Report Code: A14985 | Pages: 322 | Dec 2021 | 1664 Views | ||
Author(s) : Sushant M, Amit N , Eswara P | Tables: 154 | Charts: 56 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Lactic Acid Ester Market
Request Now !The lactic acid ester market was valued at $564.9 million in 2020, and is projected to reach $803.7 million by 2030, growing at a CAGR of 3.6% from 2021 to 2030.
The food industry witness increased sales and profit. The consumers were increasing inventories as much as possible in March 2020 i.e., the initial phase of pandemic. This increased demand for lactic acid esters from food industry. On the other hand, lactic acid & derivatives, witnessed some negative impact COVID-19 impact in markets such as bio materials for medical devices.
Lactic acid ester is one of the major bio solvents. It is manufactured using lactic acid. The lactic acid is manufactured from natural raw materials such as sugar, beet, sugar cane, and maize. The lactic acid is then converted into ester through esterification process.
Factors such as increased demand for lactate esters from electronics industry, and increased awareness regarding bio solvents propel the growth of the market globally. The popularity of lactic acid ester has increased in developed regions such as North America and Europe because of which it is expected to replace other traditional solvents in majority of the industries. However, the presence of alternatives i.e., petrochemicals solvents is one of the major restraints for the market globally. In addition, the price competition from petrochemical solvents is one of the factors hindering the lactic acid ester market growth.
The lactic acid ester market is segmented on the basis of type, end use industry, and region. By type, the market is classified into methyl lactate, ethyl lactate, butyl lactate, and others. By end use industry, the lactic acid ester industry is categorized into pharmaceutical, cosmetics & personal care, electronics, food & beverage, agrochemical, and others. The report further outlines the details about the revenue generated through the sale of lactic acid ester across North America, Europe, Asia-Pacific, and LAMEA. The lactic acid ester market share is analyzed across all significant countries and regions in terms of volume and revenue.
North America is expected to have a significant share in the lactic acid ester market in 2020. Increased awareness of bio solvents in emerging markets is expected to boost the demand for lactic acid esters in Asia-Pacific. The lactic acid ester market analysis covers in-depth information of the major industry participants.
The ethyl lactate segment is expected to grow at a 3.7% rate of CAGR in terms of revenue during the forecast period. This is attributed to its excellent solvent properties, biodegradable, and nontoxic nature. It is utilized in numerous sectors with general application such as perfumery, food additive, and others.
The food & beverages industry accounted for the largest share i.e., 21.9% and electronics industry are the fastest growing segment, growing around 4.1% CAGR during the forecast period, in terms of revenue. This is attributed to increase in use of lactic acid esters as food additives in food industry. In addition, the rise in electronics industry and increased demand for lactic acid ester for microelectronics application is expected to boost the market growth during the forecast period.
Lactic Acid Ester Market, by Region
North America contributed the 33.5% market share in 2020 and is projected to grow at CAGR of 4.6% during the forecast period in terms of volume. Asia-Pacific is the fastest growing region, growing at around 5.1% CAGR during the forecast period in terms of volume. This is attributed to rise in demand from numerous end-use industries such as food & beverage, electronics, agrochemicals, pharmaceutical, and others.
Key Benefits For Stakeholders
Impact Of Covid-19 On The Global Lactic Acid Ester Market
Lactic Acid Ester Market Report Highlights
Aspects | Details |
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BY TYPE |
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BY END-USE INDUSTRY |
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BY REGION |
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Key Market Players | CORBION NV, Stepan, Shenzhen eSUN Industrial Co., Ltd, Shandong Enno New Material Co., Ltd., HENAN JINDAN, MUSASHINO CHEMICAL LABORATORY, LTD., VERTEC BIOSOLVENTS INC, GALACTIC, YANCHENG HUADE (DANCHENG) BIOLOGICAL ENGINEERING CO., LTD., Zhengzhou Tianrun Lactic Acid Co., Ltd. |
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According to the analyst, the lactic acid ester market is anticipated to witness growth during the forecast period, driven by increased demand from end-use industries. Lactic acid ester is being used in many cosmetic and personal care products, such as skin care, shampoo, lotions, and others. In addition, lactic acid is used in many end use industries, like pharmaceutical, electronics, agrochemical, paint & ink. These factors are projected to boost the demand for lactic acid ester.
However, harmful effect associated with the usage of lactic acid ester can have a restraining effect on the growth of the market. In addition, the lactic acid ester market's growth may be hampered by the fluctuating prices of raw material and the government's strict rules against chemical industries. Development in production technology to meet the increase in demand owing to the rise in population and surge in demand for bio solvents from various end use industries is projected to provide growth lucrative opportunities for the lactic acid ester market during the forecast period.
A. Factors such as increased demand for lactate esters from electronics industry, and increased awareness regarding bio solvents is propelling the growth of the market globally.
A. • The lactic acid ester market was valued at $564.9 million in 2020, and is projected to reach $803.7 million by 2030, growing at a CAGR of 3.6% from 2021 to 2030.
A. • Corbion NV • Stepan • Vertec Bio solvents are some of the major players in the lactic acid ester market.
A. • Electronic industry is projected to increase the demand for lactic acid ester owing to the increase demand for bio solvents.
A. By Type • Methyl lactate • Ethyl lactate • Butyl lactate • Other By End-Use industry • Pharmaceutical • Cosmetics & Personal care • Electronics • Food & Beverages • Agrochemical • Others
A. • Increased demand from food & beverage, pharmaceutical and cosmetic & personal care industry are main driver of lactic acid ester market.
A. • The electronics and pharmaceutical industry are some of the industries from which the adoption of lactic acid ester is expected to increase during the forecast period.
A. • Lactic acid ester witnessed some negative COVID-19 impact in markets such as biomaterials for medical devices, however there is increase in demand for chips in laptops and data centers, because of sudden increase in activities such as internet shopping, gaming, conference calling, and work from home. This resulted in increased demand for lactic acid esters-based solvents from electronics industry.
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