Product Code: GVR-4-68040-318-8
Ethyl Lactate Market Growth & Trends:
The global ethyl lactate market size is anticipated to reach USD 85,992 thousand by 2030, expanding at a CAGR of 3.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. The market is anticipated to grow substantially due to its increasing consumption in the cosmetic & personal care industry due to its low cost and flexibility. Ethyl lactate is a less toxic and carcinogenic substance, which makes it a desirable product in the cosmetics & personal care industry. It is 100% biodegradable and easily recycled, making the product a popular choice across many end-use industries.
Ethyl lactate is rapidly gaining traction as a solvent and alternative to other options. Its notable characteristics, including biodegradability, efficacy, and safety, position ethyl lactate as a leader in the green chemistry movement. It is extensively used in industrial coatings for wood furniture, fixtures, containers, automotive body finishing, and machinery. Ethyl lactate can dissolve in both aqueous and hydrocarbon-based environments and is bio-based, environmentally safe, and more effective. It is an ideal substitute for volatile organic compounds or VOC-based petroleum solvents.
Ethyl lactate finds application in various personal care products such as makeup products, moisturizers, hair color, shampoos, and other body care formulations owing to its multiple characteristics, including pH regulation, low toxicity, antimicrobial activity, and moisture-binding abilities. The increase in urbanization and higher number of working women, especially in APAC's emerging nations, is anticipated to drive the personal care & cosmetics market. In addition, there is a growing interest in men's wellness, and various manufacturers have been tapping into these opportunities, resulting in higher demand among high competition.
North America's thriving food & beverage industry is a key driver, fueling the demand for ethyl lactate. As the sector experiences substantial growth, efficient ethyl lactate is crucial as it is a carrier or diluent for various food additives such as colors, flavors, and nutritional supplements. It helps disperse and stabilize these additives in food and beverage formulations, ensuring uniform distribution and enhanced product consistency. Ethyl lactate is pivotal in exhibiting antimicrobial properties, making it suitable as a natural preservative in food and beverage formulations.
Ethyl Lactate Market Report Highlights:
- Based on grade, the medical segment is the fastest-growing segment, with a CAGR of 4% from 2024 to 2030. This is attributed to its growing use as a solvent for pharmaceuticals, excipients, and active ingredients due to its ability to dissolve a wide range of compounds
- Based on application, the solvent segment is the fastest-growing segment, with a CAGR of 3.9% from 2024 to 2030. This is attributed to its notable characteristics, including its biodegradability, efficacy, and safety, which position it as a leader in the green chemistry movement
- Based on end-use, the personal care and cosmetics segment is the fastest-growing segment, with a CAGR of 4.1% from 2024 to 2030. This is attributed to shifting consumer preferences characterized by a greater emphasis on digital transparency, personalized shopping experiences, and easy access to extensive information
- North America is the fastest-growing region, with a CAGR of 4% from 2024 to 2030. This is attributed to the growing consumer awareness about the health benefits offered by functional beverages, leading to significant changes across the food & beverage industry
- The presence of several manufacturers has led to high competition in the market. Companies have been involved in research to develop technologies for the large-scale production of products.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definition
- 1.3. Information Procurement
- 1.3.1. Purchased Database
- 1.3.2. GVR's Internal Database
- 1.3.3. Secondary Grades & Third-Party Perspectives
- 1.3.4. Primary Research
- 1.4. Information Analysis
- 1.4.1. Data Analysis Models
- 1.5. Market Formulation & Data Visualization
- 1.6. Data Validation & Publishing
Chapter 2. Executive Summary
- 2.1. Market Snapshot
- 2.2. Segment Snapshot
- 2.3. Competitive Landscape Snapshot
Chapter 3. Ethyl Lactate Market Variables, Trends & Scope
- 3.1. Market Lineage Outlook
- 3.2. Industry Value Chain Analysis
- 3.2.1. Raw Materials Trend
- 3.2.2. Manufacturing Trends
- 3.2.3. Sales Channel Analysis
- 3.3. Vendor Landscape
- 3.3.1. List of Raw Material Suppliers
- 3.3.2. List of Distributors/Channel Partners
- 3.4. List of Potential End-Users
- 3.5. Regulatory/Policy Framework
- 3.6. Price Trend Analysis, 2018 - 2030 (USD/Kg)
- 3.6.1. Factors Influencing Prices
- 3.7. Market Dynamics
- 3.7.1. Market Driver Analysis
- 3.7.2. Market Restraint Analysis
- 3.7.3. Industry Challenges
- 3.7.4. Industry Opportunities
- 3.8. Industry Analysis Tools
- 3.8.1. Porter's Five Forces Analysis
- 3.8.2. Macro-environmental Analysis
Chapter 4. Ethyl Lactate Market: Grade Estimates & Trend Analysis
- 4.1. Grade Movement Analysis & Market Share, 2023 & 2030
- 4.2. Ethyl Lactate Market Estimates & Forecast, By Grade, 2018 to 2030 (Tons) (USD Thousand)
- 4.3. Food Grade
- 4.3.1. Food Grade Ethyl Lactate Market Estimates and Forecasts, 2018 - 2030 (Tons) (USD Thousand)
- 4.4. Medical Grade
- 4.4.1. Medical Grade Ethyl Lactate Market Estimates and Forecasts, 2018 - 2030 (Tons) (USD Thousand)
- 4.5. Industrial Grade
- 4.5.1. Industrial Grade Ethyl Lactate Market Estimates and Forecasts, 2018 - 2030 (Tons) (USD Thousand)
Chapter 5. Ethyl Lactate Market: Application Estimates & Trend Analysis
- 5.1. Application Movement Analysis & Market Share, 2023 & 2030
- 5.2. Ethyl Lactate Market Estimates & Forecast, By Application, 2018 to 2030 (Tons) (USD Thousand)
- 5.3. Solvents
- 5.3.1. Ethyl Lactate Market Estimates and Forecasts, in Solvents, 2018 - 2030 (Tons) (USD Thousand)
- 5.4. Additives
- 5.4.1. Ethyl Lactate Market Estimates and Forecasts, in Additives, 2018 - 2030 (Tons) (USD Thousand)
- 5.5. Fragrances
- 5.5.1. Ethyl Lactate Market Estimates and Forecasts, in Fragrances, 2018 - 2030 (Tons) (USD Thousand)
- 5.6. APIs & Drug Carrier
- 5.6.1. Ethyl Lactate Market Estimates and Forecasts, in APIs & Drug Carrier, 2018 - 2030 (Tons) (USD Thousand)
Chapter 6. Ethyl Lactate Market: End-Use Estimates & Trend Analysis
- 6.1. End-Use Movement Analysis & Market Share, 2023 & 2030
- 6.2. Ethyl Lactate Market Estimates & Forecast, By End-Use, 2018 to 2030 (Tons) (USD Thousand)
- 6.3. Paints & Coatings
- 6.3.1. Ethyl Lactate Market Estimates and Forecasts, in Pharmaceutical, 2018 - 2030 (Tons) (USD Thousand)
- 6.4. Food & Beverages
- 6.4.1. Ethyl Lactate Market Estimates and Forecasts, in Food & Beverages, 2018 - 2030 (Tons) (USD Thousand)
- 6.5. Pharmaceuticals
- 6.5.1. Ethyl Lactate Market Estimates and Forecasts, in Personal Care & Cosmetics, 2018 - 2030 (Tons) (USD Thousand)
- 6.6. Personal Care & Cosmetics
- 6.6.1. Ethyl Lactate Market Estimates and Forecasts, in Paints & Coatings, 2018 - 2030 (Tons) (USD Thousand)
- 6.7. Other End-Uses
- 6.7.1. Ethyl Lactate Market Estimates and Forecasts, in Other End-Use, 2018 - 2030 (Tons) (USD Thousand)
Chapter 7. Ethyl Lactate Market: Regional Estimates & Trend Analysis
- 7.1. Regional Movement Analysis & Market Share, 2023 & 2030
- 7.2. North America
- 7.2.1. North America Ethyl Lactate Estimates & Forecast, 2018 - 2030 (Tons) (USD Thousand)
- 7.2.2. U.S.
- 7.2.2.1. Key country dynamics
- 7.2.2.2. U.S. Ethyl Lactate Market estimates & forecast, 2018 - 2030 (Tons) (USD Thousand)
- 7.2.3. Canada
- 7.2.3.1. Key country dynamics
- 7.2.3.2. Canada Ethyl Lactate Market estimates & forecast, 2018 - 2030 (Tons) (USD Thousand)
- 7.2.4. Mexico
- 7.2.4.1. Key country dynamics
- 7.2.4.2. Mexico Ethyl Lactate Market estimates & forecast, 2018 - 2030 (Tons) (USD Thousand)
- 7.3. Europe
- 7.3.1. Europe Ethyl Lactate Estimates & Forecast, 2018 - 2030 (Tons) (USD Thousand)
- 7.3.2. Germany
- 7.3.2.1. Key country dynamics
- 7.3.2.2. Germany Ethyl Lactate Market estimates & forecast, 2018 - 2030 (Tons) (USD Thousand)
- 7.3.3. UK
- 7.3.3.1. Key country dynamics
- 7.3.3.2. UK Ethyl Lactate Market estimates & forecast, 2018 - 2030 (Tons) (USD Thousand)
- 7.3.4. France
- 7.3.4.1. Key country dynamics
- 7.3.4.2. France Ethyl Lactate Market estimates & forecast, 2018 - 2030 (Tons) (USD Thousand)
- 7.3.5. Italy
- 7.3.5.1. Key country dynamics
- 7.3.5.2. Italy Ethyl Lactate Market estimates & forecast, 2018 - 2030 (Tons) (USD Thousand)
- 7.3.6. Spain
- 7.3.6.1. Key country dynamics
- 7.3.6.2. Spain Ethyl Lactate Market estimates & forecast, 2018 - 2030 (Tons) (USD Thousand)
- 7.4. Asia Pacific
- 7.4.1. Asia Pacific Ethyl Lactate Estimates & Forecast, 2018 - 2030 (Tons) (USD Thousand)
- 7.4.2. China
- 7.4.2.1. Key country dynamics
- 7.4.2.2. China Ethyl Lactate Market estimates & forecast, 2018 - 2030 (Tons) (USD Thousand)
- 7.4.3. India
- 7.4.3.1. Key country dynamics
- 7.4.3.2. India Ethyl Lactate Market estimates & forecast, 2018 - 2030 (Tons) (USD Thousand)
- 7.4.4. Japan
- 7.4.4.1. Key country dynamics
- 7.4.4.2. Japan Ethyl Lactate Market estimates & forecast, 2018 - 2030 (Tons) (USD Thousand)
- 7.4.5. South Korea
- 7.4.5.1. Key country dynamics
- 7.4.5.2. South Korea Ethyl Lactate Market estimates & forecast, 2018 - 2030 (Tons) (USD Thousand)
- 7.5. Central & South America
- 7.5.1. Central & South America Ethyl Lactate Market Estimates & Forecast, 2018 - 2030 (Tons) (USD Thousand)
- 7.5.2. Brazil
- 7.5.2.1. Key country dynamics
- 7.5.2.2. Brazil Ethyl Lactate Market estimates & forecast, 2018 - 2030 (Tons) (USD Thousand)
- 7.5.3. Argentina
- 7.5.3.1. Key country dynamics
- 7.5.3.2. Argentina Ethyl Lactate Market estimates & forecast, 2018 - 2030 (Tons) (USD Thousand)
- 7.6. Middle East & Africa
- 7.6.1. Middles East & Africa Ethyl Lactate Market Estimates & Forecast, 2018 - 2030 (Tons) (USD Thousand)
- 7.6.2. Saudi Arabia
- 7.6.2.1. Key country dynamics
- 7.6.2.2. Saudi Arabia Ethyl Lactate Market estimates & forecast, 2018 - 2030 (Tons) (USD Thousand)
- 7.6.3. South Africa
- 7.6.3.1. Key country dynamics
- 7.6.3.2. South Africa Ethyl Lactate Market estimates & forecast, 2018 - 2030 (Tons) (USD Thousand)
Chapter 8. Ethyl Lactate Market - Competitive Landscape
- 8.1. Recent Developments & Impact Analysis, By Key Market Participants
- 8.2. Company Categorization
- 8.3. Company Market Share/Position Analysis, 2023
- 8.4. Company Heat Map Analysis
- 8.5. Strategy Mapping
- 8.6. Company Profiles
- 8.6.1. Corbion N.V.
- 8.6.1.1. Participant's overview
- 8.6.1.2. Financial Performance
- 8.6.1.3. Product benchmarking
- 8.6.1.4. Recent developments
- 8.6.2. Galactic
- 8.6.2.1. Participant's overview
- 8.6.2.2. Financial Performance
- 8.6.2.3. Product benchmarking
- 8.6.2.4. Recent developments
- 8.6.3. Vertec Biosolvents
- 8.6.3.1. Participant's overview
- 8.6.3.2. Financial Performance
- 8.6.3.3. Product benchmarking
- 8.6.3.4. Recent developments
- 8.6.4. Musashino Chemical Laboratory, Ltd.
- 8.6.4.1. Participant's overview
- 8.6.4.2. Financial Performance
- 8.6.4.3. Product benchmarking
- 8.6.4.4. Recent developments
- 8.6.5. Godavari Biorefineries Ltd
- 8.6.5.1. Participant's overview
- 8.6.5.2. Financial Performance
- 8.6.5.3. Product benchmarking
- 8.6.5.4. Recent developments
- 8.6.6. Henan Kangyuan
- 8.6.6.1. Participant's overview
- 8.6.6.2. Financial Performance
- 8.6.6.3. Product benchmarking
- 8.6.6.4. Recent developments
- 8.6.7. Stepan
- 8.6.7.1. Participant's overview
- 8.6.7.2. Financial Performance
- 8.6.7.3. Product benchmarking
- 8.6.7.4. Recent developments
- 8.6.8. Archer Daniels Midland Co (ADM)
- 8.6.8.1. Participant's overview
- 8.6.8.2. Financial Performance
- 8.6.8.3. Product benchmarking
- 8.6.8.4. Recent developments
- 8.6.9. Aurochemicals
- 8.6.9.1. Participant's overview
- 8.6.9.2. Financial Performance
- 8.6.9.3. Product benchmarking
- 8.6.9.4. Recent developments