Ethyl Lactate Market to Reach US$ 6.2 Bn by the end of 2031: TMR Study

• Usage of ethyl lactate as an industrial solvent for cleaning purposes such as graffiti or paint removal projected to accelerate market growth
• Ethyl lactate is also used as a degreaser for replacing toxic and traditional solvents such as chloroform and methylene chloride
• Food & beverages segment to rise significantly

WILMINGTON, Del., Dec. 7, 2022 /PRNewswire/ -- The global Ethyl Lactate Market is projected to grow at a CAGR of 7.3% from 2022 to 2031. Rise in the demand for eco-friendly alternatives for multiple industrial applications is anticipated to fuel market expansion.

As per the Ethyl Lactate Market report, the market was valued at US$ 3.1 Bn in 2021 is projected to reach US$ 6.2 Bn by the end of 2031. Ethyl lactate is preferred to other solvents due to various advantages. Properties such as low vaporization, non-ozone, and depleting and non-corrosive nature of ethyl lactate are expected to boost market development in the next few years.

Increase in usage of ethyl lactate as a water-solvent degreaser in the food & beverages sector for products such as fruits, cabbage, chicken, peas, vinegar, and wine will propel industry demand. The solution has a mild odor and when diluted, becomes creamy or buttery and can be used in coconut and other fruits.

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Key Findings

• Increase in Utilization in Pharmaceutical and Cosmetic Products to Spur Growth: The U.S. FDA approved ethyl lactate as a subordinate solubilizing agent that is safe to use in medicinal dyes and food products. The solution is also used as an excipient in medicine production or as aroma enhancer in cosmetic products such as perfumes. Increase in demand for ethyl lactate in the personal care and pharmaceutical industries is likely to create new business opportunities in the market during the forecast period.
• Rise in Safety Standards for Using Alternatives to Petroleum-based Solvents to Drive Market: Ethyl lactate exhibits low vaporization and low toxicity levels compared to petroleum-based solvents such as ethanol, ethyl acetate, methanol, and acetone. Moreover, cost-efficiency has induced companies to opt for ethyl lactate instead of the aforementioned petroleum-based solvents. This will create lucrative market opportunities for manufacturers of ethyl lactate in the near future.

Key Drivers

• Government imposed safety regulations with respect to the usage of residual solvents in food & beverage products and the non-carcinogenic nature of ethyl lactate are expected to augment industry growth
• Rise in demand for green solvents in food & beverages and other sectors is projected to fuel the global Ethyl Lactate Market development

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Regional Growth Dynamics

• North America held the largest market share in 2021. The trend is anticipated to continue during the forecast period owing to high demand among pharmaceutical and food & beverage companies
• Surge in usage in cosmetic products and presence of top personal care brands will bolster future market demand for ethyl lactate in Europe

Key Players

The Ethyl Lactate Market is highly competitive, with the presence of large number of players. Increase in investment in research & development will help players gain a competitive edge in the market. Collaborative efforts, such as joint ventures and merger & acquisition strategies, are expected to enable players to increase revenue.

As per the ethyl lactate industry research, prominent players in the market are

• Stepan, Godavari Biorefineries Ltd.,
• Merck KGaA, Corbion,
• Huade Biological Engineering,
• Musashino Chemical Laboratory,
• Yancheng Hongtai Bioengineering,
• Haijiano Bioengineer,
• Jindan Lactic Acid,
• Henan Kangyuan, and others.

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Ethyl Lactate Market Segmentation

Grade

• Pharma
• Food
• Technical
• Industrial

End-use

• Food & Beverages
• Electronics
• Paints & Coatings
• Packaging & Printing ink
• Pharmaceuticals
• Cosmetics & Personal Care
• Industrial Cleaning
• Agrochemicals
• Others

Regions

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

Countries

• U.S.
• Canada
• Germany
• U.K.
• France
• Spain
• Italy
• Russia & CIS
• China
• India
• Japan
• ASEAN
• Brazil
• Mexico
• GCC
• South Africa

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