Chicago, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Ethyl lactate Market is projected to reach USD 2.74 billion by 2027, at a CAGR of 7.8 % from USD 1.88 billion in 2022, according to a new report by MarketsandMarkets™. In the coming years, the demand for ethyl lactate will increase due to its non-toxic and non-carcinogenic qualities in the personal care, cosmetic, and food and beverage industries. Eco-friendly solvent ethanol lactate has potential applications in supercritical fluid technologies, including high-pressure chemical reactions, carbon dioxide co-solvent precipitation, and supercritical extraction procedures.
Owing to its biodegradable qualities, ethyl lactate is an environmentally safe product. Their use can be increased if they are substituted by synthetic organic solvents such as methylene chloride and chloroform. Additionally, the ongoing economic recovery and ethyl lactate's downstream uses are expanding the market for this chemical across a variety of industrial verticals.
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Browse in-depth TOC on “Ethyl lactate Market”
254 - Tables
65 - Figures
List of Key Players in Ethyl Lactate Market:
- Corbion (Netherlands),
- Galactic (US),
- Vertec Biosolvents (US),
- Musashino Chemical Laboratory (Japan),
- Godavari Biorefineries (India), and
- Henan Kangyuan (China)
Ethyl Lactate Market Dynamics:
- Driver: Alternative to petroleum solvents
- Restraints: Harmful health impacts
- Opportunities: Rising demand in cosmetics and personal care industry
- Challenges: Volatility in raw material prices
Key Findings of the Study:
- Food grade was the largest grade for ethyl lactate market in 2021, in terms of value
- Solvents was the largest application for ethyl lactate market in 2021, in terms of value
- Asia Pacific was the largest market for ethyl lactate in 2021, in terms of value.
“Based on grade, medical grade is projected to grow at highest CAGR during the forecast period”
Medical grade ethyl lactate is projected to be the fastest growing segment, in terms of value, in 2021. The growing medical and pharmaceutical industry across the globe is influencing the demand for ethyl lactate. In addition, the rising awareness towards environment-friendly products id driving the market growth during the forecast period.
“Paints and Coatings was the largest end-use industry for ethyl lactate market, in terms of value, in 2012”
In 2021, the paints and coatings industry held the largest market share for ethyl lactate. Ethyl lactate is a great component for creating coatings, paint strippers, and other products. Due to its total biodegradability, low cost, and simplicity in recycling, it is employed in industrial coating applications. Additionally, due to its high solubility, it is a sought-after solubility booster in high-solid paints.
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“Asia Pacific is expected to be the fastest growing market for ethyl lactate during the forecast period, in terms of value and volume.”
During the forecast period, Asia Pacific is projected to grow at highest CAGR, in terms of value. During the forecast period, China and India are anticipated to be the leading investment destinations in the market. This is due to the presence of a growing customer base in sectors including the pharmaceutical, food, and cosmetic industries. Major industrial players are also present in the region, particularly in China.
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