Global Ethyl Lactate Market Size was $428.31 Million in 2023

Global Ethyl Lactate Market Overview

According to Global Market Monitor, the global ethyl lactate market size was $428.31 million in 2023 with a CAGR of 5.35% from 2023 to 2028.

Ethyl Lactate Has Excellent Performance and is Widely Used.

Ethyl lactate is a monobasic ester formed from lactic acid and ethanol, commonly used as a solvent. The superior properties of ethyl lactate give it environmental and performance advantages. It is 100%-biodegradable and breaks down into carbon dioxide and water, being easy and inexpensive to recycle. Ethyl lactate is non-corrosive, non-carcinogenic, and non-ozone depleting. There are no oral or inhalation toxicity problems,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.Ethyl lactate has been proven to be a suitable alternative to hexane, ethyl acetate, acetone, ethanol, methanol, NMP, toluene, and xylene among many others. This is also estimated to offer significant opportunities for market players during the forecast period. 

Market Segment

Asia Pacific dominated the ethyl lactate market in 2023. It is anticipated that large markets like China, India, Japan, and South Korea will expand more. The expanding population and middle-class economy are linked to the robust and healthy growth in end-use sectors including food and beverage, medicines, and personal care, which tends to drive the ethyl lactate market.

EthyI lactate is a monobasic ester that is made up of ethanol and lactic acid and is used as a food additive. Food-grade ethyl lactate additives are crucial in the production of food and beverages because they improve the flavor and texture of food items in addition to stabilizing and extending their shelf life. The production of food and the use of green products with environmental-conscious production and disposal implications is becoming increasingly desirable.

By Type	Food Grade
	Pharmaceutical Grade
	Industrial Grade
	Electronic Grade
	Industrial grade contributes the largest market share.
By Application	Food & Beverage
	Electronics
	Paints & Inks
	Pharmaceutical
	Others
	The food & beverage segment occupied the biggest share.
By Region	North America
	Europe
	China
	Japan
	Middle East & Africa
	India
	South America
	Asia Pacific dominated the ethyl lactate market.

For more industry information, please refer to our latest released "China Ethyl Lactate Industry Market Research Report 2023-2029".