Lactic Acid Esters Market Size Analysis
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.
Lactic acid esters such as ethyl lactate are employed in many cosmetic and personal care products. The development of Godavari Biorefineries Ltd.’s portfolio of lactic acid esters, which are used to make skincare, moisturizing, and cleaning products, is giving the company notoriety.
Ethyl lactate is becoming increasingly used as a green solvent in cosmetic and personal care products due to its simple biodegradability. Since ethyl lactate is increasingly used to manufacture hair care, hair dye, and decorative items, such developments are assisting in expanding the lactic acid ester market.
INCREASING INCLINATION TOWARDS THE USE OF GREEN SOLVENTS ACROSS VARIOUS APPLICATIONS IS EXPECTED TO FUEL THE ADOPTION OF LACTIC ACID ESTERS
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.
THE PRODUCTION PRICE ARE INCREASED DUE TO THE HIGHER COSTS OF RAW MATERIALS, TRANSPORTATION, ENERGY CONSUMED, AND CHEMICALS, WHICH LEADS TO A DROP IN MARGINS FOR MANUFACTURERS
Due to rising costs for raw materials, transportation, energy use, and chemicals, production prices are rising, which reduces manufacturer profit margins. High end-user application expenses as a result. For instance, due to an increase in the cost of raw materials, most production companies are raising their prices globally for product categories like lactic acid and lactates. This is one of the main factors limiting the market’s expansion for lactic acid esters.
RISE IN PRODUCTION DUE TO VERSATILE USE
Today, polylactic acid is utilized in various products, including 3D printing, textiles, oil and gas, electronics, and single-use tableware. The market is anticipated to experience considerable growth potential during the projected period due to the numerous varied uses of lactic acid in various sectors and the multi-functionalities of lactic and polylactic acids.
Market Segments Covered in Report
By Product Type:
By Region and Country:
Why is Ethyl Lactate increasing in demand globally?
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 a variety of other foods. It can be used as a water-soluble degreaser.
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.
The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.
Due to the increased demand for lactic acid ester for use in various applications, key providers are concentrating on business strategies.
The key developments in the Global Lactic Acid Esters Market:
A list of some of the key suppliers present in the market are:
Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2032|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Fabric, Application, Material, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|
Market Size Data
Value Chain Analysis
North America: U.S., Canada
Latin America: Brazil, Mexico, Argentina, Central America, Rest of Latin America
Western Europe: Germany, Italy, France, UK, Spain, Poland, Romania, Rest of Western Europe
Eastern Europe: Russia & Belarus, Balkan Countries, Baltic Countries, Central Asia, Rest of Eastern Europe
Middle East & Africa: KSA, UAE, Turkey, Israel, Northern Africa, South Africa, Rest of Middle East & Africa
East Asia: China, Japan, South Korea
South Asia & Pacific: India, ASEAN, Australia & New Zealand, Rest of South Asia & Pacific
Why Choose CVC Market Research?;
In the forecast period between 2022 and 2032, the market is expected to grow at a CAGR of 4.0%.
Increasing inclination towards the use of green solvents across various applications is expected to fuel the adoption of lactic acid esters
Major global Lactic Acid Esters Market players are Stepan, Musashino, Corbian, Merck, Henan Jinan Technology, Galactic, Shenzhen Esun, GODAVARI, Zhengzhou Tianrun, QINGDAO ABEL
The production price is increased due to the higher costs of raw materials, transportation, energy consumed, and chemicals, which leads to a drop in margins for manufacturers
Europe is expected to account for the largest market revenue share in the Global Lactic Acid Esters market.
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