Lactic acid esters are ester compounds derived from esterification of lactic acid. It is also referred to as a derivative of lactic acid. Lactic acid is a green solvent that is obtained from the fermentation followed by purification of carbohydrates. Lactic acid esters are commercially used as solvents in various applications across various end use industries.
| Attributes | Details |
|---|---|
| Estimated Market Value (2022) | USD 286.53 Million |
| Projected Market Revenue (2032) | USD 558.40 Million |
| Value-based Market CAGR (2022 to 2032) | 6.9% |
This fact based research covers overall market for lactic acid esters. This includes trends, developments by various key players and other aspects impacting the growth of the global lactic acid esters market. Additionally, analysis on drivers fuelling the growth and restraints hindering the growth of the lactic acid esters market across the globe is covered in this research report.
The market segmentation covers all angles of the market thus portraying a holistic approach. This all-inclusive research report reflects the growth path of the global lactic acid esters market by including key forecast highlights along with historical data.
According to this research report, the global lactic acid esters market is expected to reach an estimation of more than USD 558.40 Million by the end of the year of estimation (2032) from a value a little under USD 286.53 Million in 2022.
The global lactic acid esters market is projected to reflect a robust value CAGR of 6.9% throughout the period of forecast, 2017 to 2027.
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In the application category, lactic acid esters are being used in the electronics sector as solvents for cleaning formulation in semiconductor and electronic goods. The use of lactic acid esters has been tremendous in this field which is expected to trigger increased sales of lactic acid esters in the coming years.
With respect to the use of lactic acid esters in electronics domain, the electronics application segment in 2022 reflected a value of about USD 65 Million and is estimated to reach a valuation of more than USD 125 Million by the end of the year of assessment (2032). This segment is projected to grow at a significant value CAGR 6.8% of throughout the period of assessment.
In the application category, the food and beverage segment is expected to be the second largest with respect to market valuation. The food and beverage segment is estimated to reach a value of about USD 90 Million by the end of the year of assessment (2032) from a value of around USD 45 Million in 2022 and is projected to grow at a value CAGR of 7.2% throughout the period of forecast.
Apart from revenue generation, this segment is also expected to be the second fastest growing segment in the application category.
Lactic acid esters are finding increased use in agrochemicals and pharmaceuticals. In agrochemicals they are used to produce environment friendly insecticides and pesticides. In the pharmaceutical sector, lactic acid esters are used in manufacturing ointments and medicines.
The agrochemical segment is expected to show increased adoption of lactic acid esters as compared to pharmaceutical segment, and is poised to grow at a comparatively higher rate during the forecast period.
However, the use of lactic acid esters has been prominent since past years in the pharmaceutical sector, which makes this segment a significantly larger with respect to valuation than the agrochemical segment.
The lactic acid esters market is predicted to grow at 6.9% CAGR through 2032.
North America lactic acid esters market holds the highest revenue potential.
The lactic acid esters market is expected to surpass USD 558.40 Million by 2032.
The lactic acid esters market size is anticipated to be over USD 286.53 Million in 2022.
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Lactic Acid Esters Market
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