Lactic Acid Ester Market Analysis

The global lactic acid ester market is segmented and analyzed for demand and supply by type into ethyl lactate, methyl lactate, butyl lactate, isopropyl lactate, isobutyl lactate, and others.  Out of the six types of lactate, the ethyl lactate segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to its solvency, safety and biodegradability which make them ideal for use in cosmetic and personal care products compared to other esters. The global cosmetics and personal care industry was valued at over USD 450 billion in 2021 and is expected to attain over USD 600 billion in 5 years.

The global lactic acid ester market is also segmented and analyzed for demand and supply by application into food & beverages, electronics, pharmaceuticals, paints & inks, agrochemicals, cosmetics & personal care, and others. Amongst these three segments, the electronics segment is expected to garner a significant share. Lactic acid ether is used for in depth cleaning of semiconductor, automotive semiconductor, and electronic devices, they are one of the best substitutes for chlorinated hydrocarbon for cleaning the metals. They ensure the safety, optimal purity and high performance of the microelectronics and gadgets. The segment growth is primarily attributed to rising sales of microelectronics and electronic devices. The second quarter of 2022 had a total global semiconductor sale of around USD 153 billion, an increase of approximately 13% over the second quarter of 2021 and around half percent over the first quarter of 2022. Furthermore, in 2021, around 1 billion smartphones were sold worldwide. Moreover, in 2016, fewer than 50% of people worldwide had a smart device, but that percentage has since increased and reached nearly 78 percent by 2020. Additionally, by the end of 2025, around 87% of all mobile users in the United States are expected to have smartphones.

Our in-depth analysis of the global lactic acid ester market includes the following segments: