1h Free Analyst Time
The Butyl Lactate Market size was estimated at USD 832.41 million in 2023, USD 885.27 million in 2024, and is expected to grow at a CAGR of 6.64% to reach USD 1,305.74 million by 2030. Speak directly to the analyst to clarify any post sales queries you may have.
Butyl lactate, scientifically known as butyl 2-hydroxypropanoate, is an organic compound that belongs to the category of esters derived from lactic acid and butanol. It is a clear, colorless liquid characterized by a mild odor. Butyl Lactate is known for its versatile properties, including its role as a solvent and flavoring agent and in the formulation of personal care products, pharmaceuticals, and various industrial applications. Its features, such as biodegradability, low toxicity, and being a renewable bio-based material, make it a preferred choice in eco-conscious applications.
Growing awareness and concern regarding the environmental impact of chemical products have led to increased demand for green, biodegradable alternatives such as butyl lactate. The availability of governmental regulations favoring the use of eco-friendly and safe chemicals in industries has propelled the adoption of butyl lactate over traditional solvents. The growing usage of butyl lactate in cosmetics, pharmaceuticals, and industrial solvents is further driving the usage of the butyl lactate market. Fluctuations in the prices of raw materials required for the production of butyl lactate and technological and performance-related limitations when substituting butyl lactate for more traditional solvents hamper market growth. Growing innovations and improvements in manufacturing processes that enhance the production efficiency and quality of butyl lactate are expected to create opportunities for market growth.
Regional Insights
The butyl lactate market in the Americas demonstrates considerable growth primarily due to the robust chemical industry, particularly in the United States and Brazil. The region harbors sophisticated chemical manufacturing techniques and intense research & development activities focusing on green chemistry. This includes the development and production of bio-based solvents like butyl lactate. Asia-Pacific stands out as a significant region in the global butyl lactate market, driven by rapid industrialization and expanding pharmaceutical, personal care, and food & beverage sectors, especially in China, India, and Southeast Asia.The region's benefit from relatively lenient regulatory environments, coupled with lower production costs, has attracted investments in manufacturing facilities. Additionally, the increasing focus on sustainability and bio-based chemicals in countries including Japan and South Korea is expected to further propel market growth. The EMEA region exhibits a mixed but promising picture for the butyl lactate market. Europe leads with stringent environmental standards and a strong emphasis on renewable chemicals, which drives the demand for bio-based solvents such as butyl lactate across industries likcosmetics, pharmaceuticals, and food. In the Middle East, the market is emerging, with the potential heightened by the region's growing personal care industry. Africa shows potential for growth in the food and beverage sector, which could, in turn, increase demand for butyl lactate.
Market Trends by Segment
- Grade: Growing usage of industrial grade butyl lactate due to its versatility, serving as a solvent
- Application: Rising potential of butyl lactate in the paints & inks industry for enhancing the properties of coatings
Industry Insights
- Market Dynamics
- Market Disruption Analysis
- Porter’s Five Forces Analysis
- Value Chain & Critical Path Analysis
- Pricing Analysis
- Technology Analysis
- Patent Analysis
- Trade Analysis
- Regulatory Framework Analysis
- FPNV Positioning Matrix
- Market Share Analysis
- Strategy Analysis and Recommendations
Recent Developments
China Approves New Food Raw Materials, Additives, and Food-Related Products
The National Health Commission (NHC) of the People’s Republic of China unveiled an announcement signaling a progressive step in the food industry by approving 15 Three New Foods including 2- (Vinyloxy) -1,2,3-propanecarboxylic acid tributylester. This paramount decision categorizes the approvals into four innovative food raw materials, six groundbreaking food additives, and five essential food-related products. This approval marks a pivotal moment for stakeholders in the food industry, setting the stage for novel applications and safety standards in food production and consumption.KLJ Group invests INR 1,200 Cr; Commissions Plasticizers & Phthalic Anhydride production facility
KLJ Group strategically enhanced its operational capabilities through a substantial investment of INR 1,200 crore. This financial infusion has been directed towards the establishment of a state-of-the-art production facility dedicated to plasticizers and phthalic anhydride. This move not only underscores KLJ Group's commitment to fortifying its market position but also signifies its determination to meet the growing demand within the industry through the adoption of advanced manufacturing technologies and practices.Key Company Profiles
The report delves into recent significant developments in the Butyl Lactate Market, highlighting leading vendors and their innovative profiles. These include Adooq Bioscience LLC., Anant Pharmaceuticals Pvt. Ltd., Arran Chemical Company Ltd. by Almac Group, BioCrick BioTech, Cayman Chemical, Clearsynth, Daiichi-Sankyo Company, Limited., Hefei Home Sunshine Pharmaceutical Technology Co., Ltd., Jeil Pharmaceutical Co., Ltd., Kimia Biosciences Ltd, LKT Laboratories, Inc., Manus Aktteva Biopharma LLP, Merck KGaA, Parchem Fine and Specialty Chemicals, Inc., Selleck Chemicals LLC, Steris Pharma Pvt. Ltd., Sun Pharmaceutical Industries Ltd., Thermo Fisher Scientific, Inc., Tokyo Chemical Industry Co., Ltd., and UBE Corporation.This research report offers invaluable insights into various crucial aspects of the Butyl Lactate Market:
- Market Penetration: This section thoroughly overviews the current market landscape, incorporating detailed data from key industry players.
- Market Development: The report examines potential growth prospects in emerging markets and assesses expansion opportunities in mature segments.
- Market Diversification: This includes detailed information on recent product launches, untapped geographic regions, recent industry developments, and strategic investments.
- Competitive Assessment & Intelligence: An in-depth analysis of the competitive landscape is conducted, covering market share, strategic approaches, product range, certifications, regulatory approvals, patent analysis, technology developments, and advancements in the manufacturing capabilities of leading market players.
- Product Development & Innovation: This section offers insights into upcoming technologies, research and development efforts, and notable advancements in product innovation.
Additionally, the report addresses key questions to assist stakeholders in making informed decisions:
- What is the current market size and projected growth?
- Which products, segments, applications, and regions offer promising investment opportunities?
- What are the prevailing technology trends and regulatory frameworks?
- What is the market share and positioning of the leading vendors?
- What revenue sources and strategic opportunities do vendors in the market consider when deciding to enter or exit?
Table of Contents
1. Preface
2. Research Methodology
5. Market Insights
6. Butyl Lactate Market, by Grade
7. Butyl Lactate Market, by Application
8. Americas Butyl Lactate Market
9. Asia-Pacific Butyl Lactate Market
10. Europe, Middle East & Africa Butyl Lactate Market
11. Competitive Landscape
12. Competitive Portfolio
List of Figures
List of Tables
Companies Mentioned
- Adooq Bioscience LLC.
- Anant Pharmaceuticals Pvt. Ltd.
- Arran Chemical Company Ltd. by Almac Group
- BioCrick BioTech
- Cayman Chemical
- Clearsynth
- Daiichi-Sankyo Company, Limited.
- Hefei Home Sunshine Pharmaceutical Technology Co., Ltd.
- Jeil Pharmaceutical Co. , Ltd.
- Kimia Biosciences Ltd
- LKT Laboratories, Inc.
- Manus Aktteva Biopharma LLP
- Merck KGaA
- Parchem Fine and Specialty Chemicals, Inc.
- Selleck Chemicals LLC
- Steris Pharma Pvt. Ltd.
- Sun Pharmaceutical Industries Ltd.
- Thermo Fisher Scientific, Inc.
- Tokyo Chemical Industry Co., Ltd.
- UBE Corporation
Methodology
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 187 |
| Published | May 2024 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value ( USD | $ 885.27 Million |
| Forecasted Market Value ( USD | $ 1305.74 Million |
| Compound Annual Growth Rate | 6.6% |
| Regions Covered | Global |
| No. of Companies Mentioned | 20 |
