Ethyl lactate is an organic compound known as the ester of lactic acid and ethanol, widely recognized for its solvent properties and biodegradable nature. It is used across various industries for its effectiveness and eco-friendly profile.
The ethyl lactate market consists of sales, by entities (such as organizations, sole traders or partnerships) of ethyl lactates that are utilized by diverse end users, including manufacturers in the food and beverages, pharmaceuticals, electronics and cosmetics sectors, among others. Ethyl lactate is commonly applied in processes and products where solvent properties are needed, such as cleaning, degreasing and dissolving materials.
The global ethyl lactate market was valued at $1,810.85 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 5.00%.
Growth In The Pharmaceuticals Industry
During the historic period, growth in the pharmaceuticals industry drove the growth of the ethyl lactate market. Ethyl lactate serves as a solvent and carrier in pharmaceutical formulations, facilitating the effective dissolution of active ingredients. Its non-toxic, biodegradable nature meets stringent regulatory standards and supports sustainability goals in the pharmaceutical industry. Ethyl lactate's versatility extends to cleaning and maintenance applications, contributing to its integral role amidst the sector's expansion. For instance, in May 2022, according to IQVIA, a US-based provider of advanced analytics and technology solutions for the life sciences industry, 64.4% of sales from new medicines launched between 2016 and 2021 occurred in the US market, compared to 16.8% in Europe. In 2021, North America dominated global pharmaceutical sales with a share of 49.1%, while Europe accounted for 23.4%. Therefore, growth in the pharmaceutical industry positively impacted the growth of the ethyl lactate market during the historic period.
Investments In Ethanol And Ethanol-Based Biofuels And Chemicals Manufacturing
Companies in the ethyl lactate market are focused on investments in ethanol and its derivatives due to increasing global demand for cleaner fuels and chemicals. Ethanol plants often diversify their product portfolios to include other bio-based chemicals and products such as ethyl lactate, waxes and biochemicals. This diversification mitigates market risks and enhances profitability by tapping into multiple revenue streams. For example, in October 2023, Godavari Biorefineries Limited, an India-based ethanol and ethanol-based chemicals manufacturing company, inaugurated its new manufacturing performance optimization (MPO) plant with a capacity of 4,000 tons per year at Sakarwadi in Maharashtra. Godavari Biorefineries utilizes sugarcane as its primary feedstock and operates manufacturing facilities in Sameerwadi, Bagalkot district, Karnataka and Sakarwadi, Ahmednagar district, Maharashtra, for producing sugar, biofuels, chemicals, power, compost, waxes, ethyl lactate and related products. The establishment of these plants aims to foster socio-economic growth in the region.
The global ethyl lactate market is fairly fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 15.02% of the total market in 2023.
Ethyl Lactate Global MarketOpportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global ethyl lactate market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for ethyl lactate? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The ethyl lactate market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider ethyl lactate market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by grade, by application and by end user.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the ethyl lactate market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by grade, by application and by end user in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for ethyl lactate providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Grade: Food Grade; Medical Grade; Industrial Grade
- 2) By Application: Adhesives; Cleaners; Inks; Solvents; Food Additives; Fragrances; Other Applications
- 3) By End User: Food And Beverages; Electronics; Paints And Coatings; Pharmaceuticals; Cosmetics And Personal Care; Other End-User Industries
- Companies Mentioned: Corbion NV.; Merck KGaA; Hydrite Chemical; Godavari Biorefineries Ltd.; Yancheng Hongtai Biological Engineering.
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; ethyl lactate indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.