Ethyl Lactate Market: Introduction
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Ethyl lactate (C5H10O3) is an ester of lactic acid that can be
considered as a green chemical due to its nontoxic, biodegradable, and
excellent solvent properties. It is used in many industries with general
application as solvent for production of nitrocellulose, food additive,
perfumery, flavor chemicals as well as drug industries.
·
Conventional production of ethyl lactate is from esterification
of lactic acid with ethanol. The reaction proceeds well in an acid environment.
Therefore, homogeneous or heterogeneous acid catalysts are generally used to
accelerate the reaction.
Key
Drivers and Restraints of Ethyl Lactate Market
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Demand for ethyl lactate is expected to increase at a
significant pace during the forecast period due to rise in usage of ethyl
lactate in cosmetics and personal care products. It is used in the formulation
of moisturizers, washing products, and other skincare products, as well as in
cosmetics, shampoos, hair dyes, colors, and other hair care products. It is
often found in cosmetics designed to enhance the general appearance and feel of
the skin. Consumers around the world are inclined toward organic personal care
products, led by the rise in demand for organic compounds. This is projected to
fuel the market during the forecast period. Ethyl lactate is employed in the
cosmetic industry in supercritical fluid technology for the extraction of
antioxidants. However, adverse health effects of ethyl lactate in humans are
likely to hamper the market during the forecast period
Ethyl
Lactate Market: Grade Segment
·
Based on grade, the ethyl
Lactates market can be divided into food grade, technical grade, and high
purity grade
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The food grade segment dominates the ethyl lactate market
·
Ethyl 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 play an important role in food and beverage manufacturing, as they
not only help stabilize and lengthen the shelf-life, but also enhance the
flavor 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. It is also a low-cost alternative to many other organic solvents.
COVID-19
Impact on Global Ethyl Lactate Market
·
On January 30, 2020, the International Health Regulations
Emergency Committee of the World Health Organization (WHO) declared the
Coronavirus disease (COVID-19) outbreak a public health emergency of
international concern. Originating in China, the virus has spread to at least
214 countries and territories around the world.
·
Several governments and private sector businesses are operating
at a limited capacity or have ceased operations completely due to recent events
surrounding the COVID-19 pandemic
·
The outbreak of the COVID-19 pandemic has led to disturbance in
the supply chain due to the global lockdown in several countries. Also, the
spread of coronavirus caused a fall in demand for chemical intermediates due to
uncertainty in the global economy and capital markets.
·
The ethyl lactate market has been adversely affected due to the
restrictions imposed owing to the COVID-19 pandemic. Nationwide lockdowns and
closure of manufacturing facilities have negatively impacted the ethyl lactate
market. However, the market is anticipated to expand at a healthy pace during
the forecast period due to the acceptance of new normal conditions and restart
of various end-use industries in many counties across the globe.
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Asia
Pacific to Hold Leading Share of Global Ethyl Lactate Market
·
In terms of region, the ethyl lactate market can be divided into
North America, Europe, Asia Pacific, Latin America, and Middle East &
Africa
·
Asia Pacific is expected to hold major share of the global ethyl
lactate market, followed by North America and Europe, during the forecast
period
·
Asia Pacific is set to continue to be one of the largest and
fastest-growing consumers and producers of ethyl lactate globally. Strong and
healthy growth in end-use industries such as food & beverages,
pharmaceuticals, and personal care is associated with the rise in population
and middle-class economy. This is driving the ethyl lactate market in Asia
Pacific.
·
According to the India Brand Equity Foundation, the per capita
spending on luxury personal care and beauty goods is expected to expand at a
15% CAGR from 2018 to 2023. According to Invest India, the pharma Industry's
overall market value in India is projected to reach US$ 130 Bn by 2030. Thus,
demand for ethyl lactate is anticipated to increase during the forecast period
owing to the growth of end-use industries.
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Key
Manufacturers Operating in Global Ethyl Lactate Market
The ethyl lactate market was consolidated in 2020. Major players
have prominent presence in developed and developing countries. Key
manufacturers operating in the ethyl lactate market include:
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Corbion
·
Galactic
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Godavari Biorefineries
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Musashino Chemical Laboratory
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Vertec BioSolvents
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Yancheng Hongtai Bioengineering
·
Huade Biological Engineering
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Henan Kangyuan
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Shenzhen Esun Industrial
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Haijianuo Bioengineer
·
Jindan Lactic Acid
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