Lactic Acid Ester Market forecast to witness phenomenal growth opportunities by 2025
North America led the actic acid ester market in 2017, owing to the significant revenue share from bakery products industry. North America will continue to lead the lactic acid ester market in terms of product volume consumption and revenue during the forecast period. Asia Pacific will grow at a highest CAGR over the forecast timespan. This can be attributed to the rapidly increasing pharmaceutical and personal care industries in the region. China and India will have major contribution in the product demand owing to increasing disposable income of consumers. Europe was the largest lactic acid ester market in 2017 followed by North America. Food & beverage industry registered the significant product demand and shall continue to grow with a prominent CAGR in near future.
Lactic Acid Ester Market size is likely to experience growth with a prominent CAGR over the forecast timeframe, 2018 – 2025. Lactic acid esters are derived from esterification of lactic acid. It is a green solvent, which can be produced both naturally and synthetically. Increasing inclination towards green solvents across various application segments is likely to fuel the lactic acid ester market growth in near future. Lactic acid ester is majorly used as a solvent in various end-use industries.
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Lactic acid ester is used in the electronics sector as a solvents for cleaning formulation in semiconductor and electronic goods. Growing electronics industry across the globe is projected to have the positive impact on lactic acid ester market in coming years. Ever growing population has led the increasing consumer electronics good demand in past several years. According Global Market Insights, the global consumer electronics market shall pass the USD 1.5 billion mark by 2024. This exponential growth in the consumer electronics is anticipated to fuel the lactic acid ester market growth over the forecast period. Food & beverage industry is one of the vital end-use industry to surge the product demand across the globe. Lactic acid ester is used in the food products to enhance the required aeration and improve foam stabilization in beverage items include pastries, cake and cold drinks. In accordance with the increasing bakery product demand, lactic acid ester market is likely to grow with a rapid pace during the forecast timespan.
Pharmaceutical industry is supposed to offer the noteworthy opportunities lactic acid ester market, owing to its growing demand on functional food dietary supplements. This can be attributed to the increasing health and fitness awareness which has led to increased consumption of nutrition supplements from last several years. However, high product price and volatility in the raw material prices is likely to restrain the lactic acid ester market expansion.
Lactic acid esters are widely used in the three basic types ethyl lactate, methyl lactate and butyl lactate. Ethyl lactate is anticipated to witness a relatively high adoption among end-users during the forecast period. This can be attributed to its properties such as biodegradability and can be used as a water-rinsible degreaser. In addition. The ethyl lactate odor while diluted is mild. Lactic acid ester finds its applications in various end-use industries include, Electronics, personal care, food & beverage, paints & inks, agrochemicals and pharmaceuticals. Among these industries electronics was having the largest market share in 2017 and anticipated to grow with a prominent CAGR in coming years. Food & beverage shall grow with a highest CAGR during the forecast period. This cab be attributed to the increasing product adoption in various applications in the industry.
The lactic acid ester market comprises several large-scale and medium-scale manufacturers. Prominent players operating in the industry are Merck KGaA, Stephan Company, Corbion N. V., Qingdao Abel Technology Co.Ltd, Cellulac Plc, Shanghai Ruizheng Chemical Technology Co Ltd, Henan Jindan Lactic Acid Technology Co.Ltd, Shenzhen Esun Industrial Co, Shandong Enno New Material Co., Ltd, Zhengzhou Tianrun Lactic Acid Co., Ltd., Musashino Chemical Laboratory, Ltd, Vetrtec Biosolvents Inc, Yancheng Huade Biological Engineering Co. Ltd and Godavari Biorefineries Ltd.
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players operating in the lactic acid ester market are trying to increase their customer rich by opening a new subsidiary and manufacturing plants. In May 2017, Merck KGaA has indicated that it may split its three business units, which are life science, performance materials and healthcare into the separate subsidiaries as part of plans to divide enterprises planning systems. This step will lower the internal complexities and optimally utilize the potential of all three business sectors. These changes are likely to be completed in the 2018.
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