Menu ×

CHEMICALS AND ADVANCED MATERIALS

Lactic Acid Ester Market Analysis by Type (Ethyl Lactate, Methyl Lactate, Butyl Lactate, Isopropyl Lactate, Isobutyl Lactate, and Others); and by Application (Food & Beverages, Electronics, Pharmaceuticals, Paints & Inks, Agrochemicals, Cosmetics & Personal Care, and Others)– Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

  • Text Size:

Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

Request Insights

Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

Read More

IN THE NEWS

  • August 31, 2022: VertecBioSolvents Inc. announced the relaunch of its ethyl acetate solvent under the brand name, VertecBioEthyl Acetate Bio-Based. It is an eco-friendly cleansing agent prepared from sustainable material without ozone-depleting chemicals (ODCs) and hazardous air pollutants (HAPs)
  • April 18, 2022: Godavari Biorefineries Limited inaugurateda bio-based chemical manufacturing facility at Sakarwadi, Maharashtra. It also launched a research laboratory for advanced bio-chemical research and to enhance the manufacturing processes of new chemicals in the pipeline

Global Lactic Acid Ester Market Size, Forecast, and Trend Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~4%

Base Year Market Size (2022)

~USD 600 Million

Forecast Year Market Size (2033)

~USD 1 Billion

The global lactic acid ester market is estimated to garner a revenue of around USD 1 billion by the end of 2033by growing at a CAGR of ~4% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of nearly USD 600 million in the year 2022. The global lactic acid ester market is expected to grow on the back of increasing demand for its use as solvent in the automotive industry.The international automotive industry is predicted to attain a revenue of over USD 8 trillion by the end of the forecast period, which is anticipated to drive the global lactic acid ester market growth.

Lactic-Acid-Ester-Market-Overview

Get more information on this report: Request Sample PDF

Lactate esters are commonly used solvents in the paints and coatings industry, which is expected to expand the global lactic acid ester market size.As per research, the worldwide output of paints and coatings was nearly ten billion gallons in 2019. The industry earned around USD 160 billion in 2020.Lactic acid (2-hydroxypropanoic acid) is a naturally occurring carboxylic acid of immense biological importance since it plays a major role in the metabolism of sugars into energy. Ethyl lactate is the ester of lactic acid. Commonly used lactic acid esters include ethyl lactate, butyl lactate, and methyl lactate.Ethyl lactate is easily biodegradable and less volatile, and hence considered to be a "green solvent." Ethyl lactate and its aqueous solutions are used as sustainable media for organic synthesis.

Global Lactic Acid Ester Market: Growth Drivers and Challenges

Growth Drivers

  • Increasing Use as Solvents in Electronics Sector - Lactic acid esters are widely used in cleaning formulations for semiconductor and electronic devices owing to their purity, safety, and optimum performance compared to other conventional solvents. China has been steadily scoring the highest revenue compared to other countries from the consumer electronics business and earned over USD 250 billion in 2022.
  • Surge in the Production of Environmentally-friendly Agrochemicals–Lactic acid esters are biodegradable and thereby find greater demand from agrochemical industry in the manufacture of insecticides and pesticides. India produced around 70 thousand tons more pesticides in 2021 compared to its output in the year 2020, as per research.
  • Growing Demand in Pharmaceutical Industry- Used in the manufacture of ointments and other medications, the global lactic acid ester market is expected to grow on the back of advancements in pharmaceutical industry.According to latest studies, the global pharmaceutical industry earned over USD 1200 billion in 2020, and has been steadily growing ever since.
  • Upsurge in the Use as Flavoring in Food and Beverage Industry- Lactic acid ester not only enhances the flavor of food but acts as a preservative. The global food and beverage industry is expected to grow from around USD 420 billion in 2021 to a little over a trillion dollar by the end of the forecast period.
  • Growth in Construction Industry –According to the United States Census Bureau, around USD 1777 billion was spent on construction in the US in July 2022, about ~8% more compared to the year before.

Challenges

  • Competing Presence of Other Solvents in the Market
  • Higher Costs of Lactic Acid Ester
  • Complications Related to the Esterification of Lactic Acid

The global lactic acid ester market is segmented and analyzed for demand and supply by type into ethyl lactate, methyl lactate, butyl lactate, isopropyl lactate, isobutyl lactate, and others. Of these segments, the ethyl lactate sector is predicted to grow the fastest during the forecast period owing to its solvency, safety and biodegradabilitywhich make them ideal for use in cosmetic and personal care products compared to other esters. The global cosmetics and personal care industry was valued at over USD 450 billion in 2021 and is expected to attain over USD 600 billion in 5 years.

Major Macro-Economic Indicators Impacting the Market Growth

Major-Macro-Economic-Indicators-Impacting-the-Market-Growth

The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, the Chemical industry in the U.S. accounted for 16.43% of manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in the future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry, which accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favorable government policies have boosted investment in China’s chemical industry. The easy availability of low-cost raw materials & labor, as well as government subsidies and relaxed environmental norms, have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for investment in businesses in Asia Pacific countries in the upcoming years.

Global Lactic Acid Ester Market Regional Synopsis

Regionally, the global lactic acid ester market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in Asia Pacific is projected to hold the largest market share by the end of 2033 on the back of its growing customer base. Developments in end use industries such as food and beverages, automotive, chemical and others are expected to drive the growth of the lactic acid ester market in the region. More than 4o percent of the worldwide revenue from the chemical industry is generated by China, a global leader in the export of chemicals.

Lactic-Acid-Ester-Market-Share-Size

The global lactic acid ester market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global lactic acid ester market includes the following segments:

By Type

  • Ethyl Lactate
  • Methyl Lactate
  • Butyl Lactate
  • Isopropyl Lactate
  • Isobutyl Lactate
  • Others

By Application

  • Food & Beverages
  • Electronics
  • Pharmaceuticals
  • Paints & Inks
  • Agrochemicals
  • Cosmetics & Personal Care
  • Others

Top Featured Companies Dominating the Global Lactic Acid EsterMarket

  • TRC Inc
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Otto Chemie Pvt. Ltd.
  • Godavari Biorefineries Limited
  • International Flavors & Fragrances Inc.
  • Henan Jindan Lactic Acid Technology Co., Ltd.
  • Shandong Enno New Material Co., Ltd.
  • Musashino Chemical Laboratory, Ltd.
  • VertecBioSolvents Inc.
  • Yancheng Huade Biological Engineering Co., Ltd.
  • Corbion NV

FREQUENTLY ASKED QUESTIONS


Related Reports


Disclaimer | Privacy Policy | Terms & Conditions

Copyright © 2021 Research Nester. All Rights Reserved