ALBANY, N.Y., Nov. 3, 2021 /PRNewswire/ — The range of biobased solvents in industrial applications has expanded over the years, generating massive interest among chemical producers in the lactate esters market. The drive for lactic acid ester market has thus stemmed from the growing application of lactate esters in a range of industrial applications notably in food & beverages, personal care & cosmetics, and electronics industries.
Producers in the lactic acid ester market have, over the past few years, reaped massive revenue gains from the utilization of ethyl and butyl lactates as food additives. Characteristics such as biodegradability, non-carcinogenicity, non-corrosiveness, and low volatility account for attractive environmental and toxicological profiles of various products in the lactic acid ester market. For instance, the U.S. Environmental Protection Agency (EPA) has approved ethyl acetate as an eco-friendly solvent under Significant New Alternatives Policy (SNAP) and is also considered unhazardous to human health.
The growing adoption of environmental-friendly platform chemicals in industrial processes is the key pivot for expanding opportunities in the lactic acid ester market. Analysts at TMR have projected the market to cross US$ 4.8 Bn by 2031.
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Key Findings of Lactic Acid Ester Market Study
- Rise in Use of Green Organic Solvents in Industrial Applications Fuels Market Growth: Since the dawn of the millennium, industrial green chemistries have pooled in considerable R&D investments globally. Various lactate esters have consequently gained traction as green solvent in various industrial processes, such as in microelectronics, F&B, agrochemicals, and personal care & cosmetics industries. The lactic acid esters market has stridently benefitted from continuous improvements in the biosynthesis of lactate esters, with renewable feedstocks and other renewable resources being harnessed to improve the environmental profile of the final products.
- Lactic Acid Esters as Biobased Solvent Meet Microelectronics Industry Standards: Stringent adherence by microelectronics manufacturers to quality standards have led them to shun conventional solvents. Businesses in the microelectronics industry are increasingly transitioning from fossil-based solutions to biobased solvents. The trend is opening up new frontiers for commercialization of products of the lactic acid ester market. Additionally, the use of ethyl lactates especially has helped the manufacturers increase the safety of the workplace on one hand and improved performance of the electronics components used. Their high effectiveness in cleaning wide range of materials is key to growing demand in the microelectronics industries. The properties of lactate ester solvents have been harnessed in cleaning of photoresists and LCDs, for instance.
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Lactic Acid Ester Market: Drivers
- Steadily rising sales of cosmetics and personal care products, coupled with growing general awareness about favorable environmental profiles of the additives used, have catalyzed the production of environment-friendly platform chemicals. The trend continues to broaden the revenue streams for players in the lactic acid ester market.
- Strides made in food & beverage production in various industrialized nations are propelling the utilization of green solvents such as ethyl lactate, propyl lactate, butyl lactate, thereby bolstering the synthesis of lactic acid esters
Lactic Acid Ester Market: Regional Growth Dynamics
- North America held a leading share of the global lactic acid ester market. A major share of revenues for growth for this regional market comes from the massive utilization of lactic acid ester as bio-solvent in food & beverages and microelectronics industries. The U.S. is a potentially a lucrative market in the region.
- The Asia Pacific lactic acid ester market is anticipated to expand at a remarkable pace during 2021–2031. The growth is likely to be stridently fueled by substantial investments in electronics manufacturing sector, notably in China.
Lactic Acid Ester Market: Key Players
Some of the key players in the lactic acid ester market are QINGDAO ABEL, Zhengzhou Tianrun, GODAVARI, Shenzhen Esun, Henan Jindan Lactic Acid Technology Co., Ltd., Merck, and Musashino.
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Global Lactic Acid Ester Market: Segmentation
Lactic Acid Ester Market, by Type
- Ethyl Lactate
- Methyl Lactate
- Butyl Lactate
- Isopropyl Lactate
- Isobutyl Lactate
- Others (including Hexyl Lactate and Cetyl Lactate)
Lactic Acid Ester Market, by Application
- Food & Beverages
- Paints & Inks
- Cosmetics & Personal Care
- Others (including Chemicals)
Lactic Acid Ester Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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