Lactic Acid Ester Market Share

Asia Pacific Market Forecast

Asia Pacific industry is expected to dominate majority revenue share of 36% by 2037. The growth of the market can be attributed majorly to the increasing production of semiconductors and other microchips in the region. Lactic acid ester is the best solvent for maintaining the purity of these very small yet extremely important chips. A few of the largest company, such as Advanced Micro Devices, Apple, and Nvidia purchases their semiconductors from Taiwan. Nearly 90% of the most advanced chips and 65% of the world's semiconductors are produced in Taiwan. China produces a little more than 5%, in contrast. Further, the increased consumption of soft drinks and packaged food items in the region is expected to boost market growth in the Asia Pacific region. India's annual soft drink consumption per person nearly doubled to around 84 bottles in 2021. Furthermore, around USD 170 Billion worth of processed food products were produced in Japan in 2020.