Lactic Acid Ester Market Size, Share & Trends Growth | 2031
Lactic Acid Ester Market Size, Share & Trends Growth | 2031
Segments - Lactic Acid Ester Market 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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| Report ID :MC-5179
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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)CO2CH2CH3. 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.
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Attributes |
Details |
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Report Title |
Lactic Acid Ester Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Type (Butyl Lactate, Ethyl Lactate, and Methyl Lactate) and End-user (Electronics, Food & Beverage, Pharmaceutical, Cosmetics & Personal Care, and Others) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast |
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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 Summary2. 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 (000’ 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.
Methodology
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