The Global Lactate Esters Market size is projected to cross USD 2.5 billion by 2028, at a CAGR of 6.3% during the forecast period from 2021 to 2028. The major drivers for the growth are increasing demand from various applications such as paints & inks, agrochemicals, and pharmaceuticals which in turn are propelling demand for different types of lactate esters across regions. Along with this, increased demand from emerging economies such as Asia Pacific along with growing investments in R&D activities is also contributing towards its market share expansion over the coming years.
Lactate Esters are a type of organic compound that is made with acid and lactate. Lactates are derived from the lactic acid found in milk or other sources, such as fruit juice.
On the basis of Types, the market is segmented into Methyl Lactate, Ethyl Lactate, Butyl Lactates, and Others.
Methyl Lactate can be defined as a chemical compound that is an organic ester of lactic acid and methanol. Methyl Lactate (ML) is a colorless liquid with a slightly sweet odor. Methyl Lactate finds many applications, the most notable being in paints and coatings. In these markets, ML is used as a solvent for nitrocellulose (or cellulose) based products such as lacquers, enamels, and varnishes.
Ethyl Lactate is one of the most important esters used in industry. The chemical properties of Ethyl Lactate make it a useful solvent and an excellent coupling agent for adhesives, pharmaceuticals, agrochemicals as well as various other chemicals. It can be derived from natural fermentation or by splitting off ethanol from lactic acid via the hydrolysis process.
Butyl Lactate is an organic compound that has the chemical formula CH₃COOC(CH₃)H. It is a colorless liquid with a fruity odor and taste, used in perfumes or fruit flavors. Butyl Lactates are derived from petrochemicals such as butanol.
On the basis of Applications, the market is segmented into Electronics (Photovoltaic Devices and LEDs), Paints & Ink, Agrochemicals, Pharmaceuticals (Painkillers), Food & Beverages, and others.
Methyl Lactate is one of the most commonly used esters in electronics and has a wide range of applications in this domain. Methyl lactate finds application as an electronic solvent, which enables protection against corrosion by preventing oxidation reactions with metals present on the surface of electrical components such as copper wires.
This also gives it potential use in production processes such as electroplating that require coatings to improve conductivity between metal surfaces during processing. Furthermore, methyl lactate functions well for removing heat generated by electric equipment and preserving coolant temperatures at optimum levels thereby reducing energy consumption.
Lactate esters are used in paints and inks. Lactates can make the paint more fluid for easier application to surfaces such as walls. It is also an important ingredient of the ink manufacturing process because it helps keep the pigments suspended so they don't settle on top of each other while printing the printed image onto the paper surface.
Lactate Esters has a wide range of applications in Agrochemicals, which includes herbicides and pesticides. They are used as solvents for the preparation of agrochemical formulations that help to improve dissolution rate and increase efficacy due to their ability to dissolve or emulsify compounds without transforming them chemically.
Lactate Esters is also utilized as an adjuvant in insecticide formulation; it can be added with other chemicals such as paraffin oil (a long-chain hydrocarbon) or xylene (an aromatic hydrocarbon). The main advantage of using lactates esters over solvents such as mineral oils is its low toxicity level.
Lactate esters are used in food and beverages as a flavor enhancer, emulsifier, stabilizer, and humectant. In terms of beverage production lactates are present in many drinks, such as fizzy sodas or beers where they provide that characteristic tangy taste.
Likewise, it is also widely used in cheese making both to preserve the freshness of the milk fat but also for its contribution to the creamy texture which distinguishes different kinds of cheeses from each other. Finally, lactates can be added to bakery items like bread & cakes when combined with fats like butter or vegetable oil this allows them to hold moisture longer while retaining their smooth tenderness.
On the basis of Region, the market is segmented into North America, Europe (countries like UK and Germany), Asia Pacific (countries such as China & Japan), and Middle East & Africa.
The North American market is expected to dominate the global market, owing to the large presence of players in the region. The Asia-Pacific has immense potential for the lactate esters market because there is a high demand for various applications such as paints & inks and agrochemicals from this region.
The growth in this market can be attributed to factors such as increased demand for these products from different end-user industries and the increasing use of plant materials in these applications. For instance, pharmaceuticals are one of the major drivers that have led to the increase in demand for lactates because they act as an intermediate product required by various drug manufacturers during conversion processes from organic chemicals into active ingredients. Moreover, growing awareness about bio-based chemical production among consumers across regions also contributes significantly towards the expansion of this market.
Up Market Research published a new report titled “Lactate Esters Sales Market research report which is segmented by Types (Methyl Lactate, Ethyl Lactate, Butyl Lactate, Others), By Applications (Electronics, Paints & Inks, Agrochemicals, Pharmaceuticals, Food & Beverage, Others), By Players/Companies Corbion, Galactic, Musashino Chemical Laboratory, Vertec BioSolvents, Godavari Biorefineries, Yancheng Hongtai Bioengineering, Huade Biological Engineering, Yibang Industry & Commerce, Haijianuo Bioengineer, Jindan Lactic Acid, Pianguan Shenxia, Shenzhen Esun Industrial, Baisheng Biotechnology, Tianrun Lactic Acid”.
|Report Attributes||Report Details|
|Report Title||Lactate Esters Sales Market Research Report|
|By Type||Methyl Lactate, Ethyl Lactate, Butyl Lactate, Others|
|By Application||Electronics, Paints & Inks, Agrochemicals, Pharmaceuticals, Food & Beverage, Others|
|By Companies||Corbion, Galactic, Musashino Chemical Laboratory, Vertec BioSolvents, Godavari Biorefineries, Yancheng Hongtai Bioengineering, Huade Biological Engineering, Yibang Industry & Commerce, Haijianuo Bioengineer, Jindan Lactic Acid, Pianguan Shenxia, Shenzhen Esun Industrial, Baisheng Biotechnology, Tianrun Lactic Acid|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||200|
|Number of Tables & Figures||140|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Methyl Lactate, Ethyl Lactate, Butyl Lactate, Others and By Application Electronics, Paints & Inks, Agrochemicals, Pharmaceuticals, Food & Beverage, Others.
Some of the companies that are profiled in this report are:
Lactate Esters Sales Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Lactate Esters Sales Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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