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Ethyl Lactate Market Forecast to Reach $2.5 Billion by 2026

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Ethyl Lactate Market Forecast to Reach $2.5 Billion by 2026

April 08
16:37 2021
Ethyl Lactate Market Forecast to Reach $2.5 Billion by 2026

Ethyl Lactate Market

Rising Demand for Ethyl Lactate as an Alternative to Petroleum Solvents Will Drive the Growth of Ethyl Lactate Market

Ethyl Lactate Market is forecast to reach $2.5 billion by 2026, after growing at a CAGR of 8.1% during 2021-2026. Globally, the rising demand for ethyl lactate owing to its non-carcinogenic and non-toxic properties in the food and beverage and personal care and cosmetic industry will drive the market growth in the forecast period. Ethyl lactate is an eco-friendly solvent with possible uses in supercritical fluid technology such as high-pressure chemical reactions, carbon dioxide co-solvent, anti-solvent precipitation processes, and supercritical extraction processes. Owing to its biodegradable qualities, ethyl lactate is an environmentally safe product. Their use and popularity can only be increased if they are substituted by competitively priced synthetic organic solvents such as methylene chloride and chloroform. Furthermore, the gradual economic recovery and downstream applications of ethyl lactate are broadening the demand for the ethyl lactate industry across various industry verticals.

Covid-19 Impact

Due to the COVID-19 pandemic and nationwide lockdown of several non-essential activities and manufacturing facilities the growth of ethyl lactate has been restricted, which affected various industrial activities in the year 2020. However, the market is anticipated to see healthy growth during the forecast period due to the acceptance of new normal conditions and restart of various paused end-use industries in various counties.

Ethyl Lactate Market Segment Analysis – By Grade

Food Grade held the largest share in the ethyl lactate market in 2020. Ethyl lactate is a monobasic ester that is made up of ethanol and lactic acid and is used as a food additive. The food-grade ethyl lactate additives play an important role in food and beverage manufacturing as they not only help to stabilize and lengthen the shelf-life, but also enhance the flavour and texture of food products. In the modern world, the production of food and the use of green products with environmental-conscious production and disposal implications is becoming increasingly desirable. Ethyl lactate derived from fermented corn-starch is exempt from many disposal restrictions due to its biodegradable nature and low-cost alternative to many other organic solvents.

Ethyl Lactate Market Segment Analysis – By Application

Solvents held the largest share in the ethyl lactate market in 2020. For most chemical transformations, solvents are required to increase the interaction between the reagents and catalysts. The solvent also guarantees an adequate method of separation of products from the reaction mixture. Ethyl lactate is a bio-based solvent with potency equal to petroleum-based solvents, which is also used as a carbon dioxide co-solvent in supercritical fluid technology. Synthetic organic chemists have recently been paying attention to using ethyl lactate as a reaction medium, as it has valuable benefits. Hence, due to the factors mentioned above, the solvents segment is expected to dominate the ethyl lactate market during the forecast period.

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Ethyl Lactate Market Segment Analysis – By End Use

The paints and coatings sector held the largest share in the ethyl lactate market in 2020 and is projected to grow at a CAGR of 9% during the forecast period 2021-2026. Ethyl lactate proves to be an excellent ingredient for developing coatings, paint strippers, and others. It is used in industrial coatings applications as it is completely biodegradable, cost-effective, and easy to recycle. Also, in high-solid paints, its high solubility makes it a desirable solubility booster. Ethyl lactate improves the efficiency of different resins as a solvent in formulated materials such as paints and coatings due to its high solvency strength, high boiling point, low vapor pressure, and low surface tension. Therefore, with the rising paint and coating industry, the demand for the ethyl lactate market is expected to grow in the forecast period.

Ethyl Lactate Market Segment Analysis – By Geography

The Asia Pacific region held the largest share with 38% in the ethyl lactate market in 2020. APAC as a whole is set to continue to be one of the largest and fastest-growing consumers and producers of ethyl lactate globally. Large and more developed markets such as China, India, Japan, and South Korea are expected to grow more in the coming years. The strong and healthy growth in the end-use industries such as food and beverage, pharmaceuticals, and personal care industry is associated with the growing population and middle-class economy, which tends to drive the ethyl lactate market. According to the India Brand Equity Foundation, with rising disposable incomes, it is projected that per capita spending on luxury personal care and beauty goods will see a 15% CAGR from 2018 to 2023. Also, according to Invest India, the Indian Pharma Industry’s overall market value is projected to hit $130 billion by 2030. Thus, the demand for the ethyl lactate market is therefore anticipated to increase in the forecast period owing to the rising end-use industries.

Ethyl Lactate Market Drivers

Rising Demand for Ethyl Lactate As an Alternative to Petroleum Solvents will Drive the Market Growth

The growing desire to build a cleaner environment along with the strict regulations being implemented, ethyl lactate is being increasingly used. The challenge of replacing petrochemical solvents has been greater in all sectors of the industry. Most of the widely used organic solvents are developed by the petrochemicals industry. They are particularly explosive, flammable, corrosive, carcinogenic and poisonous. Alternatively, ethyl lactate is an ester of lactic acid produced from the fermentation of the carbohydrate feedstock. The solvent is environmentally sustainable since it is conveniently biodegradable to carbon dioxide and water. As an effective solvent, ethyl lactate is capable of dissolving in both aqueous (polar) and hydrocarbon (non-polar) conditions. It thus has the ability to recover materials with a wide spectrum of polarity without the presence of a co-solvent. Also, extractive distillation system is used for the production of the green solvent ethyl lactate from ethyl alcohol and lactic acid. Thus, with increasing economic growth the wood industry will rise due to which the amino resin market coupled with the wood industry will also rise.

Increasing Demand for Ethyl Lactate in the Personal Care and Cosmetics Sector

Ethyl lactate and other lactic acid esters are commonly found in cosmetics and personal care products. These ingredients are used in the formulation of moisturizers, washing products, and other skincare products, as well as in cosmetics, shampoos, hair dyes, colours, and other hair care products. They are often found in cosmetics designed to enhance the general appearance and feel of the skin. Consumers around the world are inclined towards organic personal care products, with the growing demand for organic compounds, thus this is projected to fuel the market growth over the forecast period. Also, in the cosmetic industry ethyl lactate is increasingly used in supercritical fluid technology for the extraction of antioxidants. Furthermore, the rising awareness about the harmful effects of chemicals and synthetic products is another factor augmenting the growth of the ethyl lactate market growth.

Ethyl Lactate Market Challenges

Harmful Health Impacts of Ethyl Lactate will Affect the Growth of the Market

Ethyl Lactate is a colourless liquid with a mild odor that can affect the workers when breathed in or absorbed through the skin. The prolonged contact of ethyl lactate can irritate the eyes and skin. This substance is a flammable liquid and vapor, that causes serious eye damage and respiratory irritation, according to the harmonized classification and label (CLP00) approved by the European Union. Besides, the classification provided by companies to European Chemicals Agency (ECHA) in REACH registrations identifies that this substance causes skin irritation. Chronic (long-term) health symptoms can also occur at some point after ethyl lactate exposure which can continue for months or years. Even breathing ethyl lactate may cause dizziness, light-headedness, and passing out. Hence, the health effects of ethyl lactate in humans will further create hurdles for the market growth in the forecast period.

Ethyl Lactate Market Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the ethyl lactate market. Major players in the ethyl lactate market are Galactic, Corbion, Musashino Chemical Laboratory, Ltd., ADM, Yancheng Huade Biological Engineering Co. Ltd., Vertec BioSolvents, Zhengzhou Tianrun Lactic Acid Co., Ltd., Henan Jindan Lactic Acid Technology Co., Ltd, Shenzhen Esun Industrial Co. Ltd. and QINGDAO ABEL TECHNOLOGY CO., LTD. among others.

Key Takeaways

Asia Pacific region dominated the ethyl lactate market owing to the biodegradable qualities, making it common commodity in several different manufacturing scenarios.

Increased tendency towards green solvents across different application segments is expected to fuel demand growth in ethyl lactate shortly. Ethyl lactate is commonly used as a solvent in various end-use industries.

Ethyl Lactate is a good precision cleaning solvent that dries without leaving any film or residue. It is widely used as a photo-resistant carrier solvent and as an ingredient in edge bead removal mixtures.

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