Lactic Acid Ester Market
Lactic Acid Ester Market (Type: Ethyl Lactate, Methyl Lactate, Butyl Lactate, Isopropyl Lactate, Isobutyl Lactate, and Others; and Application: Food & Beverages, Electronics, Pharmaceuticals, Paints & Inks, Agrochemicals, Cosmetics & Personal Care, and Others) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
- Chemicals & Materials
- 221 Pages
Companies Partially Relocate or Ramp-up Critical Chemicals Production During COVID-19 Crisis
As the impact of COVID-19 ripples across the globe and causes an economic slowdown, chemical companies find themselves operating in fundamentally new ways. In order to keep economies, stakeholders in the lactic acid ester market are capitalizing on the unprecedented demand for food additives, pharmaceuticals, and disinfectants. Manufacturers are witnessing record outbound volumes from industries such as food & beverages (F&B), pharmaceuticals, and agrochemicals during the ongoing pandemic.
Poor market sentiments are affecting the growth of the lactic acid ester market. In response to supply chain disruptions, companies are either partly relocating or ramping up the production of critical chemical supplies and medical goods pertaining to disinfectant gels and active pharmaceutical ingredients (APIs). Trade conflicts and structural sector changes are influencing supply chains.
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Lactic Acid Esters Gain Prominence in F&B, Cosmetics Applications
The lactic acid ester market is expected to cross US$ 4.83 Bn by 2031. F&B applications are predicted to dominate the highest revenue share among all application types in the market. There is a growing demand for lactic acid ester in order to produce shortening, toppings, and cakes to enhance the aeration property and improve foam stabilization in foodstuffs.
On the other hand, manufacturers are bolstering the production of ethyl lactate, which is being primarily used to develop cosmetics and personal care products. They are unlocking growth opportunities in fragrances, specialty industries, and pharmaceutical preparations with the help of ethyl lactate.
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High Quality Standards in Microelectronics Industry Catalyze Demand for Bio-based Solvents
The lactic acid ester market is slated to clock a CAGR of 5.7%, in terms of volume, during the forecast period. However, stakeholders need to adhere to rigorous quality standards. They are experiencing the pressure to curb the use of fossil-based solutions in microelectronics. Corbion N.V. - a Dutch food and biochemicals company headquartered in Amsterdam, the Netherlands, is finding opportunity in this challenge and introducing PURASOLV ELECT, a superior grade ethyle lactate, which is ideal for the microelectronics industry.
Companies in the lactic acid ester market are deploying integrated supply chain with lactic acid facilities to offer excellent security of supply. They are increasing the availability of bio-based solvents for the microelectronics industry.
Ethyl Lactate Emerges Popular as Green Solvent in Personal Care Products
The lactic acid ester market is anticipated to surpass 762.6 kilo tons by the end of 2031. Ethyl lactate and other esters of lactic acid are being extensively used in cosmetics & personal care products. Godavari Biorefineries Ltd. is gaining recognition for building its portfolio in lactic acid esters that are being used to produce cleansing products, moisturizers, and skin care products.
Since ethyl lactate is easily biodegradable, it is gaining popularity as a green solvent in cosmetics and personal care applications. Such trends are contributing to the growth of the lactic acid ester market, since ethyl lactate is becoming a popular choice for the production of hair care, hair dyes, and makeup products.
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The ongoing COVID-19 crisis is boosting the lactic acid ester market with the help of mergers and acquisitions. The low toxicity of ethyl lactate is being preferred in hair and skin care products that are intended to improve the overall look and feel of the skin. Rigorous quality standards and pressure to curb the use of fossil-based solutions have intensified competition in the microelectronics industry. Manufacturers should overcome this by developing superior grade ethyl lactate solvents that ensure consistency and traceability throughout production in the microelectronics industry. In order to build credibility, manufacturers should present their clean room sample processing and analytics backed by dedicated technical and quality assurance support.
Lactic Acid Ester Market: Overview
- Lactic acid ester are organic compounds with high solvency and low volatility. These are made of esterification of lactic acid with the help of alcohol. Commonly used lactic acid esters include ethyl lactate, butyl lactate, and methyl lactate.
- According to Transparency Market Research’s latest research report on the global lactic acid ester market for the actual year of 2020 and the forecast period of 2021 to 2031, rise in usage of lactic acid ester in end-use industries such as food & beverages, electronics, pharmaceutical, agrochemicals, and personal care & cosmetics is a key factor that is expected to boost the global lactic acid ester market during the forecast period
- In terms of revenue, the global lactic acid ester market is estimated to cross US$ 4.83 Bn by 2031, expanding at a CAGR of 6.3% during the forecast period
Rise in Demand for Food, Beverages: Key Driver of Lactic Acid Ester Market
- Usage of lactic acid ester in the food & beverages industry has been expanding significantly, especially in developed and developing economies such as the U.S., Germany, China, Russia, Brazil, South Africa, India, and Japan. Expansion of the industry can be ascribed to the rise in consumption of processed foods and increase in government initiatives in growing markets such as India to encourage foreign investment in the food & beverages industry.
- Rise in urbanization, increase in disposable income of consumers, and growth in preference for diverse culinary styles are also boosting the demand for food additives. This is expected to fuel the food industry during the forecast period.
- Lactic acid ester is a key ingredient that is used as a flavor enhancer in food and beverages such as juices, confectionary products, and bakery products. It has the ability to emulsify and enhance flavor by providing various taste and odor to food and beverages; and acts as a preservative. Therefore, it is commonly used in shortening for cakes, desserts, and foaming for cream by itself or in combination with monoglyceride. The U.S. Food and Drug Administration (FDA) has classified lactic acid ester as a food ingredient that is generally recognized as safe. This is fueling the demand for lactic acid ester in the food & beverages industry.
Growth of Pharmaceutical, Personal Care Industries
- Demand for pharmaceutical and personal care products has been increasing significantly across the globe since the past few years. Rise in population is expected to boost the usage of personal care products globally in the near future. Furthermore, improvement in lifestyle coupled with high disposable income is anticipated to fuel the demand for personal care products across the globe.
- The global cosmetics & personal care products industry is expanding at a CAGR of more than 5%, owing to changing lifestyle, increase in disposable income of consumers, and rise in awareness about skin care products. Thus, expansion of the cosmetics & personal care industry is anticipated to augment the lactic acid ester market during the forecast period.
- The global healthcare industry is expanding at a CAGR of more than 7%, owing to the increase in prevalence of diseases due to the rise in busy and sedentary lifestyle. Thus, expansion of the pharmaceutical industry is anticipated to propel the lactic acid ester market during the forecast period, as these esters are employed in various pharmaceutical applications such as tablet coating, granulation, taste-masking, and inhalation propellants. Additionally, lactic acid ester may improve the solubility of numerous active pharmaceutical ingredients (APIs) during processing. This is projected to augment the global lactic acid ester market during the forecast period.
Butyl Lactate Type Dominates Lactic Acid Ester Market
- In terms of type, the butyl lactate segment held a major share of the global lactic acid ester market in 2020. The butyl lactate segment is likely to expand at a CAGR of 5.8% during the forecast period.
- Other highly lucrative segments of the lactic acid ester market include methyl lactate and ethyl lactate
Lactic Acid Ester Market: Competition Landscape
- Detailed profiles of providers of lactic acid esters have been included in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global lactic acid ester market are
- Henan Jinan Technology
- Galactic, Shenzhen Esun
- Zhengzhou Tianrun
- QINGDAO ABEL
Lactic Acid Ester Market: Key Developments
- Key providers of lactic acid ester, such as Stepan, Corbian, and Musashino, are focusing on business strategies due to the rise in the demand for lactic acid ester for use in various applications. Prominent developments in the global lactic acid ester market are highlighted below:
- On July 1 2021, Corbian acquired GranoLife to drive its expansion in the food ingredients market. GranoLife is a key player in functional blends in the bakery & fortification industry in Mexico.
- In October 2020, Musashino announced that it had increased its production capacity to meet the rising demand for pyruvic acid, sodium pyruvate, and ethyl/methyl pyruvate
- In the global lactic acid ester market report, we have discussed individual strategies, followed by company profiles of providers of lactic acid ester. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global lactic acid ester market.
Lactic Acid Ester Market – Scope of Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global lactic acid ester market in order to accurately gauge its future growth. The study presents detailed information about the important growth factors, restraints, and trends that are creating a landscape for the growth of the global lactic acid ester market so as to identify growth opportunities for market stakeholders. The report also provides insightful information about how the global lactic acid ester market would expand during the forecast period of 2021 to 2031.
The report offers intricate dynamics about different aspects of the global lactic acid ester market, which aids companies operating in the market in making strategic development decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure growth of the global lactic acid ester market during the forecast period. It also includes a key indicator assessment that highlights growth prospects of the global lactic acid ester market and estimates statistics related to growth of the market in terms of volume (kilo tons) and value (US$ Mn).
This study covers a detailed segmentation of the global lactic acid ester market, along with key information and a competition outlook. The report mentions company profiles of players that are currently dominating the global lactic acid ester market, wherein various development, expansion, and winning strategies practiced and implemented by leading players have been presented in detail.
Key Questions Answered in TMR’s Report on Lactic Acid Ester Market
The report provides detailed information about the global lactic acid ester market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth potential of the global market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the global lactic acid ester market, so as to help them design successful strategies and make target-driven decisions.
- Which application segment of the global lactic acid ester market would emerge as a major revenue generator during the forecast period?
- How are key market players successfully earning revenue out of advantages of lactic acid ester?
- What would be the Y-o-Y growth trend of the global lactic acid ester market between 2021 and 2031?
- What are the winning imperatives of leading players operating in the global lactic acid ester market?
- Which segment is expected to create lucrative opportunities for the global lactic acid ester market during the forecast period?
- Which are the leading companies operating in the global lactic acid ester market?
Research Methodology – Lactic Acid Ester Market
The research methodology adopted by analysts for compiling the global lactic acid ester market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible sources, analysts have offered riveting observations and authentic forecast for the global lactic acid ester market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine sources, analysts have emphasized the changing scenario of the global lactic acid ester market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global lactic acid ester market.
Lactic Acid Ester Market – Segmentation
TMR’s research study assesses the global lactic acid ester market in terms of type, application, and region. This report presents extensive market dynamics and trends associated with different segments of the market and how they are influencing growth prospects of the global lactic acid ester market.