Overview and Scope
Ethyl lactate is a natural, organic compound that is produced by the fermentation of lactic acid and ethanol. It is a colorless liquid with a mild, sweet, and fruity taste. It is used as a solvent for cellulose acetate, cellulose ethers, and nitrocellulose.
Sizing and Forecast
The ethyl lactate market size has grown strongly in recent years. It will grow from $2.31 billion in 2023 to $2.52 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to biodegradability and eco-friendly characteristics, growing emphasis on green chemistry, expanding industrial applications, substitute for conventional solvents, rising awareness of voc emissions, effective paint stripping properties, growth in bio-based chemicals market..
The ethyl lactate market size is expected to see rapid growth in the next few years. It will grow to $3.71 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to increased emphasis on circular economy, stricter environmental regulations, emergence of bio-refineries, focus on sustainable agriculture practices, demand for low-toxicity solvents, waste reduction in manufacturing processes, renewable feedstock utilization.. Major trends in the forecast period include advancements in production technologies, advancements in formulation technologies, integration in 3d printing applications, development of next-generation bio-solvents, adoption in printing inks..
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Segmentation & Regional Insights
The ethyl lactate market covered in this report is segmented –
1) By Grade: Food Grade, Medical Grade, Industrial Grade, Other Grades
2) By Application: Adhesives, Cleaners, Inks, Solvents, Food Additives, Fragrances, Other Applications
3) By End User: Food and Beverages, Electronics, Paints and Coatings, Packaging and Printing ink, Pharmaceuticals, Cosmetics and Personal Care, Industrial Cleaning, Agrochemicals
Asia-Pacific was the largest region in the ethyl lactate market in 2023. The regions covered in the ethyl lactate market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rise in the food and beverage industry is expected to boost the growth of the ethyl lactate market going forward. The food and beverage industry is the sector of the economy that is responsible for the production, distribution, and consumption of food and beverages. Ethyl lactate is a natural, organic compound that is used in the food and beverage industries as a flavor enhancer and solvent. It is produced by the fermentation of lactic acid and ethanol, and it has a mild, sweet, and fruity taste. Ethyl lactate is commonly used in the production of confectionery, baked goods, and dairy products, as well as in the formulation of flavors and fragrances. For instance, in September 2022, according to a report published by the US Bureau of Labor Statistics, a US-based agency in the field of labor economics and statistics, spending on food increased by 13.4% from the prior year. Spending on food outside the house increased by 27.6%, while spending on food inside the home increased by 6.6%. Additionally, in 2021, spending on alcoholic beverages increased by 15.9%. Therefore, the rise in the food and beverage industry is driving the growth of the ethyl lactate market.
Key Industry Players
Major companies operating in the ethyl lactate market are focusing on product developments and launches, such as advanced shampoo, to provide reliable services to customers. Advanced shampoos are designed to address specific hair concerns and provide more comprehensive benefits than traditional shampoos. For instance, in November 2022, Urano, a Germany-based company that specializes in the machining and processing of high-quality products used in the aerospace, medical, energy, and semiconductor industries, launched Kangoo, an innovative range of shampoos. These shampoos are designed for pets, like dogs and cats, with a focus on protecting their skin. Its uniqueness is its use of active ingredients that work together to care for and maintain the health of your pet’s skin. These shampoos are made with special components that help strengthen the protective barrier of your pet’s skin. A specific type of Kangoo shampoo is formulated to support the balance of the skin’s microbiota in dogs and cats that are prone to pyoderma, a skin condition. The key ingredients in this shampoo include phytosphingosine, Quora noni, ethyl lactate, and biocitrus.
The ethyl lactate market report table of contents includes:
1. Executive Summary
2. Ethyl Lactate Market Characteristics
3. Ethyl Lactate Market Trends And Strategies
4. Ethyl Lactate Market – Macro Economic Scenario
5. Global Ethyl Lactate Market Size and Growth
…
31. Global Ethyl Lactate Market Competitive Benchmarking
32. Global Ethyl Lactate Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Ethyl Lactate Market
34. Ethyl Lactate Market Future Outlook and Potential Analysis
35. Appendix
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