Ethyl Lactate Market is Expected to Reach Approximately USD 1530.62 million with a CAGR of 7.99% by the End of 2022

Industry Outlook and Trend Analysis
The ethyl lactate market was valued around USD 651.32 million in 2012 and is expected to reach approximately USD 1530.62 million by the end of 2022 while registering itself at a compound annual growth rate (CAGR) of 7.99% during the forecast period. Ethyl lactate or otherwise termed as lactic acid ethyl ester is a monobasic ester which is formed from ethanol and lactic acid. It the most common solvent in cosmetic, pharmaceutical, coatings, detergents, fragrance and food production. Chemicals are distinctive substances or compounds, which are generally produced by reactions which involve alterations in molecular and atomic structure. Based on the composition, every chemical including ethyl lactate can be either mixtures or pure substances. Ethyl lactate is considered biodegradable and it can be used as a water-rinsable degreaser. There is a global demand for this chemical and also the fact that it is naturally available in small amounts is variety of foods including chicken, wine, and several fruits. When dilute, ethyl lactate has a mild odor, creamy and buttery along with hints of coconut and fruit. This compound is produced from biological sources, in the form of either dextro (R) or levo (S), based on the organism which is the source of the lactic acid. Majority of the ethyl lactate which is sourced biologically is ethyl (−)-L-lactate (ethyl (S)-lactate). Besides, this chemical compound is also produced industrially from petrochemical stocks, and comprises of the racemic mixture of dextro and levo forms. In a few territories, the natural substance is exempted from several constraints situated upon disposal and use of solvents. Since the enantiomers are present in nature, and as ethyl lactate is effortlessly biodegradable, it comes under green solvent. This is also one of the major factors that the market demand for ethyl lactate is said to grow during the forecast period.

Product Outlook and Trend Analysis
The global ethyl lactate market based on product has been segmented into industrial grade, food grade, electronic grade, and pharmaceutical grade. Globally, the demand for baked products is increasing, and this encourages the food grade ethyl lactate segment to grow, since it is widely used for flavoring purpose and to make biscuits and breads soft in texture. Electronic grade ethyl lactate is used in cleaning electronic circuit board especially the plasma etch residues in semiconductors and microelectronics. Since ethyl lactate is a green solubilizing agent, it has several advantages as compared to many other solubilizing agents which are organic based. Pharmaceutical grade ethyl lactate is approved by the FDA and is used as solubilizing component for flavors and dyes.

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Application Outlook and Trend Analysis
The global Ethyl lactate market industry has its applications in widespread segments such as paints & inks, food and beverage, electronics and pharmaceuticals. It proves to be an excellent ingredient for developing coatings, inks, paint strippers, resin cleaners, ink cleaners, graffiti removers, etc. It is used in industrial coatings applications, mainly in extrusions, coil, containers and closures, wood furniture and fixtures, machinery and automotive finishes. Since it is completely biodegradable, it is cost effective and easy to recycle. It is also used in food and beverage flavoring as it is almost colorless and has a mildly pleasant smell. It is used to soften products such as biscuits and bread. Ethyl lactate is extensively used in wipe cleaning of aircraft, electronic circuit board cleaning, especially microelectronics and semiconductors to clean plasma etch residues. Lastly, it is freely purified since it is produced from renewable and natural sources. It is permitted by the FDA as an adjuvant solubilizing ingredient for pharmaceutical dyes and flavors. Ethyl lactate comprises of food grade and industrial grade which represents 29% and 49% of the global ethyl lactate market respectively.

Regional Outlook and Trend Analysis
Based on geography, the global ethyl lactate market is segmented into North America (Canada, US and Mexico), Europe (Germany, France, UK, Italy, Spain, etc.), Asia Pacific (China, Japan, India, Australia, South Korea, etc.), and Rest of the World (Saudi Arabia, Brazil, United Arab Emirates, South Africa, and others). It has been predicted that Asia Pacific region has been dominating the Ethyl Lactate market on production and consumption.

Competitive Outlook and Trend Analysis
Global ethyl lactate market share is subtly separated due to the predominance of huge number of small and medium sized industry players. The major market players of this industry are Corbion, Galactic (a subsidiary of Finasurce SA), ADM, Musashino Chemical Laboratory, Ltd., Vertec BioSolvents, Yancheng Huade Biological Engineering Co. Ltd., Henan Jindan Lactic Acid Technology Co., Ltd, Zhengzhou Tianrun Lactic Acid Co., Ltd., Shenzhen Esun Industrial Co. Ltd. and QINGDAO ABEL TECHNOLOGY CO., LTD.

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Ethyl Lactate Market Segmentation:
By Product
Industrial Grade Ethyl Lactate
Food Grade Ethyl Lactate
Pharmaceutical Grade Ethyl Lactate
Electronic Grade Ethyl Lactate

By Application
Electronics
Food & Beverage
Pharmaceutical
Paints & Inks
Other Applications

By Region:
• North America
o U.S
o Canada
o Mexico
• Europe
o Germany
o France
o UK
o Italy
o Spain
o Rest of Europe
• Asia-Pacific
o Japan
o China
o Australia
o India
o South Korea
o Rest of Asia-Pacific
• Rest of the World
o Brazil
o South Africa
o Saudi Arabia
o Turkey
o United Arab Emirates
o Others

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Some of the key questions answered by the report are:
• What was the market size in 2016 and forecast from 2017 to 2025?
• What will be the industry market growth from 2017 to 2025?
• What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
• What are the major segments leading the market growth and why?
• Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?

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