The Ethyl Lactate Market size was USD 1.9 Billion in 2023 and is expected to reach USD 3.8 Billion by 2032 and grow at a CAGR of 7.4% over the forecast period of 2024-2032.
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The increasing demand for green solvents is one major factor accelerating the ethyl lactate market growth, as industries are opting for green and eco-friendly alternatives to conventional petrochemical-based solvents. Further, ethyl lactate is made from renewable resources, such as corn and sugarcane, and has excellent biodegradability and low toxicity, for reducing environmental impact. It is widely used in many industries including paints, coatings, and industrial cleaning because it dissolves and cleans without the emission of harmful volatile organic compounds (VOCs). Governments and regulatory bodies have imposed strict environmental policies globally, such as the U.S. retrograde expansion of EPA initiatives to curtail VOC emissions, which continue to drive green solvent growth such as ethyl lactate. Moreover, green products are increasingly preferred by consumers, pulling the manufacturers to customize their formulations by adding ethyl lactate components to enable compliance with the sustainability target of the product whilst maintaining product properties. The increasing attention to lowering carbon footprints and complying with environmental regulations makes ethyl lactate a green solvent better suited for the global market.
For instance, the U.S. Environmental Protection Agency (EPA) has implemented the National Volatile Organic Compound (VOC) Emission Standards for Consumer Products, which are projected to decrease VOC emissions by approximately 90,000 tons annually.
Its properties as a biodegradable and non-toxic solvent are some of the major factors driving the growth of the ethyl lactate market in electronics industry. Being an efficient solvent for organic residues without affecting sensitive materials, Ethyl lactate finds usage in cleaning and degreasing electronic components including printed circuit boards, (PCBs) and semiconductor devices. As the demand for miniaturized and high-performance electronic devices is growing, electronics manufacturers are focusing on solvents that mitigate the precision and reliability of manufacturing and maintenance processes. This shift has recently been even more pronounced due to regulatory-driven implementation for the reduction of hazardous substances, as in the case of many electronic equipment manufacturers under the European Union’s Restriction of Hazardous Substances (RoHS) directive, pushing towards using greener solvents like ethyl lactate. Further, the low VOC content of Serafil complies with stringent international safety standards, making it a popular option for companies looking to adhere to sustainability objectives without compromising product quality.
In September 2022, Stepan agreed to acquire the surfactant business and associated assets of PerformanX Specialty Chemicals, LLC, including intellectual property, commercial relationships, and inventory.
Drivers
Increasing utilization of ethyl lactate in the pharmaceutical sector drives market growth.
The rising use of ethyl lactate in the pharmaceutical industry is one of the major factors driving market growth as it provides numerous advantages related to drug development and production processes. Due to its biodegradable and non-toxic nature, ethyl lactate is an effective solvent used for the synthesis and design of active pharmaceutical ingredients (APIs). Because of its ability to solubilize hydrophilic and hydrophobic compounds, it is suitable for varied applications, such as drug delivery systems and tablet coating. So, the compound also meets the requirements of strict safety and environmental standards, which mirrors the pharmaceutical industry’s increased commitment to sustainability and regulatory compliance. The need for environmentally friendly solvents such as ethyl lactate is increasing due to the rise in research and development for new pharmaceutical compounds, especially after new drug formulations and biopharmaceuticals. Moreover, an increase in healthcare expenditure coupled with technology advancements in pharmaceutical manufacturing will result in consistent growth in ethyl lactate application in this vital sector.
Restraint
High production costs of ethyl lactate may hamper the market growth.
The high cost of production of ethyl lactate has been a major hurdle for the growth of the market owing to it being more expensive than conventional petrochemical-based solvents. Ethyl lactate, on the other hand, comes from renewable resources–namely, corn or sugarcane which demand complex fermentation, distillation, and high energy consumption. Counterintuitively, these processes are environmentally friendly but entail higher production and input raw material costs. Moreover, advanced production technology required for high purity and consistent quality also makes it costly. Consequently, sectors that use large volumes of solvents, such as paints, coatings, and industrial cleaning, may find it cost-prohibitive to transition to ethyl lactate unless its market price competitiveness increases. Such difference in the prices limits its adaptation, especially in price-sensitive markets, and in territories where price control is a major and crucial factor for businesses. Despite its potential to help meet the growing demand for sustainable products, the higher production cost of ethyl lactate may prevent its widespread adoption, unless technological advances and/or economies of scale bring down the cost of production.
By Type
Industrial Grade held the largest market share around 42% in 2023. It is owing to its effective versatile usage at efficient costs in varied industries. Due to its best combination of properties and environmental safety, it is extensively utilized in paint and coating, industrial cleaning, adhesives, lubricants, etc. Industrial grade ethyl lactate is pure enough for such applications and dissolves and cleans effectively without the adverse effects of conventional solvents. Since it is biodegradable and non-toxic, many companies still prefer it to meet even the stringent environmental regulations and sustainability goals. Additionally, the rising requirement for sustainable options in industrial processes is propelling manufacturers to utilize ethyl lactate as an environmentally friendly and eco-safe alternative. With sectors like automotive, manufacturing, and construction still showing trust in cleaner and better ways of producing, the demand for industrial-grade ethyl lactate is likely to remain steady, continuing to take up the lion's share of the global market.
By End-Use Industry
The pharmaceutical and healthcare sector segment held the largest market share around 38% in 2023. It is because of the rising demand for sustainable and non-toxic solvents in drug formulation & manufacturing, and medical applications. Ethyl lactate is an environmentally friendly solvent widely used in the pharmaceutical industry because of its biodegradability, low toxicity, and ability to dissolve both hydrophilic and hydrophobic materials, which make it suitable in active pharmaceutical ingredient (API) formulation, drug delivery systems, and tablet coatings. The pharma industry is highly contaminated by the strict enforcement of environmental regulations and the provision of safety norms which makes eco-friendly solvents such as ethyl lactate a preferred solution. Maintaining the growing focus on the development of biopharmaceuticals and personalized medicines, it is important to develop sustainable solvents that will enable novel manufacturing processes.
By Application
Solvent held the largest market share around 39% in 2023. This is owing to their wide, and essential application in various industries primarily in use as a solvent in coatings, adhesives, cleaners, and pharmaceuticals. The solvent power of ethyl lactate is an excellently efficient solubilizer with a high degree of solubilization with many different solutes, giving it a high versatility for many different processes. Its biodegradability and non-toxic properties make it an attractive alternative to conventional petrochemical-based solvents and the demand for these sustainable alternatives is steadily increasing nowadays. Where high-volume solvent usage is necessary (e.g., in the paints and coatings, adhesives, and industrial cleaning industries), ethyl lactate delivers an attractive combination of performance and regulatory compliance as an optimal solvent solution. In addition, regulatory pressure to limit high harmful emissions and use of volatile organic compounds (VOCs) has made this transition to greener solvents such as ethyl lactate happen even faster.
Asia Pacific region held the major share of the ethyl lactate market of more than 42% in 2023. This is due to factors such as fast industrialization, powerful manufacturing, as well a growing need for sustainable and eco-friendly products. The Asia-Pacific region leads the market due to the presence of rapidly growing countries such as China, India, Japan, and South Korea with enormous chemical, pharmaceutical, and automotive industries. Due to stringent regulatory frameworks and sustainability goals in these sectors, the demand for green solvents such as ethyl lactate is rising. Furthermore, a rapid increase in demand for consumer goods such as paints, coatings, adhesives, and pharmaceuticals is driving the demand for high-quality biodegradable solvents. The ethyl lactate market is also benefitting from government efforts in China, India, and other countries to encourage sustainable practices and green technologies. In addition, the growing population and middle class in this region along with the improving healthcare infrastructure in this region drive the demand for ethyl lactate for pharmaceutical and healthcare applications. Having a strong manufacturing base and the transition toward sustainable production are some factors that will help Asia Pacific maintain its leadership in the global ethyl lactate market.
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Key Players
Corbion N.V. (PURASOLV EL, PURASOLV ELi)
Musashino Chemical Laboratory (MUSASHINO EL, MUSASHINO EX)
Godavari Biorefineries Ltd. (GODAVARI EL, ECOBIO EL)
Merck KGaA (Sigma-Aldrich Ethyl Lactate, Supelco Ethyl Lactate)
Vertec Biosolvents Inc. (VertecGold EL, VertecClean EL)
Fujifilm Wako Chemicals (Wako EL, High Purity EL)
Cargill Inc. (Cargill EL99, BiOH EL)
Yancheng Hongtai Bioengineering Co., Ltd. (HT EL, Biotech EL)
Jungbunzlauer Suisse AG (Jungbunzlauer EL, Lactylate EL)
Henan Jindan Lactic Acid Technology Co., Ltd. (Jindan EL, JindanTech EL)
Kemin Industries (Kemin EL, Natural EL)
Shandong Enno New Material Co., Ltd. (Enno EL, Ultra EL)
Shanghai Ruizheng Chemical Technology Co., Ltd. (Ruizheng EL, RZ EL)
Häffner GmbH & Co. KG (Häffner Pure EL, Häffner Green EL)
Chengdu Weir Bio-Engineering Co., Ltd. (WeirBio EL, Eco EL)
ADM (ADM Ethyl Lactate, ADM EL99)
Penta Manufacturing Company (Penta EL, Specialty EL)
Green Biologics Ltd. (GreenBio EL, Advanced EL)
Zhejiang Yibaikang Biological Technology Co., Ltd. (Yibaikang EL, YBK Pure EL)
Shenzhen Esun Industrial Co., Ltd. (Esun EL, Bio EL)
Recent Development:
In 2023: Corbion announced the expansion of its production capacity for lactic acid and its derivatives, including ethyl lactate, at its facility in Thailand, to meet the increasing demand for sustainable chemicals.
In 2022: Godavari Biorefineries Ltd. inaugurated a new manufacturing unit in India for bio-based solvents, including ethyl lactate. The facility aims to cater to the growing demand for eco-friendly solvents in pharmaceuticals and chemicals.
Report Attributes | Details |
Market Size in 2023 | USD 1.9 Billion |
Market Size by 2032 | USD 3.8 Billion |
CAGR | CAGR of 7.4% From 2024 to 2032 |
Base Year | 2023 |
Forecast Period | 2024-2032 |
Historical Data | 2020-2022 |
Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
Key Segments | • By Grade (Food Grade, Medical Grade, Industrial Grade) • By End-use Industry (Paints and Coatings, Food and Beverage, Pharmaceutical and Healthcare, Electronics, Personal Care and Cosmetics, and Others) • By Application (Additive,APIs & Drug Carrier,Solvents, Fragrances,) |
Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
Company Profiles | Corbion N.V., Musashino Chemical Laboratory, Godavari Biorefineries Ltd., Merck KGaA, Vertec Biosolvents Inc., and other |
Key Drivers | • Increasing utilization of ethyl lactate in the pharmaceutical sector drives market growth |
Market Opportunities | • Continuously rising adoption of ethyl lactate in the cosmetics and personal care industry |
The expected CAGR of the global Ethyl Lactate Market during the forecast period is 7.4%.
The Ethyl Lactate Market was valued at USD 1.9 Billion in 2023.
The major key players in the ethyl lactate market are Corbion N.V., Musashino Chemical Laboratory, Godavari Biorefineries Ltd., Merck KGaA, Vertec Biosolvents Inc.
Asia-Pacific region dominated the Ethyl Lactate Market.
Increasing utilization of ethyl lactate in the pharmaceutical sector drives ethyl lactate market growth.
Table of Contents:
1. Introduction
1.1 Market Definition
1.2 Scope (Inclusion and Exclusions)
1.3 Research Assumptions
2. Executive Summary
2.1 Market Overview
2.2 Regional Synopsis
2.3 Competitive Summary
3. Research Methodology
3.1 Top-Down Approach
3.2 Bottom-up Approach
3.3. Data Validation
3.4 Primary Interviews
4. Market Dynamics Impact Analysis
4.1 Market Driving Factors Analysis
4.1.1 Drivers
4.1.2 Restraints
4.1.3 Opportunities
4.1.4 Challenges
4.2 PESTLE Analysis
4.3 Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
5.1 By Production Capacity and Utilization, by Country, By Type, 2023
5.2 Feedstock Prices, by Country, By Type, 2023
5.3 Regulatory Impact, by l Country, By Type, 2023.
5.4 Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region
5.5 Innovation and R&D, Type, 2023
6. Competitive Landscape
6.1 List of Major Companies, By Region
6.2 Market Share Analysis, By Region
6.3 Product Benchmarking
6.3.1 Product specifications and features
6.3.2 Pricing
6.4 Strategic Initiatives
6.4.1 Marketing and promotional activities
6.4.2 Distribution and Supply Chain Strategies
6.4.3 Expansion plans and new Product launches
6.4.4 Strategic partnerships and collaborations
6.5 Technological Advancements
6.6 Market Positioning and Branding
7. Ethyl Lactate Material Market Segmentation, by Grade
7.1 Chapter Overview
7.2 Food Grade
7.2.1 Food Grade Market Trends Analysis (2020-2032)
7.2.2 Food Grade Market Size Estimates and Forecasts to 2032 (USD Billion)
7.3 Medical Grade
7.3.1 Medical Grade Market Trends Analysis (2020-2032)
7.3.2 Medical Grade Market Size Estimates and Forecasts to 2032 (USD Billion)
7.4 Industrial Grade
7.4.1 Industrial Grade Market Trends Analysis (2020-2032)
7.4.2 Industrial Grade Market Size Estimates and Forecasts to 2032 (USD Billion)
8. Ethyl Lactate Material Market Segmentation, by End-Use Industry
8.1 Chapter Overview
8.2 Paints and Coatings
8.2.1 Paints and Coatings Market Trends Analysis (2020-2032)
8.2.2 Paints and Coatings Market Size Estimates and Forecasts to 2032 (USD Billion)
8.3 Food and Beverage
8.3.1 Food and Beverage Market Trends Analysis (2020-2032)
8.3.2 Food and Beverage Market Size Estimates and Forecasts to 2032 (USD Billion)
8.4 Pharmaceutical and Healthcare
8.4.1 Pharmaceutical and Healthcare Market Trends Analysis (2020-2032)
8.4.2 Pharmaceutical and Healthcare Market Size Estimates and Forecasts to 2032 (USD Billion)
8.5 Electronics
8.5.1 Electronics Market Trends Analysis (2020-2032)
8.5.2 Electronics Market Size Estimates and Forecasts to 2032 (USD Billion)
8.6 Personal Care and Cosmetics
8.6.1 Personal Care and Cosmetics Market Trends Analysis (2020-2032)
8.6.2 Personal Care and Cosmetics Market Size Estimates and Forecasts to 2032 (USD Billion)
8.7 Others
8.7.1 Others Market Trends Analysis (2020-2032)
8.7.2 Others Market Size Estimates and Forecasts to 2032 (USD Billion)
9. Ethyl Lactate Material Market Segmentation, by Application
9.1 Chapter Overview
9.2 Solvent
9.2.1 Solvent Market Trends Analysis (2020-2032)
9.2.2 Solvent Market Size Estimates and Forecasts to 2032 (USD Billion)
9.3 Additive
9.3.1 Additive Market Trends Analysis (2020-2032)
9.3.2 Additive Market Size Estimates and Forecasts to 2032 (USD Billion)
9.4 Fragrances
9.4.1 Fragrances Market Trends Analysis (2020-2032)
9.4.2 Fragrances Market Size Estimates and Forecasts to 2032 (USD Billion)
9.5 APIs & Drug Carrier
9.5.1 APIs & Drug Carrier Market Trends Analysis (2020-2032)
9.5.2 APIs & Drug Carrier Market Size Estimates and Forecasts to 2032 (USD Billion)
10. Regional Analysis
10.1 Chapter Overview
10.2 North America
10.2.1 Trends Analysis
10.2.2 North America Ethyl Lactate Material Market Estimates and Forecasts, by Country (2020-2032) (USD Billion)
10.2.3 North America Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.2.4 North America Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.2.5 North America Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.2.6 USA
10.2.6.1 USA Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.2.6.2 USA Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.2.6.3 USA Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.2.7 Canada
10.2.7.1 Canada Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.2.7.2 Canada Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.2.7.3 Canada Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.2.8 Mexico
10.2.8.1 Mexico Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.2.8.2 Mexico Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.2.8.3 Mexico Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.3 Europe
10.3.1 Eastern Europe
10.3.1.1 Trends Analysis
10.3.1.2 Eastern Europe Ethyl Lactate Material Market Estimates and Forecasts, by Country (2020-2032) (USD Billion)
10.3.1.3 Eastern Europe Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.3.1.4 Eastern Europe Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.3.1.5 Eastern Europe Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.3.1.6 Poland
10.3.1.6.1 Poland Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.3.1.6.2 Poland Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.3.1.6.3 Poland Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.3.1.7 Romania
10.3.1.7.1 Romania Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.3.1.7.2 Romania Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.3.1.7.3 Romania Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.3.1.8 Hungary
10.3.1.8.1 Hungary Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.3.1.8.2 Hungary Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.3.1.8.3 Hungary Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.3.1.9 Turkey
10.3.1.9.1 Turkey Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.3.1.9.2 Turkey Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.3.1.9.3 Turkey Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.3.1.10 Rest of Eastern Europe
10.3.1.10.1 Rest of Eastern Europe Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.3.1.10.2 Rest of Eastern Europe Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.3.1.10.3 Rest of Eastern Europe Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.3.2 Western Europe
10.3.2.1 Trends Analysis
10.3.2.2 Western Europe Ethyl Lactate Material Market Estimates and Forecasts, by Country (2020-2032) (USD Billion)
10.3.2.3 Western Europe Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.3.2.4 Western Europe Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.3.2.5 Western Europe Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.3.2.6 Germany
10.3.2.6.1 Germany Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.3.2.6.2 Germany Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.3.2.6.3 Germany Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.3.2.7 France
10.3.2.7.1 France Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.3.2.7.2 France Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.3.2.7.3 France Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.3.2.8 UK
10.3.2.8.1 UK Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.3.2.8.2 UK Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.3.2.8.3 UK Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.3.2.9 Italy
10.3.2.9.1 Italy Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.3.2.9.2 Italy Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.3.2.9.3 Italy Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.3.2.10 Spain
10.3.2.10.1 Spain Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.3.2.10.2 Spain Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.3.2.10.3 Spain Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.3.2.11 Netherlands
10.3.2.11.1 Netherlands Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.3.2.11.2 Netherlands Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.3.2.11.3 Netherlands Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.3.2.12 Switzerland
10.3.2.12.1 Switzerland Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.3.2.12.2 Switzerland Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.3.2.12.3 Switzerland Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.3.2.13 Austria
10.3.2.13.1 Austria Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.3.2.13.2 Austria Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.3.2.13.3 Austria Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.3.2.14 Rest of Western Europe
10.3.2.14.1 Rest of Western Europe Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.3.2.14.2 Rest of Western Europe Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.3.2.14.3 Rest of Western Europe Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.4 Asia Pacific
10.4.1 Trends Analysis
10.4.2 Asia Pacific Ethyl Lactate Material Market Estimates and Forecasts, by Country (2020-2032) (USD Billion)
10.4.3 Asia Pacific Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.4.4 Asia Pacific Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.4.5 Asia Pacific Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.4.6 China
10.4.6.1 China Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.4.6.2 China Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.4.6.3 China Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.4.7 India
10.4.7.1 India Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.4.7.2 India Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.4.7.3 India Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.4.8 Japan
10.4.8.1 Japan Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.4.8.2 Japan Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.4.8.3 Japan Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.4.9 South Korea
10.4.9.1 South Korea Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.4.9.2 South Korea Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.4.9.3 South Korea Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.4.10 Vietnam
10.4.10.1 Vietnam Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.4.10.2 Vietnam Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.4.10.3 Vietnam Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.4.11 Singapore
10.4.11.1 Singapore Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.4.11.2 Singapore Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.4.11.3 Singapore Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.4.12 Australia
10.4.12.1 Australia Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.4.12.2 Australia Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.4.12.3 Australia Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.4.13 Rest of Asia Pacific
10.4.13.1 Rest of Asia Pacific Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.4.13.2 Rest of Asia Pacific Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.4.13.3 Rest of Asia Pacific Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.5 Middle East and Africa
10.5.1 Middle East
10.5.1.1 Trends Analysis
10.5.1.2 Middle East Ethyl Lactate Material Market Estimates and Forecasts, by Country (2020-2032) (USD Billion)
10.5.1.3 Middle East Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.5.1.4 Middle East Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.5.1.5 Middle East Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.5.1.6 UAE
10.5.1.6.1 UAE Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.5.1.6.2 UAE Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.5.1.6.3 UAE Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.5.1.7 Egypt
10.5.1.7.1 Egypt Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.5.1.7.2 Egypt Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.5.1.7.3 Egypt Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.5.1.8 Saudi Arabia
10.5.1.8.1 Saudi Arabia Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.5.1.8.2 Saudi Arabia Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.5.1.8.3 Saudi Arabia Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.5.1.9 Qatar
10.5.1.9.1 Qatar Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.5.1.9.2 Qatar Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.5.1.9.3 Qatar Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.5.1.10 Rest of Middle East
10.5.1.10.1 Rest of Middle East Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.5.1.10.2 Rest of Middle East Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.5.1.10.3 Rest of Middle East Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.5.2 Africa
10.5.2.1 Trends Analysis
10.5.2.2 Africa Ethyl Lactate Material Market Estimates and Forecasts, by Country (2020-2032) (USD Billion)
10.5.2.3 Africa Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.5.2.4 Africa Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.5.2.5 Africa Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.5.2.6 South Africa
10.5.2.6.1 South Africa Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.5.2.6.2 South Africa Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.5.2.6.3 South Africa Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.5.2.7 Nigeria
10.5.2.7.1 Nigeria Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.5.2.7.2 Nigeria Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.5.2.7.3 Nigeria Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.5.2.8 Rest of Africa
10.5.2.8.1 Rest of Africa Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.5.2.8.2 Rest of Africa Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.5.2.8.3 Rest of Africa Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.6 Latin America
10.6.1 Trends Analysis
10.6.2 Latin America Ethyl Lactate Material Market Estimates and Forecasts, by Country (2020-2032) (USD Billion)
10.6.3 Latin America Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.6.4 Latin America Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.6.5 Latin America Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.6.6 Brazil
10.6.6.1 Brazil Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.6.6.2 Brazil Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.6.6.3 Brazil Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.6.7 Argentina
10.6.7.1 Argentina Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.6.7.2 Argentina Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.6.7.3 Argentina Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.6.8 Colombia
10.6.8.1 Colombia Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.6.8.2 Colombia Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.6.8.3 Colombia Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
10.6.9 Rest of Latin America
10.6.9.1 Rest of Latin America Ethyl Lactate Material Market Estimates and Forecasts, by Grade (2020-2032) (USD Billion)
10.6.9.2 Rest of Latin America Ethyl Lactate Material Market Estimates and Forecasts, by End-Use Industry (2020-2032) (USD Billion)
10.6.9.3 Rest of Latin America Ethyl Lactate Material Market Estimates and Forecasts, by Application (2020-2032) (USD Billion)
11. Company Profiles
11.1 Corbion N.V.
11.1.1 Company Overview
11.1.2 Financial
11.1.3 Product/ Services Offered
11.1.4 SWOT Analysis
11.2 Musashino Chemical Laboratory
11.2.1 Company Overview
11.2.2 Financial
11.2.3 Product/ Services Offered
11.2.4 SWOT Analysis
11.3 Godavari Biorefineries Ltd.
11.3.1 Company Overview
11.3.2 Financial
11.3.3 Product/ Services Offered
11.3.4 SWOT Analysis
11.4 Merck KGaA
11.4.1 Company Overview
11.4.2 Financial
11.4.3 Product/ Services Offered
11.4.4 SWOT Analysis
11.5 Vertec Biosolvents Inc.
11.5.1 Company Overview
11.5.2 Financial
11.5.3 Product/ Services Offered
11.5.4 SWOT Analysis
11.6 Fujifilm Wako Chemicals
11.6.1 Company Overview
11.6.2 Financial
11.6.3 Product/ Services Offered
11.6.4 SWOT Analysis
11.7 Cargill Inc.
11.7.1 Company Overview
11.7.2 Financial
11.7.3 Product/ Services Offered
11.7.4 SWOT Analysis
11.8 Yancheng Hongtai Bioengineering Co., Ltd.
11.8.1 Company Overview
11.8.2 Financial
11.8.3 Product/ Services Offered
11.8.4 SWOT Analysis
11.9 Jungbunzlauer Suisse AG
11.9.1 Company Overview
11.9.2 Financial
11.9.3 Product/ Services Offered
11.9.4 SWOT Analysis
11.10 Liming Honeycomb Composites Co., Ltd.
11.10.1 Company Overview
11.10.2 Financial
11.10.3 Product/ Services Offered
11.10.4 SWOT Analysis
12. Use Cases and Best Practices
13. Conclusion
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
Key Segments:
By Grade
Food Grade
Medical Grade
Industrial Grade
By End-Use Industry
Paints and Coatings
Food and Beverage
Pharmaceutical and Healthcare
Electronics
Personal Care and Cosmetics
Others
By Application
Solvent
Additive
Fragrances
APIs & Drug Carrier
Request for Segment Customization as per your Business Requirement: Segment Customization Request
Regional Coverage:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
Request for Country Level Research Report: Country Level Customization Request
Available Customization
With the given market data, SNS Insider offers customization as per the company’s specific needs. The following customization options are available for the report:
Product Analysis
Criss-Cross segment analysis (e.g. Product X Application)
Product Matrix which gives a detailed comparison of the product portfolio of each company
Geographic Analysis
Additional countries in any of the regions
Company Information
Detailed analysis and profiling of additional market players (Up to five)
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