Lactic Acid Ester Market Size, Regional Outlook, Industry Analysis Report, Price Trends, Application Development Potential, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2785
Global lactic acid ester market size is anticipated to witness an appreciable growth rate over 2021-2027. This is driven by the escalating usage of ethyl lactate in end-use industries including cosmetics for the formulation of hair dyes, moisturizers, and other skincare products due to low toxicity. Likewise, increasing production of green solvents for developing efficient and high-performing agrochemical formulations is expected to add impetus to the industry outlook.
Lactic acid ethyl ester, also known as ethyl lactate, refers to a monobasic ester formed from ethanol and lactic acid, commonly used as a solvent. This compound, produced from biodegradable sources, can be adopted as a water-risible degreaser and occurs naturally in small quantities in chicken, wine and various other foods.
Rapid adoption of ethyl lactate as a precision cleaning solvent in paints and coatings applications will serve as a key trend for the global lactic acid ester market. VertecBio™ EL Ethyl Lactate solvents, for example, can offer a 100% biodegradable way to cut through inks, coatings, and paints, hence making them an efficient cleanup solvent. In addition, the significant use of ethyl lactate in food items such as ice creams and cakes as an emulsifier is likely to further stimulate the market dynamics over the estimated timeline.
Based on application, the pharmaceutical segment is set to hold a considerable lactic acid ester market share by 2027. This is attributable to the rising adoption of ester of lactic acid in chiral intermediate and metal sequestration, pH-regulation, or as a natural body constituent in various pharmaceutical products. Growth from this segment can further be credited to the ability of its formulations to exhibit anti-tumor activity.
From a regional perspective, Europe is anticipated to emerge as a lucrative revenue prospect for the lactic acid ester industry by 2027. This is due to the considerable rise in demand for cosmetics and personal care products in European countries, predominantly in Germany. Additionally, high research and development spending in the UK pharmaceutical industry will further promote industry expansion considerably in the region.
Key lactic acid ester industry players include Godavari Biorefineries, Yancheng Huade Biological Engineering, Vertec Biosolvents, Musashino Chemical Laboratory, Zhengzhou Tianrun Lactic Acid, Shandong Enno New Material, Shenzhen Esun Industrial, Henan Jindan Lactic Acid, Shanghai Ruizheng Chemical Technology, Cellulac Plc, Qingdao Abel Technology, Corbion N.V., Stephan Company, and Merck KGaA, among others. Strategic partnerships, acquisitions, and business expansions are the key initiatives being undertaken by these companies to boost their market share and expand globally.
For instance, in January 2021, Corbion announced the expansion of its lactic acid production capacity by over 40% at its Blair, Nebraska plant. This expansion was initiated with an objective to meet the robust demand for natural ingredients in varied industries in North America.
Closure of Non-Essential Business Amid COVID-19 to Influence Lactic Acid Ester Market Trends:
The novel coronavirus pandemic has had a significant effect on the global economy due to unprecedented disruptions across various industry verticals. The implementation of lockdowns and other strict measures have especially impacted non-essential sectors, including paints, adhesives, and inks. Several paint companies based in the Philippines, for example, are non-operational since the government imposed the enhanced community quarantine. This significant halt in non-essential businesses during the crisis, may hinder the lactic acid ester demand across these industries.
However, the sharp increase in sales of pharmaceutical products during the pandemic may act as a contributing factor to the industry recovery in the near future. Spending on pharmaceuticals, vaccines and other therapeutic areas has also increased substantially due to the pandemic, which could help improve demand for peripheral products like lactic acid esters over the forecast spell.
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