Global Methyl Lactate Market: Overview
Methyl lactate is also known as lactic acid methyl ester which is formed by the combination of methanol and lactic acid that is used as a solvent in various end use application. The methyl lactate is one of the lactate ester group of compounds that are non-toxic and highly biodegradable. Methyl lactate is a yellowish color liquid that comes with an odor and is readily soluble in water and other chemical compounds. The methyl lactate is used as a green solvent as it is easily biodegradable and is used as a solvent for nitrocellulose, cellulase acetaprapionate, and cellulase acetate, etc. Also, the methyl lactate is easily soluble in acetone, ethyl alcohol, and other organic solvents. It is mainly used for application in the pharmaceuticals, agrochemicals, cosmetics, electronics, etc. The man factors that are propelling the growth of methyl lactate market is rapid urbanization and increased application of methyl acetate in medicines. Also, the overdose consumption of methyl lactate may lead to health issues such as irritation to the skin, lungs, and eyes. Therefore, the manufacturers in the methyl lactate market are more focused on high-quality product offering that will increase their customer base. The end users in the agricultural sector are using methyl lactate as a solvent in the agriculture field for enhanced crop protection. Therefore, the methyl lactate is creating opportunities for the pesticide manufacturers to offer innovative product offering an broaden their product portfolio in the continually evolving methyl lactate market.
The key manufacturers in the methyl lactate market are focused on continuous product innovation strategy and offer biobased, biodegradable and non-toxic methyl lactate that are safe for end users. The methyl lactate manufacturers are also focusing on expertise in the formulations of methyl lactate that enable them to increase their foothold in the methyl lactate market. The application of methyl lactate in agrochemicals as a solvent is expected to grow in the coming years. Also, the rising demand for high-quality methyl lactate among end users is expected to drive the growth of the methyl lactate market globally.
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Global Methyl Lactate Market: Competition Landscape
Examples of some of the key players in the global methyl lactate market include Corbion N.V., Musashino Chemical Laboratory, Galactic, Tokyo Chemical Industry Co., Ltd. (TCI), Wujiang Ciyun Flavor and Fragrance Co., Ltd, Alfa Aesar, Jindan Lactic Acid, Yancheng Huade Biological Engineering Co., Ltd., etc.
Global Methyl Lactate Market: Dynamics
Rapid industrialization and increase in the application of methyl lactate in various end-use industries such as agriculture, cosmetics, and industrial application, etc. are the key factors that are boosting the growth of the methyl lactate market. Also, the growing demand for methyl lactate in is driving the growth of methyl lactate market.
However, the usage of methyl lactate may lead to side effects such as irritation to eyes and skin can be a restraining factor that can hamper the growth of the methyl lactate market.
The rise in the usage of biobased and non-toxic methyl lactate by end-use industries is one of the latest trends that is fueling the growth of methyl lactate market.
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Global Methyl Lactate Market: Segmentation
The methyl lactate market can be segmented on the basis of product type, application, and region. The rise in usage of methyl lactate in agriculture for enhanced crop protection is boosting the growth of the methyl lactate market.
Segmentation of the Methyl Lactate Market Based on Product Type:
- D Type
- L Type
Segmentation of the Methyl Lactate Market Based on Application:
- Coatings & Inks