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Lactic Acid Ester Market Size, Share & Trends Growth | 2031

Lactic Acid Ester Market

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Segments - by Type (Butyl Lactate, Ethyl Lactate, and Methyl Lactate), End-user (Electronics, Food & Beverage, Pharmaceutical, Cosmetics & Personal Care, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031

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Riddhesh Dani

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Report Description

The global lactic acid ester market size was USD 564.8 Mn in 2022 and is likely to reach USD 803.6 Mn by 2031, expanding at a CAGR of 3.5% during 2023–2031. Rising demand for lactic acid ester from cosmetics industry to manufacture moisturizers, hair colors, and other skincare items is expected to drive market in the coming years.

Lactic acid ester is a bio-solvent, manufactured using lactic acid. Raw materials including beet, sugar cane, and maize are used to produce lactic acid. Lactic acid ester is then derived from esterification process. It is called as green solvent as it is obtained from the fermentation process followed by purification of carbohydrates. This solvent is used in cellulose ethers, nitrocellulose, resins, lacquers, paints, and dyes.

Lactic acid ester is used as a water-soluble degreaser. It is generally referred as ethyl lactate and denoted by chemical formula CH₃CH(OH)CO₂CH₂CH_3. It is used as a sustainable medium for organic synthesis. Moreover, it is used in the production of safety glass and stencil paper. It has low toxicity level and used in fragrances, food additives, and pharmaceutical preparations.

The research report finds that the COVID-19 pandemic hampered raw material procurement. Supply chain and manufacturing industry were hindered during the pandemic. However, food industry witness increased profit and sales. The demand for chips in laptops and data centers is increased during the pandemic, due to rising internet shopping, work from home, and conference calling. Thus, the demand for lactic acid esters solvents from electronics industry increased during the pandemic.

Lactic Acid Ester Market Dynamics

Major Drivers

Rising initiatives by the government to raise consumer awareness regarding various application of lactic acid is expected to fuel the market during the forecast period. Food packaging producers use polylactic acid (PLA) for common-purpose packaging applications including trays and yogurt cups.

Existing Restraints

High cost of production and negative health effects are projected to hamper the market growth in the coming years. Ethyl lactate cause adverse health effects if inhaled or absorbed in the body through the skin. Prolonged exposure to ethyl lactate is anticipated to result in other health conditions such as fainting or passing out, light-headedness, and dizziness.

Emerging Opportunities

Polylactic acid has application in single-use tableware, food packaging, automotive, textiles, oil & gas, electronics, and 3D printing. Various uses of lactic acid in overall industries and its multifunctionality is likely to create lucrative opportunities for market players.

Scope of Lactic Acid Ester Market Report

The market report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes	Details
Report Title	Lactic Acid Ester Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Base Year	2022
Historic Data	2016–2021
Forecast Period	2023–2031
Segmentation	Type (Butyl Lactate, Ethyl Lactate, and Methyl Lactate) and End-user (Electronics, Food & Beverage, Pharmaceutical, Cosmetics & Personal Care, and Others)
Regional Scope	Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Report Coverage	Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
Key Players Covered in the Report	Godavari Biorefineries Shenzhen Esun Industrial; Vertec Biosolvents; Corbion N.; Qingdao Abel Technology; Shanghai Ruizheng Chemical Technology; Shandong Enno New Material; and Cellulac Plc.

Lactic Acid Ester Market Segment Insights

On the basis of type, the lactic acid ester market is segmented into butyl lactate, ethyl lactate, and methyl lactate. The butyl lactate segment is projected to expand at a considerable CAGR during the forecast period, as it used in manufacturing inks, paint, perfumes, and dry-cleaning fluid. It is used as a solvent in lacquers and varnish. Butyl lactate is colorless liquid with a mild odor.

The methyl lactate segment is anticipated to account for a major market share during the forecast period, as it is used in fragrance and cooling agent. Furthermore, ethyl lactate possesses significant solvent properties, nontoxic nature, and it is biodegradable. It has application in various sectors including food additives and perfumery.

Based on end-user, the market is divided into electronics, food & beverage, pharmaceutical, cosmetics & personal care, and others. The food & beverage segment is expected to hold a significant share of the market in the coming years, due to rising use of lactic acid as food additives. The electronics segment accounts for a significant market share, owing to emerging electronics industry and rising demand for lactic acid ester for microelectronics application.

In terms of region, the global lactic acid ester market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the forecast period, owing to rising awareness of bio solvents in the region. The market in Europe is anticipated to expand at a rapid pace during the forecast period, due to increasing product demand form cosmetics and personal care items across the region. Moreover, the high research and development expenditure is anticipated to fuel the market growth in the region.

Segments

The global lactic acid ester market has been segmented on the basis of

Type

Butyl Lactate
Ethyl Lactate
Methyl Lactate

End-user

Electronics
Food & Beverage
Pharmaceutical
Cosmetics & Personal Care
Others

Region

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key Players

Godavari Biorefineries Shenzhen Esun Industrial
Vertec Biosolvents
Corbion N.
Qingdao Abel Technology
Shanghai Ruizheng Chemical Technology
Shandong Enno New Material
Cellulac Plc.

Competitive Landscape

Key players competing in the global lactic acid ester market are Godavari Biorefineries, Shenzhen Esun Industrial, Vertec Biosolvents, Corbion N., Qingdao Abel Technology, Shanghai Ruizheng Chemical Technology, Shandong Enno New Material, and Cellulac Plc. Major players are conducting R&D activities to increase their product portfolio. For instance,

In July 2021, Corbian acquired GranoLife to boost its expansion in the food ingredients market. In Mexico, GranoLife is a major player in functional blends in the bakery & fortification industry.
In October 2020, Musashino states that it had increased its production capacity to meet the rising demand for sodium pyruvate, pyruvic acid, and ethyl/methyl pyruvate.

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Lactic Acid Ester Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Lactic Acid Ester Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Lactic Acid Ester Market - Supply Chain
  4.5. Global Lactic Acid Ester Market Forecast
     4.5.1. Lactic Acid Ester Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Lactic Acid Ester Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Lactic Acid Ester Market Absolute $ Opportunity
5. Global Lactic Acid Ester Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Lactic Acid Ester Market Size and Volume Forecast by Types
     5.3.1. Butyl Lactate
     5.3.2. Ethyl Lactate
     5.3.3. Methyl Lactate
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Lactic Acid Ester Market Analysis and Forecast by End Users
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by End Users
     6.2.2. Y-o-Y Growth Projections by End Users
  6.3. Lactic Acid Ester Market Size and Volume Forecast by End Users
     6.3.1. Electronics
     6.3.2. Food & Beverage
     6.3.3. Pharmaceutical
     6.3.4. Cosmetics & Personal Care
     6.3.5. Others
  6.4. Absolute $ Opportunity Assessment by End Users
  6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Lactic Acid Ester Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Lactic Acid Ester Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Lactic Acid Ester Demand Share Forecast, 2019-2026
8. North America Lactic Acid Ester Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Lactic Acid Ester Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Lactic Acid Ester Market Size and Volume Forecast by Types
     8.4.1. Butyl Lactate
     8.4.2. Ethyl Lactate
     8.4.3. Methyl Lactate
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Lactic Acid Ester Market Size and Volume Forecast by End Users
     8.7.1. Electronics
     8.7.2. Food & Beverage
     8.7.3. Pharmaceutical
     8.7.4. Cosmetics & Personal Care
     8.7.5. Others
  8.8. Basis Point Share (BPS) Analysis by End Users
  8.9. Y-o-Y Growth Projections by End Users
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Lactic Acid Ester Demand Share Forecast, 2019-2026
9. Latin America Lactic Acid Ester Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Lactic Acid Ester Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Lactic Acid Ester Market Size and Volume Forecast by Types
     9.4.1. Butyl Lactate
     9.4.2. Ethyl Lactate
     9.4.3. Methyl Lactate
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Lactic Acid Ester Market Size and Volume Forecast by End Users
     9.7.1. Electronics
     9.7.2. Food & Beverage
     9.7.3. Pharmaceutical
     9.7.4. Cosmetics & Personal Care
     9.7.5. Others
  9.8. Basis Point Share (BPS) Analysis by End Users
  9.9. Y-o-Y Growth Projections by End Users
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Lactic Acid Ester Demand Share Forecast, 2019-2026
10. Europe Lactic Acid Ester Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Lactic Acid Ester Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Lactic Acid Ester Market Size and Volume Forecast by Types
     10.4.1. Butyl Lactate
     10.4.2. Ethyl Lactate
     10.4.3. Methyl Lactate
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Lactic Acid Ester Market Size and Volume Forecast by End Users
     10.7.1. Electronics
     10.7.2. Food & Beverage
     10.7.3. Pharmaceutical
     10.7.4. Cosmetics & Personal Care
     10.7.5. Others
  10.8. Basis Point Share (BPS) Analysis by End Users
  10.9. Y-o-Y Growth Projections by End Users
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Lactic Acid Ester Demand Share Forecast, 2019-2026
11. Asia Pacific Lactic Acid Ester Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Lactic Acid Ester Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Lactic Acid Ester Market Size and Volume Forecast by Types
     11.4.1. Butyl Lactate
     11.4.2. Ethyl Lactate
     11.4.3. Methyl Lactate
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Lactic Acid Ester Market Size and Volume Forecast by End Users
     11.7.1. Electronics
     11.7.2. Food & Beverage
     11.7.3. Pharmaceutical
     11.7.4. Cosmetics & Personal Care
     11.7.5. Others
  11.8. Basis Point Share (BPS) Analysis by End Users
  11.9. Y-o-Y Growth Projections by End Users
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Lactic Acid Ester Demand Share Forecast, 2019-2026
12. Middle East & Africa Lactic Acid Ester Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Lactic Acid Ester Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Lactic Acid Ester Market Size and Volume Forecast by Types
     12.4.1. Butyl Lactate
     12.4.2. Ethyl Lactate
     12.4.3. Methyl Lactate
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Lactic Acid Ester Market Size and Volume Forecast by End Users
     12.7.1. Electronics
     12.7.2. Food & Beverage
     12.7.3. Pharmaceutical
     12.7.4. Cosmetics & Personal Care
     12.7.5. Others
  12.8. Basis Point Share (BPS) Analysis by End Users
  12.9. Y-o-Y Growth Projections by End Users
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Lactic Acid Ester Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Lactic Acid Ester Market: Market Share Analysis
  13.2. Lactic Acid Ester Distributors and Customers
  13.3. Lactic Acid Ester Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Godavari Biorefineries Shenzhen Esun Industrial
     13.4.2. Vertec Biosolvents
     13.4.3. Corbion N.
     13.4.4. Qingdao Abel Technology
     13.4.5. Shanghai Ruizheng Chemical Technology
     13.4.6. Shandong Enno New Material
     13.4.7. Cellulac Plc.

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