Lactic Acid Ester Market: Introduction
Transparency Market Research delivers key insights on the global lactic acid ester market. In terms of revenue, the global lactic acid ester market is estimated to expand at a CAGR of 6.3% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global lactic acid ester market.
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The volatility in prices of raw materials is likely to hamper the global lactic acid ester market during the forecast period. The increase in the demand for lactic acid ester in food & beverages and electronics is likely to drive the global lactic acid ester market over the next decade, as lactic acid ester is extensively employed in these industries.
Lactic Acid Ester Market: Dynamics
The demand for lactic acid ester is increasing for the manufacture of food products. The global food processing industry has been continuously developing and expanding. It is a highly demanding industry, as processed food accounts for 80% of the global food sales. Packaged food is a leading segment of the global food processing industry. Lactic acid ester is widely used as flavor enhancer and food emulsifier in processed food. It offers fruity taste in food when esterified by combining it with alcohol.
The global electronics industry has been expanding consistently since the past few years. It plays a major role in the growth of the modern economy. Furthermore, technological advancements, owing to the rise in the demand for new technologies due to the increase in modernization are propelling the electronics industry. The global electronics industry is expanding at a rapid pace due to the rise in population and income. It is a major industry in the world economy. In terms of revenue, the electronics market stood at US$ 9.77 Bn in 2020 and is projected to exceed US$ 11 Bn by 2025.
Lactic acid ester is extensively employed in the electronics industry due to its high solvency power, good wetting properties, and low evaporation rate. Lactic acid ester is a good precision cleaning solvent used in the electronics industry for diverse applications such as photoresist and LCD cleaning. It is also used for aircraft wipe cleaning and electronic circuit board cleaning. This, in turn, is driving the lactic acid ester market.
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Lactic Acid Ester Market: Prominent Regions
North America dominates the global lactic acid ester market. Food & beverages and electronics industries are estimated to expand at a rapid pace between 2021 and 2031. This is expected to boost the demand for lactic acid ester in the region.
The U.S. is anticipated to be a highly attractive country of the lactic acid ester market in North America during the forecast period. The food & beverages sector in the U.S. is witnessing strong growth, owing to the rise in the income of consumers. This is boosting the demand for food additives, thus, driving the lactic acid ester market.
Asia Pacific is likely to be another highly attractive region of the global lactic acid ester market during the forecast period. China held the major share of the lactic acid ester market in Asia Pacific in 2020. Investments in the electronics sector have increased in China of late. This is driving the demand for lactic acid ester in the electronics sector.
Lactic Acid Ester Market: Key Players
Major players operating in the global lactic acid ester market are Stepan, Musashino, Corbian, Merck, Henan Jinan Technology, Galactic, Shenzhen Esun, GODAVARI, Zhengzhou Tianrun, and QINGDAO ABEL.
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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)
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