Lactic Acid Ester Market Size

Lactic Acid Ester Market size was over USD 627.72 Million in 2023 and is projected to reach USD 1.05 Billion by the end of 2036, growing at around 4.1% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of lactic acid ester is evaluated at USD 653.46 Million. The growth of the market can be attributed to the increasing demand for its use as a solvent in the automotive industry. Lactic acid ether is highly used in the production of bioplastic and bio composites which are the essential components of the vehicle, it provides the ecofriendly solution to the automotive industry. The international automotive industry is predicted to attain a revenue of over USD 8 trillion by the end of the forecast period, which is anticipated to drive the global lactic acid ester market growth.

Lactate esters are commonly used solvents in the paints and coatings industry, which is expected to expand the global lactic acid ester market size. As per research, the worldwide output of paints and coatings was nearly ten billion gallons in 2019. The industry earned around USD 160 billion in 2020.Lactic acid (2-hydroxypropanoic acid) is a naturally occurring carboxylic acid of immense biological importance since it plays a major role in the metabolism of sugars into energy. Ethyl lactate is the ester of lactic acid. Commonly used lactic acid esters include ethyl lactate, butyl lactate, and methyl lactate. Ethyl lactate is easily biodegradable and less volatile, and hence considered to be a "green solvent." Ethyl lactate and its aqueous solutions are used as sustainable media for organic synthesis.