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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.

Reasons to Purchase

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

Markets Covered:

Table of Contents

1 Executive Summary

2 Table Of Contents

3 List Of Tables

4 List Of Figures

5 Report Structure

6 Market Characteristics

7 Major Market Trends

8 Ethyl Lactate Market - Macro Economic Scenario

9 Global Market Size and Growth

10 Global Ethyl Lactate Market Segmentation

11 Ethyl Lactate Market, Regional and Country Analysis

12 Asia-Pacific Market

13 Western Europe Market

14 Eastern Europe Market

15 North America Market

16 South America Market

17 Middle East Market

18 Africa Market

19 Competitive Landscape and Company Profiles

20 Competitive Dashboard

21 Key Mergers And Acquisitions

22 Opportunities And Strategies

23 Ethyl Lactate Market, Conclusions And Recommendations

24 Appendix

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