Ethyl Lactate Market to Reach US$ 6.2 Bn by the end of 2031: TMR Study

News provided by

Dec 07, 2022, 07:30 ET

Usage of ethyl lactate as an industrial solvent for cleaning purposes such as graffiti or paint removal projected to accelerate market growth
Ethyl lactate is also used as a degreaser for replacing toxic and traditional solvents such as chloroform and methylene chloride
Food & beverages segment to rise significantly

WILMINGTON, Del., Dec. 7, 2022 /PRNewswire/ -- The global Ethyl Lactate Market is projected to grow at a CAGR of 7.3% from 2022 to 2031. Rise in the demand for eco-friendly alternatives for multiple industrial applications is anticipated to fuel market expansion.

As per the Ethyl Lactate Market report, the market was valued at US$ 3.1 Bn in 2021 is projected to reach US$ 6.2 Bn by the end of 2031. Ethyl lactate is preferred to other solvents due to various advantages. Properties such as low vaporization, non-ozone, and depleting and non-corrosive nature of ethyl lactate are expected to boost market development in the next few years.

Increase in usage of ethyl lactate as a water-solvent degreaser in the food & beverages sector for products such as fruits, cabbage, chicken, peas, vinegar, and wine will propel industry demand. The solution has a mild odor and when diluted, becomes creamy or buttery and can be used in coconut and other fruits.

Request FREE Sample:

https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=83715

Key Findings

Increase in Utilization in Pharmaceutical and Cosmetic Products to Spur Growth: The U.S. FDA approved ethyl lactate as a subordinate solubilizing agent that is safe to use in medicinal dyes and food products. The solution is also used as an excipient in medicine production or as aroma enhancer in cosmetic products such as perfumes. Increase in demand for ethyl lactate in the personal care and pharmaceutical industries is likely to create new business opportunities in the market during the forecast period.
Rise in Safety Standards for Using Alternatives to Petroleum-based Solvents to Drive Market: Ethyl lactate exhibits low vaporization and low toxicity levels compared to petroleum-based solvents such as ethanol, ethyl acetate, methanol, and acetone. Moreover, cost-efficiency has induced companies to opt for ethyl lactate instead of the aforementioned petroleum-based solvents. This will create lucrative market opportunities for manufacturers of ethyl lactate in the near future.

Key Drivers

Government imposed safety regulations with respect to the usage of residual solvents in food & beverage products and the non-carcinogenic nature of ethyl lactate are expected to augment industry growth
Rise in demand for green solvents in food & beverages and other sectors is projected to fuel the global Ethyl Lactate Market development

Make an Enquiry Before Buying:

https://www.transparencymarketresearch.com/sample/sample.php?flag=EB&rep_id=83715

Regional Growth Dynamics

North America held the largest market share in 2021. The trend is anticipated to continue during the forecast period owing to high demand among pharmaceutical and food & beverage companies
Surge in usage in cosmetic products and presence of top personal care brands will bolster future market demand for ethyl lactate in Europe

Key Players

The Ethyl Lactate Market is highly competitive, with the presence of large number of players. Increase in investment in research & development will help players gain a competitive edge in the market. Collaborative efforts, such as joint ventures and merger & acquisition strategies, are expected to enable players to increase revenue.

As per the ethyl lactate industry research, prominent players in the market are

Stepan, Godavari Biorefineries Ltd.,
Merck KGaA, Corbion,
Huade Biological Engineering,
Musashino Chemical Laboratory,
Yancheng Hongtai Bioengineering,
Haijiano Bioengineer,
Jindan Lactic Acid,
Henan Kangyuan, and others.

Ask References:

https://www.transparencymarketresearch.com/sample/sample.php?flag=ARF&rep_id=83715

Ethyl Lactate Market Segmentation

Grade

Pharma
Food
Technical
Industrial

End-use

Food & Beverages
Electronics
Paints & Coatings
Packaging & Printing ink
Pharmaceuticals
Cosmetics & Personal Care
Industrial Cleaning
Agrochemicals
Others

Regions

North America
Europe
Asia Pacific
Middle East and Africa
Latin America

Countries

U.S.
Canada
Germany
U.K.
France
Spain
Italy
Russia & CIS
China
India
Japan
ASEAN
Brazil
Mexico
GCC
South Africa

Browse More Chemicals and Materials Research Reports by TMR:

Smart Fabrics Market - Smart Fabrics Market to Reach US$ 21.8 Bn by 2031
FCC Catalyst Market - FCC Catalyst Market to Register CAGR of 3.5% from 2022 to 2031
Synthetic Diamond Market - Synthetic Diamond Market to Register CAGR of 6.9% from 2022 to 2031
Rare Earth Metals Market - Rare Earth Metals Market to Register CAGR of 7.4% from 2022 to 2031
Specialty Carbon Black Market - Specialty Carbon Black Market to Register CAGR of 4.5% from 2022 to 2031
Xanthan Gum Market - Xanthan Gum Market to Register CAGR of 5.9% from 2022 to 2031
Polyisobutylene Market - Polyisobutylene Market to Register CAGR of 5.6% from 2022 to 2031
Boron Carbide Market - Boron Carbide Market to Register CAGR of 4.9% from 2022 to 2031

About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

For More Research Insights on Leading Industries, Visit our YouTube channel - https://www.youtube.com/channel/UC8e-z-g23-TdDMuODiL8BKQ

Contact Us:

Nikhil Sawlani
Transparency Market Research Inc.
CORPORATE HEADQUARTER DOWNTOWN,
1000 N. West Street,
Suite 1200, Wilmington, Delaware 19801 USA
Tel: +1-518-618-1030
USA – Canada Toll Free: 866-552-3453
Website: https://www.transparencymarketresearch.com
Blog: https://tmrblog.com
Email: [email protected]