-The catering and microelectronics industries have a strong demand for lactate as an environmentally friendly solvent, contributing considerable revenue to participants in the lactate market
-Ethyl lactate and butyl lactate have attractive toxicological and environmental characteristics to promote their application in end industries
Albany, New York, November 3, 2021 /PRNewswire/ - Over the years, the range of bio-based solvents in industrial applications has continued to expand, which has aroused great interest from chemical manufacturers in the lactate market. Therefore, the driving force of the lactate market stems from the growing use of lactate in a range of industrial applications, especially in the food and beverage, personal care and cosmetics, and electronics industries.
In the past few years, manufacturers in the lactate market have gained a lot of revenue by using ethyl lactate and butyl lactate as food additives. Biodegradability, non-carcinogenicity, non-corrosiveness and low volatility are the reasons for the attractive environmental and toxicological characteristics of various products in the lactate market. For example, the US Environmental Protection Agency (EPA) has approved ethyl acetate as an environmentally friendly solvent under the Important New Alternatives Policy (SNAP), which is also considered harmless to human health.
Increasing adoption of environmentally friendly platform chemicals in industrial processes is the key to expanding the market opportunities for lactate. TMR analysts predict that by 2031, the market will exceed 4.8 billion U.S. dollars.
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The main findings of the lactate market research
The increase in the use of green organic solvents in industrial applications has promoted market growth: since the beginning of the millennium, industrial green chemicals have concentrated on a large number of R&D investments worldwide. Therefore, various lactic acid esters have attracted attention as green solvents in various industrial processes, such as microelectronics, catering, agrochemicals, and personal care and cosmetics industries. The lactate market has greatly benefited from the continuous improvement of lactate biosynthesis, using renewable raw materials and other renewable resources to improve the environmental status of the final product.
Lactate as a bio-based solvent meets the standards of the microelectronics industry: Microelectronics manufacturers' strict adherence to quality standards causes them to avoid traditional solvents. Companies in the microelectronics industry are increasingly transitioning from fossil-based solutions to bio-based solvents. This trend has opened up new areas for the commercialization of lactate market products. In addition, the use of ethyl lactate particularly helps manufacturers on the one hand to improve the safety of the workplace and improve the performance of the electronic components used. Their efficiency in cleaning various materials is the key to the growing needs of the microelectronics industry. For example, the properties of lactate solvents have been used to clean photoresists and LCDs.
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Lactate market: driving factors
Steady growth in the sales of cosmetics and personal care products, coupled with increasing general awareness of the favorable environmental characteristics of the additives used, has promoted the production of environmentally friendly platform chemicals. This trend continues to expand the sources of income for participants in the lactate market.
The progress made in the production of food and beverages in various industrialized countries is promoting the use of green solvents such as ethyl lactate, propyl lactate, and butyl lactate, thereby promoting the synthesis of lactate
Lactate Market: Regional Growth Dynamics
North America occupies a leading share of the global lactate market. The main revenue share of the regional market growth comes from the large-scale use of lactic acid as a biosolvent in the food, beverage and microelectronics industries. The United States is a potentially lucrative market in the region.
The Asia-Pacific lactate market is expected to expand at an alarming rate between 2021-2031. This growth may be strongly driven by large investments in electronics manufacturing, especially in China.
Lactate market: major players
Some of the major players in the lactate market are Qingdao Abel, Zhengzhou Tianrun, GODAVARI, Shenzhen Yisheng, Henan Jindan Lactic Acid Technology Co., Ltd., Merck and Musashino.
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Global Lactate Market: Segmentation
Lactate market, by type
Others (including hexyl lactate and hexadecyl lactate)
Lactate market, by application
Lactate market, by region
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