Ethyl Lactate Market Size, Share & Trends Analysis Report By Grade (Food Grade, Medical Grade, Industrial Grade), By Application (Solvent, Additive, Fragrances), By End-use, By Region, And Segment Forecasts, 2024 - 2030

Ethyl Lactate Market Size, Share & Trends Analysis Report By Grade (Food Grade, Medical Grade, Industrial Grade), By Application (Solvent, Additive, Fragrances), By End-use, By Region, And Segment Forecasts, 2024 - 2030

Ethyl Lactate Market Growth & Trends

The global ethyl lactate market size is anticipated to reach USD 85,992 thousand by 2030, expanding at a CAGR of 3.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is anticipated to grow substantially due to its increasing consumption in the cosmetic & personal care industry due to its low cost and flexibility. Ethyl lactate is a less toxic and carcinogenic substance, which makes it a desirable product in the cosmetics & personal care industry. It is 100% biodegradable and easily recycled, making the product a popular choice across many end-use industries.

Ethyl lactate is rapidly gaining traction as a solvent and alternative to other options. Its notable characteristics, including biodegradability, efficacy, and safety, position ethyl lactate as a leader in the green chemistry movement. It is extensively used in industrial coatings for wood furniture, fixtures, containers, automotive body finishing, and machinery. Ethyl lactate can dissolve in both aqueous and hydrocarbon-based environments and is bio-based, environmentally safe, and more effective. It is an ideal substitute for volatile organic compounds or VOC-based petroleum solvents.

Ethyl lactate finds application in various personal care products such as makeup products, moisturizers, hair color, shampoos, and other body care formulations owing to its multiple characteristics, including pH regulation, low toxicity, antimicrobial activity, and moisture-binding abilities. The increase in urbanization and higher number of working women, especially in APAC's emerging nations, is anticipated to drive the personal care & cosmetics market. In addition, there is a growing interest in men's wellness, and various manufacturers have been tapping into these opportunities, resulting in higher demand among high competition.

North America's thriving food & beverage industry is a key driver, fueling the demand for ethyl lactate. As the sector experiences substantial growth, efficient ethyl lactate is crucial as it is a carrier or diluent for various food additives such as colors, flavors, and nutritional supplements. It helps disperse and stabilize these additives in food and beverage formulations, ensuring uniform distribution and enhanced product consistency. Ethyl lactate is pivotal in exhibiting antimicrobial properties, making it suitable as a natural preservative in food and beverage formulations.

Ethyl Lactate Market Report Highlights

• Based on grade, the medical segment is the fastest-growing segment, with a CAGR of 4% from 2024 to 2030. This is attributed to its growing use as a solvent for pharmaceuticals, excipients, and active ingredients due to its ability to dissolve a wide range of compounds
• Based on application, the solvent segment is the fastest-growing segment, with a CAGR of 3.9% from 2024 to 2030. This is attributed to its notable characteristics, including its biodegradability, efficacy, and safety, which position it as a leader in the green chemistry movement
• Based on end-use, the personal care and cosmetics segment is the fastest-growing segment, with a CAGR of 4.1% from 2024 to 2030. This is attributed to shifting consumer preferences characterized by a greater emphasis on digital transparency, personalized shopping experiences, and easy access to extensive information
• North America is the fastest-growing region, with a CAGR of 4% from 2024 to 2030. This is attributed to the growing consumer awareness about the health benefits offered by functional beverages, leading to significant changes across the food & beverage industry
• The presence of several manufacturers has led to high competition in the market. Companies have been involved in research to develop technologies for the large-scale production of products.

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