Lactic Acid Ester Market Forecasted to Reach USD 4.83 billion by 2031, Expanding at a 6.3% CAGR, Says Transparency Market Research

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| Source: Transparency Market Research Transparency Market Research

Wilmington, Delaware, United States, Sept. 13, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The lactic acid ester market was estimated to have acquired US$ 2.62 billion in 2021. It is anticipated to register a 6.3% CAGR from 2022 to 2031 and by 2031 the market is likely to gain US$ 4.83 billion.

A vital component of foods and drinks including juices, confections, and bakery goods, lactic acid ester is utilized to improve flavor. It may emulsify, improve flavor by giving food and beverages a variety of tastes and odors, and it also serves as a preservative. It is frequently used in shortening for cakes, sweets, and foamy cream, either alone or in conjunction with monoglyceride.

Lactic acid ester has been designated as a food additive that is generally regarded as safe by the U.S. Food and Drug Administration (FDA). This is driving up lactic acid ester demand in the food and beverage sector.

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Global Lactic Acid Ester Market: Key Players

Key lactic acid ester producers such as Stepan, Corbian, and Musashino are focused on commercial strategies because of the increased demand for lactic acid ester for usage in diverse applications.

The following companies are well-known participants in the global lactic acid ester market:

  • Stepan
  • Musashino
  • Corbian
  • Merck
  • Henan Jinan Technology
  • Galactic, Shenzhen Esun
  • GODAVARI
  • Zhengzhou Tianrun
  • QINGDAO ABEL

Key developments in the global lactic acid ester market are:

  • Corbian purchased GranoLife on July 1, 2021, to fuel its growth in the food ingredients industry. In the Mexican bread and fortification market, GranoLife is a significant participant in functional mixes.
  • To address the expanding demand for pyruvic acid, sodium pyruvate, and ethyl/methyl pyruvate, Musashino declared in October 2020 that it has expanded its manufacturing capacity.
Market PlayerYearKey Developments
Donaldson Company, Inc.2022
  • In Pune, India, Donaldson Company, Inc. established their enterprise.
  • The factory primarily meets the demand from clients in South Asia for industrial dust, fume, as well as mist collectors and filters.
  • They also provide the firm the ability to grow in other areas.
Camfil APC2020
  • Camfil The Gold Series X-Flo (GSX), a brand-new product line created by APC, employs cross-flow technology and a special baffle structure to produce a consistent airflow that prolongs filter life.
  • To meet client demands, it also manages a variety of poisonous and flammable dust and fumes, comprising fine, fibrous, as well as heavy dust loads.
Donaldson Company, Inc.2019
  • Donaldson Company, Inc., a producer of filtration equipment, launched the iCue linked filtration service.
  • The subscription service keeps track of commercial dust collectors thanks to the Industrial Internet of Things (IIoT).

Key Findings of the Market Report

  • Globally, demand for pharmaceutical as well as personal care goods has been steadily rising over the past few years.
  • The use of personal care products is anticipated to increase internationally in the near future due to population growth.
  • The demand for personal care products is also predicted to increase due to improved lifestyles and increasing disposable income.
  • The global market for cosmetics and personal care products is growing at a CAGR of over 5 percent due to changing lifestyles, rising consumer disposable income, and increased consumer awareness of skin care products.
  • It is projected that the lactic acid ester market would grow during the forecast period due to the rise of the cosmetics and personal care sector.

Market Trends for Lactic Acid Esters

  • The lactic acid ester market is expected to grow during the forecast period due to the use of these esters in a variety of pharmaceutical applications like tablet coating, taste-masking, granulation, and inhalation propellants.
  • During processing, lactic acid ester may increase the solubility of a variety of active pharmaceutical ingredients (APIs). Throughout the forecast period, this is anticipated to grow the global lactic acid ester market.

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Global Market for Lactic Acid Ester: Regional Outlook

Various reasons are propelling the growth of the lactic acid ester market in different countries. These are:

  • In terms of volume, North America is expected to rise at a CAGR of 4.5% throughout the forecast period, accounting for 33.2% of the market share in 2020. This is a result of customers' shifting attention toward environmentally friendly as well as sustainable plastics, notably for packaging in this region, as a result of growing environmental concerns along with waste management challenges. North America is anticipated to see the quickest growth over the forecast period due to the increasing demand for reusable lactic acid ester in the retail sector in this region.
  • The fastest-growing region is Asia-Pacific, with volume growth of about 5.2% CAGR throughout the projection period. The increase in demand from a variety of end-use sectors, including the food and beverage, agrochemicals, electronics, and pharmaceutical.

Global Lactic Acid Ester Market Segmentation

Type

  • Ethyl Lactate
  • Methyl Lactate
  • Butyl Lactate
  • Isopropyl Lactate
  • Isobutyl Lactate
  • Others (including Hexyl Lactate and Cetyl Lactate)

Application

  • Food & Beverages
  • Electronics
  • Pharmaceuticals
  • Paints & Inks
  • Agrochemicals
  • Cosmetics & Personal Care
  • Others (including Chemicals)

Region

  • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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Tags

Lactic Acid Ester Market Lactic Acid Ester Ethyl Lactate Butyl Lactate Methyl Lactate Isobutyl Lactate Isopropyl Lactate

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