Global Lactic Acid Ester Market, By Type (Ethyl Lactate, Methyl Lactate, Butyl Lactate, Isopropyl Lactate, Isobutyl Lactate, Others) and End-User (Food & Beverages, Electronics, Pharmaceuticals, Paints & Inks, Agrochemicals, Cosmetics & Personal Care, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
An increase in the demand for lactate esters from the electronics industry and rising awareness regarding bio solvents drive the growth of the lactic acid ester market worldwide. The popularity of lactic acid ester has improved in technologically advanced regions such as North America and Europe. It is expected to substitute other traditional solvents in a large number of industries.
Data Bridge Market Research analyses that the lactic acid ester market was valued at USD 4346 million in 2021 and is expected to reach USD 6926.86 million by 2029, registering a CAGR of 6.0% during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and technological advancements.
Market Definition
Lactic acid ethyl ester is also known as ethyl lactate which refers to a monobasic ester formed from ethanol and lactic acid and is commonly used as a solvent. This molecule, which is made from biodegradable sources and can be used as a water-risible degreaser, is found in minute amounts in chicken, wine, and other foods. One of the most common bio solvents is lactic acid ester. Lactic acid is used in its production. Natural raw resources such as sugar, beet, sugar cane, and maize are used to make lactic acid. The esterification mechanism next converts the lactic acid into an ester.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD million, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Ethyl Lactate, Methyl Lactate, Butyl Lactate, Isopropyl Lactate, Isobutyl Lactate, and Others) and End User ( Food & Beverages, Electronics, Pharmaceuticals, Paints & Inks, Agrochemicals, Cosmetics & Personal Care, and Others)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia and New Zealand, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, United Arab Emirate, Saudi Arabia, Egypt, Israel, South Africa, Rest of Middle East and Africa
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Market Players Covered
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Corbion (Netherlands), DuPont (US), Cargill,Incorporated (US), DOW (US), Unitika Ltd (Japan), Henan Jindan Lacic Acid Technology Co. Ltd (China), Sulzer Ltd (Switzerland), Mushashino Chemical laboratory Ltd (Japan), Vigon International LLC (US), Henan Xinghan Biological Technology Co, Ltd (China), Danimer Scientific (US), COFCO International (China), Jungbunzlauer Suisse AG basel (Switzerland), Foodchem International Corporation (China), Vaishnavi Biotech international limited (India), Spectrum Chemical (US), Godavari Bio-refineries (India), ProAgro GmbH (Austria), and Qingdao Abel Technology co, ltd (China)
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Market Opportunities
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Lactic Acid Ester Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail below:
Drivers
- High demand for lactic acid and polylactic acid end-user applications
Market for lactic acid and polylactic acid has observed emerging trends in current years, and this is evident from the innovations and expansions taking place in several end-user applications, such as biopolymer, food & beverages, packaging, personal care & cosmetics, and pharmaceuticals.
- Initiatives by the government to raise consumer awareness
Due to the rise in awareness among consumers about the polymers produced using polylactic acid. Food packaging producers are already concentrating on replacing with polylactic acid (PLA) for common-purpose packaging applications, such as trays and yogurt cups. These have been the common alternatives for carryout food packaging.
Opportunities
- Rise in production due to versatile use
Polylactic acid is now used in a wide range of productions, such as food packaging, single-use tableware, textiles, oil & gas, electronics, automotive, and 3D printing. Due to the several versatile uses of lactic acid in overall industries and the multi-functionalities of lactic and polylactic acids, the market is expected to witness significant growth opportunities during the forecast period.
Restraints/ Challenges
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. Thus, resulting in high end-user application costs. For instance, most production companies are raising their prices across the globe for product categories that include lactic acid and lactates due to an increase in the prices of raw materials. This is the major restraints that influenced the market growth for lactic acid ester.
This lactic acid ester market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the lactic acid ester market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Lactic Acid Ester Market
COVID-19 has had a significant impact on the development and dynamics of several industries. With no access to vaccines, consumers are becoming worried about the immunity, social distancing, and contactless actions for safeguarding themselves from contact to the recent pandemic. This, to a huge extent, has influenced the choice of products among consumers for packaged products that are sought to provide protective profits. Due to the limitations on public movement overall regions, most purchases of food products and their stockpiling have become unavoidable.
Recent Development
- In October 2020, Musashino declared that it had enlarged its production capacity to meet the increasing demand for pyruvic acid, sodium pyruvate, and ethyl/methyl pyruvate.
- On July 1 2021, Corbian developed GranoLife to drive its growth in the food ingredients market. GranoLife is a key player in functional blends in Mexico's bakery & fortification industry.
Global Lactic Acid Ester Market Scope
The lactic acid ester market is segmented on the basis of types and end-user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Ethyl Lactate
- Methyl Lactate
- Butyl Lactate
- Isopropyl Lactate
- Isobutyl Lactate
- Others
End-User
- Food & Beverages
- Electronics
- Pharmaceuticals
- Paints & Inks
- Agrochemicals
- Cosmetics and Personal Care
- Others
Lactic Acid Ester Market Regional Analysis/Insights
The lactic acid ester market is analyzed and market size insights and trends are provided by country, type and end-user, as referenced above.
The countries covered in the lactic acid ester market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia and New Zealand, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, United Arab Emirate, Saudi Arabia, Egypt, Israel, South Africa, Rest of Middle East and Africa.
North America dominates the lactic acid ester market and will continue to do so during the projection period. This is due to the rising environmental concerns and waste management issues that have led to a shift in consumers' focus toward sustainable and environment-friendly plastics, particularly for packaging in this region. The North America Pacific region dominates the lactic acid ester market,
During the projected period, North America is expected to be the fastest developing region due to the rising demand of re-usable lactic acid ester in retail sector in this region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Lactic Acid Ester Market Share Analysis
The lactic acid ester market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies focus related to lactic acid ester market.
Some of the major players operating in the lactic acid ester market are:
- Corbion (Netherlands)
- DuPont (US)
- Cargill, Incorporated (US)
- DOW (US)
- Unitika Ltd (Japan)
- Henan Jindan Lacic Acid Technology Co. Ltd (China)
- Sulzer Ltd (Switzerland)
- Mushashino Chemical laboratory Ltd (Japan)
- Vigon International LLC (US)
- Henan Xinghan Biological Technology Co, Ltd (China)
- Danimer Scientific (US)
- COFCO International (China)
- Jungbunzlauer Suisse AG basel (Switzerland)
- Foodchem International Corporation (China)
- Vaishnavi Biotech international limited (India)
- Spectrum Chemicals (US)
- Godavari Bio-refineries (India)
- ProAgro GmbH (Austria)
- Qingdao Abel Technology co, ltd (China)
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