Ethyl Lactate Market 2024 - By Industry Demand, Leading Players, Regional Overview And Forecast To 2033

The Business Research Company recently released a comprehensive report on the Global Ethyl Lactate Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

According to The Business Research Company's, The ethyl lactate market size has grown strongly in recent years. It will grow from $2.31 billion in 2023 to $2.52 billion in 2024 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to biodegradability and eco-friendly characteristics, growing emphasis on green chemistry, expanding industrial applications, substitute for conventional solvents, rising awareness of voc emissions, effective paint stripping properties, growth in bio-based chemicals market..

The ethyl lactate market size is expected to see rapid growth in the next few years. It will grow to $3.71 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to increased emphasis on circular economy, stricter environmental regulations, emergence of bio-refineries, focus on sustainable agriculture practices, demand for low-toxicity solvents, waste reduction in manufacturing processes, renewable feedstock utilization.. Major trends in the forecast period include advancements in production technologies, advancements in formulation technologies, integration in 3d printing applications, development of next-generation bio-solvents, adoption in printing inks..

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Market Drivers and Trends:

The rise in the food and beverage industry is expected to boost the growth of the ethyl lactate market going forward. The food and beverage industry is the sector of the economy that is responsible for the production, distribution, and consumption of food and beverages. Ethyl lactate is a natural, organic compound that is used in the food and beverage industries as a flavor enhancer and solvent. It is produced by the fermentation of lactic acid and ethanol, and it has a mild, sweet, and fruity taste. Ethyl lactate is commonly used in the production of confectionery, baked goods, and dairy products, as well as in the formulation of flavors and fragrances. For instance, in September 2022, according to a report published by the US Bureau of Labor Statistics, a US-based agency in the field of labor economics and statistics, spending on food increased by 13.4% from the prior year. Spending on food outside the house increased by 27.6%, while spending on food inside the home increased by 6.6%. Additionally, in 2021, spending on alcoholic beverages increased by 15.9%. Therefore, the rise in the food and beverage industry is driving the growth of the ethyl lactate market.

Production expansion is a key trend in gaining popularity in the ethyl lactate market. Major companies operating in the ethyl lactate market are focused on increasing production capacity to strengthen their position in the market. For instance, in March 2021, Corbion a Netherland-based food and biochemicals company increase its capacity for producing lactic acid and lactic-acid derivatives ahead of its previously announced major expansion in Thailand scheduled for 2023. The global initiative, which involves making capital investments at four current Corbion facilities to increase efficiencies and take advantage of synergies, is anticipated to result in a combined additional output that is roughly equivalent to a new production site without having to construct one. It is important to address the clients' more urgent requirements before making arrangements to anticipate their longer-term desires. Customers will immediately benefit from improved security while the company makes these investments in efficiency.

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Major Key Players of the Market:

Corbion NV; Galactic; Vertec BioSolvents Inc; Godavari Biorefineries Ltd; Henan Jindan Lactic Acid Technology Co Ltd; Yancheng Hongtai Bioengineering; Haijianuo Bioengineer; Aurochemicals; TCI Chemicals (India) Pvt. Ltd.; The Archer-Daniels-Midland Company; Zhengzhou Tianrun Lactic Acid Co Ltd; Jindan Lactic Acid; Merck Group; Stepan Company; Badische Anilin- und Sodafabrik; Corbion NV; Safripol; Tate & Lyle; Vertec BioSolvents; Flavor and Fragrance Specialties; Coatings and Paint Manufacturers; Green Cleaning Product Manufacturer; Biotechnology and Chemical Research Firm; Ink and Printing Companies; Pharmaceutical and Cosmetic Manufacturers; Musashino Chemical Laboratory; Huade Biological Engineering; Jindan Lactic Acid Technology; Cayman Chemical; Chem-Impex International

Ethyl Lactate Market 2024 Key Insights:

• The ethyl lactate market will grow to $3.71 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%.
• Ethyl Lactate Market Surges With The Rise In The Food And Beverage Industry
• Production Expansion Emerges As Key Trend In The Ethyl Lactate Market
• Asia-Pacific was the largest region in the ethyl lactate market in 2023

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