What is Ethyl Lactate - Global Market?
Ethyl Lactate, also known as lactic acid ethyl ester, is a monobasic ester derived from lactic acid and ethanol, widely used as a solvent. This organic compound has a mild, pleasant odor and is found naturally in a wide variety of foods including wine, chicken, and various fruits. The global market for Ethyl Lactate has been experiencing a steady growth due to its increasing demand in various industries. In 2022, the market was valued at US$ 86 million and is projected to reach US$ 107.5 million by 2029, growing at a Compound Annual Growth Rate (CAGR) of 3.2% from 2023 to 2029. The market is dominated by the top four manufacturers who hold over 50% of the global market share.
Food Grade, Pharmaceutical Grade, Industrial Grade, Electronic Grade in the Ethyl Lactate - Global Market:
Ethyl Lactate is available in various grades including Food Grade, Pharmaceutical Grade, Industrial Grade, and Electronic Grade. Each grade has its unique properties and uses. Food Grade Ethyl Lactate is used as a flavor enhancer in various food products and beverages. Pharmaceutical Grade Ethyl Lactate is used in the pharmaceutical industry as a solvent for various drugs. Industrial Grade Ethyl Lactate is used as a solvent in various industrial applications such as in paints and coatings. Electronic Grade Ethyl Lactate is used in the microelectronics industry for its excellent cleaning properties. Among these, the Industrial Grade is the largest segment, accounting for about 40% of the total market.
Food & Beverage, Industrial Application, Pharmaceutical, Microelectronics, Other in the Ethyl Lactate - Global Market:
Ethyl Lactate has a wide range of applications in various sectors. In the Food & Beverage industry, it is used as a flavor enhancer and as a solvent in food processing. In the Industrial sector, it is used as a solvent in paints, coatings, and inks. In the Pharmaceutical industry, it is used as a solvent for various drugs. In the Microelectronics industry, it is used for its excellent cleaning properties. Other applications of Ethyl Lactate include its use in personal care products, as a solvent in printing inks, and in the production of biodegradable plastics.
Ethyl Lactate - Global Market Outlook:
The global Ethyl Lactate market has shown promising growth in recent years. In 2022, the market was valued at US$ 86 million and is expected to reach US$ 107.5 million by 2029, growing at a CAGR of 3.2% during the forecast period of 2023-2029. This growth can be attributed to the increasing demand for Ethyl Lactate in various industries. The market is largely dominated by the top four manufacturers who collectively hold over 50% of the global market share. The Industrial Grade Ethyl Lactate is the largest product segment, accounting for about 40% of the total market.
| Report Metric | Details |
| Report Name | Ethyl Lactate - Market |
| Forecasted market size in 2029 | US$ 107.5 million |
| CAGR | 3.2% |
| Forecasted years | 2023 - 2029 |
| Global Ethyl Lactate market, by region: |
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| Global Ethyl Lactate market, Segment by Type: |
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| Global Ethyl Lactate market, by Application |
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| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
