The ethyl lactate market is projected to reach USD 2.74 billion by 2027, at a CAGR of 7.8% from USD 1.88 billion in 2022. In the coming years, the demand for ethyl lactate will increase due to its non-toxic and non-carcinogenic qualities in the personal care, cosmetic, and food and beverage industries. Eco-friendly solvent ethanol lactate has potential applications in supercritical fluid technologies, including high-pressure chemical reactions, carbon dioxide co-solvent precipitation, and supercritical extraction procedures.
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Driver: Alternative to petroleum solvents
Ethyl lactate is now being utilized more frequently because to the increased need to create a cleaner environment and the tight rules being established. In many facets of the industry, substituting petrochemical solvents has proven to be more difficult. The petrochemicals sector is responsible for developing the majority of commonly used organic solvents. They are very toxic, corrosive, explosive, flammable, and explosive. Alternately, the fermentation of the carbohydrate feedstock results in the production of ethyl lactate, an ester of lactic acid. Since the solvent conveniently degrades to carbon dioxide and water, it is environmentally friendly.
Restraints: Harmful health impacts
When inhaled or absorbed via the skin, the colorless liquid ethyl lactate, which has a slight odor, can have an impact on the employees. Ethyl lactate can irritate the skin and eyes when in touch with them for a long time. According to the standardized classification and label (CLP00) established by the European Union, this material is a flammable liquid and vapor that causes significant eye injury and respiratory irritation.
Opportunities: Rising demand in cosmetics and personal care industry
Cosmetics and personal care items frequently include lactic acid esters like ethyl lactate. In addition to cosmetics, shampoos, hair dyes, colors, and other hair care products, these components are used to create moisturizers, cleaning solutions, and other skincare items. They are frequently present in cosmetics intended to improve the overall look and feel of the skin. The increased demand for organic components and the preference among consumers for organic personal care products are expected to drive market expansion over the next years.
Challenges: Volatility in raw material prices
Volatility in the prices of raw materials, such as crude oil and natural gas, over the past five years, has significantly impacted the ethyl lactate market. Therefore, manufacturers find it difficult to come with new and innovative products, which impact their operating profits. There are also cost pressures from customers, and the end-users have to adjust between the cost and performance tradeoffs, thereby affecting the performance of final products or their profit margin.
“Food grade was the largest grade for ethyl lactate market in 2021, in terms of value”
Ethyl lactate is a monobasic ester that is made up of ethanol and lactic acid and is used as a food additive. As a food additive, ethanol lactate, a monobasic ester composed of lactic acid and ethanol, is utilized. 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.
“Solvents was the largest application for ethyl lactate market in 2021, in terms of value”
In 2021, the market for ethyl lactate was dominated by solvents. Solvents are necessary for the majority of chemical reactions in order to improve the interaction of the reagents and catalysts. The solvent also ensures a suitable technique for removing the products from the reaction mixture. Ethyl lactate, a bio-based solvent having the same potency as petroleum-based solvents, is also utilized in supercritical fluid technology as a co-solvent for carbon dioxide.
“Asia Pacific was the largest market for ethyl lactate in 2021, in terms of value.”
Asia Pacific region dominated the global ethyl lactate market, in terms of value, in 2021. In the upcoming years, it is anticipated that large markets like China, India, Japan, and South Korea would 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.
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Key Market Players
The key players in this market Corbion (Netherlands), Galactic (US), Vertec Biosolvents (US), Musashino Chemical Laboratory (Japan), Godavari Biorefineries (India), and Henan Kangyuan (China). Continuous developments in the market—including new product launches, mergers & acquisitions, agreements, and expansions—are expected to help the market grow. Leading manufacturers of ethyl lactate market have opted for new product launches to sustain their market position.
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