Global Ethyl Lactate Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Ethyl Lactate Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Ethyl lactate, also known as lactic acid ethyl ester, is a monobasic ester formed from lactic acid and ethanol, commonly used as a solvent.

Market Overview:

The latest research study on the global Ethyl Lactate market finds that the global Ethyl Lactate market reached a value of USD 399.37 million in 2022. It’s expected that the market will achieve USD 538.57 million by 2028, exhibiting a CAGR of 5.11% during the forecast period.

Drivers

The superior properties of ethyl lactate give it environmental and performance advantages. It is 100%-biodegradable and breaks down into carbon dioxide and water. It is easy and inexpensive to recycle. It is non-corrosive, non-carcinogenic and non-ozone depleting. There are no oral or inhalation toxicity problems. It has no environmentally hazardous ingredients and no global warming compounds.
Ethyl Lactate is a suitable material in industrial and non-industrial sectors. It is the most common solvent in cosmetic, pharmaceutical, coatings, detergents, fragrance and food production.

Region Overview:

North America had the highest growth rate of all regions.

Company Overview:

Corbion is one of the major players operating in the Ethyl Lactate market, holding a share of 19.05% in 2019.

Corbion N.V. provides lactic acid and lactic acid derivatives, emulsifiers, functional enzyme blends, minerals, vitamins, and algae ingredients worldwide. The company offers ingredient solutions made from renewable resources for the food, home and personal care, animal nutrition, pharmaceutical, medical device, and bioplastics markets. It markets its products through a network of sales offices and distributors.

Galactic S.A. develops natural solutions for application in food, feed, personal and health care, and industrial markets. The company offers lactic acid, lactates, and various other product-based solutions. It specializes in bio-fermentation, purification technologies, food safety systems, and biosolvents formulation; and provides equipment and laboratory facility renting, process and application development assistance, and on-demand pilot-scale productions. The company also focuses on developing new molecules and natural solutions for food, industrial, pharmaceutical, and cosmetic sectors.

Segmentation Overview:

Among different product types, Industrial Grade segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Food & Beverage segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Ethyl Lactate market covered in Chapter 3:

Shenzhen Esun Industrial
Qingdao Abel Technology
Henan Kangyuan
Yuanda
Vertec BioSolvents
ADM
Musashino Chemical Laboratory
Godavari Biorefineries
Huade Biological Engineering
Corbion
Galactic
Henan Jindan Lactic Acid Technology
Cellulac
Yancheng Hongtai Bioengineering

In Chapter 4 and Chapter 14.2, on the basis of types, the Ethyl Lactate market from 2018 to 2029 is primarily split into:

Food Grade
Pharmaceutical Grade
Industrial Grade
Electronic Grade

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Ethyl Lactate market from 2018 to 2029 covers:

Food & Beverage
Electronics
Paints & Inks
Pharmaceutical
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)