Lactic Acid Esters Market

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.

Market Dynamic

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:

• Ethyl Lactate
• Methyl Lactate
• Butyl Lactate
• Others

By Application:

• Electronics
• Paints & Inks
• Agrochemicals
• Pharmaceuticals
• Food & Beverages
• Others

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)

Segment-Wise Analysis

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.

Region-Wise Analysis

The regions analyzed for the market include North America, Europe, Latin America, Asia Pacific, Middle East, and Africa.

• 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.
• The lactic acid ester market is dominated by North America and will remain so throughout the forecast period. This is a result of consumers’ shifting focus toward environmentally friendly and sustainable plastics, particularly for packaging in this region, due to growing environmental concerns and waste management issues.

Competition Analysis

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:

• In July 2021, GranoLife was purchased by Corbian so that it may advance in the market for food components. GranoLife is a significant participant in functional blends in the Mexican bread and fortification market.
• In October 2020, to keep up with the expanding demand for pyruvic acid, sodium pyruvate, and ethyl/methyl pyruvate, Musashino declared that it had increased its production capacity.

A list of some of the key suppliers present in the market are:

• Stepan
• Musashino
• Corbian
• Merck
• Henan Jinan Technology
• Galactic, Shenzhen Esun
• GODAVARI
• Zhengzhou Tianrun
• QINGDAO ABEL

Report Coverage and Highlights

• 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 impacting the 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.