Lactic Acid Ester Market by Type, and End Use Industry : Global Opportunity Analysis and Industry Forecast, 2021–2030

Lactic Acid Ester Market by Type (Methyl lactate, Ethyl lactate, Butyl lactate, others), and End Use Industry (Pharmaceutical, Cosmetics & Personal Care, Electronics, Food & Beverage, Agrochemical, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030

The lactic acid ester market was valued at $564.9 million in 2020, and is projected to reach $803.7 million by 2030, growing at a CAGR of 3.6% from 2021 to 2030.

Lactic acid esters are ester compounds derived from esterification of lactic acid. These are also referred to as a derivative of lactic acid, which is a green solvent 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.

Increased demand from cosmetic and personal care industry is driving the lactic acid ester market. In addition, increasing demand for biodegradable and nontoxic chemical, owing to increased awareness about the harmful health impacts of synthetic chemicals is driving the demand for lactic acid ester in cosmetic and pharmaceutical industry. Lactic acid esters are biodegradable, non-toxic, and non-carcinogenic and are regarded as environmentally safe chemical and hence majorly used in washing products, hair dyes, cosmetics, colors, shampoos and other hair care products, as well as moisturizers and other skincare goods. Furthermore, the rapid adoption of lactic acid esters as a precision cleaning solvent in paints and coatings applications and the widespread use of lactic acid ester as an emulsifier in food & beverage industry is expected to offer lucrative opportunities for the market. However, high prices as compared to traditional solvents and availability of alternatives is hindering the market growth in prices sensitive regions such as Asia-Pacific and LAMEA.

KEY BENEFITS FOR STAKEHOLDERS
- The report provides in-depth analysis of the global silver salt market along with the current trends and future estimations.
- This report highlights the key drivers, opportunities, and restraints of the market along with the impact analysis during the forecast period.
- Porter’s five forces analysis helps to analyze the potential of the buyers & suppliers and the competitive scenario of the global silver salt industry for strategy building.
- A comprehensive market analysis covers factors that drive and restrain the global silver salt market growth.
- The qualitative data about market dynamics, trends, and developments is provided in the report.
IMPACT OF COVID-19 ON THE GLOBAL SILVER SALT MARKET
- COVID-19 has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
- Some of the major economies suffering from the COVID-19 crises include Germany, France, Italy, Spain, the UK, and Norway.
- In many countries, the economy has dropped due to the halt of several industries, especially demand and supply chain. Demand for the product has been hindered as there is no development due to the lockdown.
- The demand–supply gap, disruptions in raw material procurement, and price volatility are expected to hamper the growth of the industry during the COVID-19 pandemic.
- The substantial increase in pharmaceutical product sales during the pandemic, has contributed to the market growth.

KEY MARKET SEGMENTS

By Type
• Methyl lactate
• Ethyl lactate
• Butyl lactate
• Others

By End Use Industry
• Pharmaceutical
• Cosmetics & Personal Care
• Electronics
• Food & Beverage
• Agrochemical
• Others

By Region
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o France
o UK
o Italy
o The Netherlands
o Rest of Europe

• Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Rest of Asia-Pacific
• LAMEA
o Brazil
o UAE
o Saudi Arabia
o South Africa
o Rest of LAMEA

KEY MARKET PLAYERS
• Corbion NV
• Stepan
• Jindan
• Musashino
• Shandong Enno
• Shenzhen eSUN
• Vertec Bio solvents
• Galactic
• Yancheng Huade
• Zhengzhou

Other player operating in the market are Archer-Daniels-Midland Company, Qingdao Abel Technology Co. Ltd., Globally, Purac, Cargill and Synbra Technology B.V.