Ethyl Lactate Market Size, Share, Opportunities, And Trends By Grade (Food Grade, Technical Grade, High Purity Grade), By Application (Adhesives, Cleaners, Inks, Solvents, Food additives, Fragrances, Others), By End-Use Industry (Healthcare, Paints and Coatings, Food & Beverage, Building & Construction, Electronics, Others), And By Geography - Forecasts From 2023 To 2028

Description

Ethyl Lactate Market Size:

Ethyl Lactate Market is projected to expand at a 5.48% CAGR, attaining USD 4.023 billion by 2030 from USD 3.081 billion in 2025.

Ethyl lactate is a clear, colorless, and slightly sweet-smelling ester that is commonly used as a solvent in various applications. It is formed by the reaction of lactic acid with ethanol and can be produced from natural or synthetic sources. Ethyl lactate is a biodegradable and non-toxic chemical, making it a preferred choice for various industrial applications. One of the major applications of ethyl lactate is as a solvent in the coatings industry. It is used in the formulation of paints, varnishes, and lacquers as a substitute for traditional solvents that are harmful to the environment and human health. Ethyl lactate is also used as a solvent in the printing industry for the production of inks and as a cleaning agent in the electronics industry.

Ethyl Lactate Market Growth Drivers:

• The ethyl lactate market is driven by increasing demand from the coatings and food industry as well as due to government regulations and initiatives.

Growing demand from the coatings and food industry - Ethyl lactate is widely used as a solvent in the coatings industry due to its excellent solubility and low toxicity. The growing demand for coatings from various end-use industries such as automotive, construction, and aerospace is driving the demand for ethyl lactate in this sector. Ethyl lactate is used as a flavoring agent and solvent for food additives in the food industry. The growing demand for convenience foods, processed foods, and ready-to-eat meals is driving the demand for food additives, thereby driving the growth of the ethyl lactate market.

Government regulations and initiatives - The government regulations and initiatives to promote the use of eco-friendly solvents are driving the growth of the ethyl lactate market. For instance, the European Union's REACH (Registration, Evaluation, Authorization and Restriction of Chemicals) regulations have restricted the use of harmful chemicals, which is driving the demand for eco-friendly solvents such as ethyl lactate. According to a report by the European Chemicals Agency (ECHA), the use of chemicals with hazardous properties decreased by 16% between 2010 and 2018, indicating the growing demand for eco-friendly chemicals like ethyl lactate.

Ethyl Lactate Market Segmentation Analysis:

• Based on application, the ethyl lactate market is expected to witness positive growth in adhesives segment.

Ethyl lactate has various applications in the adhesives industry, including solvent-based adhesives, pressure-sensitive adhesives, and hot melt adhesives. The growth of the adhesives industry is expected to drive the demand for ethyl lactate in the market. The increasing demand for environmentally sustainable products and the stringent regulations regarding the use of harmful chemicals in adhesives are expected to further boost the demand for ethyl lactate in the adhesives industry.

Ethyl Lactate Market Geographical Outlook:

• North America and Asia Pacific accounted for significant shares of the global ethyl lactate market.

Based on geography, the ethyl lactate market is segmented into North America, South America, Europe, the Middle East and Africa and Asia Pacific. The North American region is expected to hold major shares of the global ethyl lactate market due to the growing demand from end-use industries such as food and beverage, pharmaceuticals, and paints and coatings. The increasing demand for natural and eco-friendly solvents in these industries is also driving the market growth. Additionally, the presence of major market players in the region, such as Archer Daniels Midland Company and Purac Biochem, is expected to boost market growth. Further, the growing awareness about the negative impact of chemicals on the environment is driving the demand for eco-friendly solvents, thereby driving the growth of the ethyl lactate market in North America.

The Asia Pacific region is expected to witness significant growth in the ethyl lactate market due to the rising demand from end-use industries such as paints and coatings, food and beverage, and pharmaceuticals. The increasing population and urbanization in countries such as China and India are also expected to boost market growth. Moreover, the availability of low-cost labor and raw materials in the region is attracting major market players to invest in the region.

Key Market Segments

• ETHYL LACTATE MARKET BY SOURCE
• • Bio-Based
  • Petrochemical
• ETHYL LACTATE MARKET BY APPLICATION
  • Solvents
  • Adhesives
  • Cleaners
  • Flavoring & Fragrance Agent
  • Others
• ETHYL LACTATE MARKET BY END-USER
  • Personal Care & Cosmetics
  • Food & Beverage
  • Pharmaceuticals
  • Paints & Coatings
  • Electronics
  • Others
• ETHYL LACTATE MARKET BY GEOGRAPHY
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Indonesia
    • Thailand
    • Others

Table Of Contents

1. EXECUTIVE SUMMARY
2. MARKET SNAPSHOT
    2.1. Market Overview
    2.2. Market Definition
    2.3. Scope of the Study
    2.4. Market Segmentation
3. BUSINESS LANDSCAPE
    3.1. Market Drivers
    3.2. Market Restraints
    3.3. Market Opportunities
    3.4. Porter’s Five Forces Analysis
    3.5. Industry Value Chain Analysis
    3.6. Policies and Regulations
    3.7. Strategic Recommendations
4. TECHNOLOGICAL OUTLOOK
5. ETHYL LACTATE MARKET BY SOURCE
    5.1. Introduction
    5.2. Bio-Based
    5.3. Petrochemical
6. ETHYL LACTATE MARKET BY APPLICATION
    6.1. Introduction
    6.2. Solvents
    6.3. Adhesives
    6.4. Cleaners
    6.5. Flavoring & Fragrance Agent
    6.6. Others
7. ETHYL LACTATE MARKET BY END-USER
    7.1. Introduction
    7.2. Personal Care & Cosmetics
    7.3. Food & Beverage
    7.4. Pharmaceuticals
    7.5. Paints & Coatings
    7.6. Electronics
    7.7. Others
8. ETHYL LACTATE MARKET BY GEOGRAPHY
    8.1. Introduction
    8.2. North America
        8.2.1. USA
        8.2.2. Canada
        8.2.3. Mexico
    8.3. South America
        8.3.1. Brazil
        8.3.2. Argentina
        8.3.3. Others
    8.4. Europe
        8.4.1. Germany
        8.4.2. France
        8.4.3. United Kingdom
        8.4.4. Spain
        8.4.5. Others
    8.5. Middle East and Africa
        8.5.1. Saudi Arabia
        8.5.2. UAE
        8.5.3. Israel
        8.5.4. Others
    8.6. Asia Pacific
        8.6.1. China
        8.6.2. India
        8.6.3. Japan
        8.6.4. South Korea
        8.6.5. Indonesia
        8.6.6. Thailand
        8.6.7. Others
9. COMPETITIVE ENVIRONMENT AND ANALYSIS
    9.1. Major Players and Strategy Analysis
    9.2. Market Share Analysis
    9.3. Mergers, Acquisitions, Agreements, and Collaborations
    9.4. Competitive Dashboard
10. COMPANY PROFILES
    10.1. Vertec BioSolvents Inc.
    10.2. Merck KgaA
    10.3. ZHONGDING BIOTECHNOLOGY CO., LTD
    10.4. Henan Jindan Lactic Acid Technology Co., Ltd
    10.5. Musashino Chemical Laboratory, Ltd.
    10.6. Yancheng Huade Biological Engineering Co., Ltd.
    10.7. Berjé Inc
    10.8. Alfa Chemistry
    10.9. GODAVARI BIOREFINERIES LTD.
    10.10. Corbion
11. APPENDIX
    11.1. Currency
    11.2. Assumptions
    11.3. Base and Forecast Years Timeline
    11.4. Key benefits for the stakeholders
    11.5. Research Methodology
    11.6. Abbreviations
LIST OF FIGURES
LIST OF TABLES

Companies Profiled

Vertec BioSolvents Inc

Merck KgaA

ZHONGDING BIOTECHNOLOGY CO., LTD

Henan Jindan Lactic Acid Technology Co., Ltd

Musashino Chemical Laboratory, Ltd

Yancheng Huade Biological Engineering Co., Ltd

Berjé Inc

Alfa Chemistry

GODAVARI BIOREFINERIES LTD

Corbion

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