Global Ethyl Lactate Market Segmentation and Trends: Revenue is Prospected to Hit $578.23 Million by 2029

Global Ethyl Lactate Market Overview

According to Global Market Monitor, the global ethyl lactate market size is expected to grow to $578.23 million by 2029.Ethyl lactate is a monobasic ester formed from lactic acid and ethanol, commonly used as a solvent. 

Market Drivers

The superior properties of ethyl lactate give it environmental and performance advantages. It is 100%-biodegradable and breaks down into carbon dioxide and water. It is easy and inexpensive to recycle. It is non-corrosive, non-carcinogenic, and non-ozone-depleting. There are no oral or inhalation toxicity problems. It has no environmentally hazardous ingredients and no global warming compounds. Ethyl lactate is a suitable material in industrial and non-industrial sectors. It is the most common solvent in cosmetics, pharmaceuticals, coatings, detergents, fragrances, and food production.

In applications such as industrial coatings, where ethyl lactate is the most viable alternative to solvents to help the industry achieve sustainability goals, coatings provide enhanced visual appearance and protection against corrosion. The growth of the industrial coatings industry is attributed to the development of infrastructure, the growth of the automotive industry, and continued construction activity worldwide.

Market Segmentation

By grade, the ethyl lactate market is divided into food grade, pharmaceutical grade, industrial grade, electronic grade, and so on. Due to the wide application of industrial-grade ethyl lactate in various fields such as textiles, packaging, and electronics, the industrial-grade segment will hold the major market share in 2023. Its excellent solubility, low toxicity, and pleasant odor make it the first choice for these industries, in addition, the increasing emphasis on sustainability and the continuous improvement of regulations on the use of hazardous chemicals have led the industry to choose environmentally friendly solvents such as industrial-grade ethyl lactate. Due to the increasing use of ethyl lactate in the pharmaceutical industry as a solvent in various pharmaceutical formulations, the pharmaceutical grade segment is expected to expand significantly in the next few years, which will drive the segment development.

In terms of end users, the food and beverage segment is the market leader in terms of revenue in 2023. Ethyl lactate is crucial in the production of food and beverages because, in addition to stabilizing and extending the shelf life of food, it can also improve the flavor and texture of food. The widespread use of ethyl lactate as a flavor enhancer and food additive and the continued expansion of the food industry are driving the growth of this market segment. In addition, the U.S. Food and Drug Administration (FDA) approved ethyl lactate for safe use in food, further boosting the market growth of this segment.

By Type	Food Grade
	Pharmaceutical Grade
	Industrial Grade
	Electronic Grade
	The industrial grade segment contributed the largest market share in 2023.
By Application	Food & Beverage
	Electronics
	Paints & Inks
	Pharmaceutical
	The food & beverage segment occupies the biggest share.

For more industry information, please refer to our latest released "2023 Global Ethyl Lactate Market Analysis Report, Key Competitors, Market Effect Factors, Growth, And Forecast".