enterprises, helping them deliver on their business ambitions. ChemView Consulting serves clients in approximately 100 countries, with its office in New York, U.S., and Pune, India.
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