Press release
Lactic Acid Esters Market to Grow at a CAGR of 6.9% through 2027
Global Lactic Acid Esters Market: Competitive Assessment
The research report on global lactic acid esters market covers analysis on various key players operating in the market. The list includes major companies such as Stepan Company, Merck KGaA, Galactic, Corbion N.V, GODAVARI BIOREFINERIES LTD., Cellulac, Henan Jindan Lactic Acid Technology Co., Ltd., Musashino Chemical Laboratory, Ltd., Zhengzhou Tianrun Lactic Acid Co., Ltd., Shenzhen Esun Industrial Co., Ltd., QINGDAO ABEL TECHNOLOGY CO.,LTD., Yancheng Huade Biological Engineering Co.,Ltd., and Vetrtec Biosolvents Inc.
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Global Lactic Acid Esters Market: Forecast Analysis
According to this research report, the global lactic acid esters market is expected to reach an estimate of around US$ 410 Mn by the end of the year of forecast, 2027, from a valuation of about US$ 209 Mn in 2017. The global market for lactic acid esters is projected to grow at a value CAGR of 6.9% during the period of assessment.
Global Lactic Acid Esters Market: Segmental Snapshot
The global lactic acid esters market is segmented on the basis of product type, application and region.
With respect to product type, ethyl acetate is expected to show high adoption across industries in the coming years. The ethyl acetate segment is projected to be the largest with a market share in excess of 65% during the forecast period, consequently leading the global market.
By application, the electronics and food and beverage segments are expected to largely contribute to the revenue growth of the global market for lactic acid esters in the coming years. Of these, the electronics segment is poised to show a much higher market value.
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By region, North America is the largest reflecting a high market attractiveness. However, the lactic acid esters market in Asia Pacific excluding Japan (APEJ) region is expected to grow at a higher rate during the forecast period.
Global Lactic Acid Esters Market: Dynamics Influencing Growth
Higher inclination towards use of green solvents in various industries, growing electronics sector across the globe, market consolidation and expansion, favourable government policies, rising food and beverage sector, availability of technologically advanced infrastructure, increasing focus on value added products coupled with favourable FDI policies, availability of natural feedstock and growth in personal care sector are expected to contribute to the growth of the global lactic acid esters market.
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Lactic Acids
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Lactic acid has a systematic name that is 2hydroxypropionic acid, which is widely existed in nature. Lactic acid is formed when glucose is broken down for energy in the absence of sufficient oxygen.
The United States is the worlds largest consumer market. Its consumptions account for about 30% of the world.China became the worlds second consumer market after 2011, and its accounting for about 25% of the world.
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Lactic acid (2-hydroxy propanoic acid) is a colorless or some time yellowish, odorless and hygroscopic, sugary and thick chemical liquid. It is generally soluble with other liquids such as water and ethanol. It is found in abundance in nature. It is the most important acid ingredient of acerbic milk and a typical component of animals’ blood and muscle tissue.
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Lactic acid (2-hydroxy propanoic acid) is a colorless or some time yellowish, odorless and hygroscopic, sugary and thick chemical liquid. It is generally soluble with other liquids such as water and ethanol. It is found in abundance in nature. It is the most important acid ingredient of acerbic milk and a typical component of animals’ blood and muscle tissue.
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Lactic acid are widely used in refined…
