Increasing inclination towards use of green solvent across various applications is expected to fuel the adoption of lactic acid esters
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.
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 US$ 400 Mn by the end of the year of estimation (2027) from a value a little under US$ 210 Mn in 2017.
The global lactic acid esters market is projected to reflect a robust value CAGR of 6.9% throughout the period of forecast, 2017-2027.
The revenue generated from electronics sector with respect to the use of lactic acid esters is expected to highly contribute to the growth of the global market
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 2017 reflected a value of about US$ 65 Mn and is estimated to reach a valuation of more than US$ 125 Mn by the end of the year of assessment (2027). This segment is projected to grow at a significant value CAGR 6.8% of throughout the period of assessment.
Food and beverages segment poised to be the second largest with respect to value
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 US$ 90 Mn by the end of the year of assessment (2027) from a value of around US$ 45 Mn in 2017 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 adoption scenario in the agrochemicals and pharmaceutical sectors during 2017-2027
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.
Market Segmentation
By Product Type
- Ethyl Lactate
- Methyl Lactate
- Butyl Lactate
- Others
By Application
- Electronics
- Paints & Inks
- Agrochemicals
- Pharmaceuticals
- Food & Beverages
- Others
By Region
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East and Africa (MEA)
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by - Sudip Saha, Managing Director and Co-Founder of Future Market Insights
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