The Ethyl Lactate Market size was valued at USD 2.06 billion in 2023 and is expected to grow to USD 3.70 billion by 2031 and grow at a CAGR of 7.7% over the forecast period of 2024-2031.
Ethyl lactate is also referred to as lactic acid ethyl ester. It is a monobasic ester formed from ethanol and lactic acid. Ethyl lactate is also produced by the fermentation of carbohydrates similar to sugar. It is a clear, colorless transparent liquid. It is mainly used as a flavoring agent for liquor and as a solvent for the interbody synthesis of pharmaceutical resin, coatings, and pesticides.
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Ethyl Lactate is used in pharmaceutical preparations, fragrances, and food additives due to its relatively low toxicity. Ethyl Lactate is also used for many agricultural and industrial applications. It is used as an extraction solvent for the decaffeination of coffee and tea. For paints, varnishes, and lacquers ethyl lactate is used as a coating solvent.
The COVID-19 pandemic has led to supply chain disruption due to the lockdown across the globe. Due to the rapid spread of coronavirus, there was a decrease in the demand for chemical intermediates. The ethyl lactate market was also impacted by this outbreak due to the stringent regulation imposed by the government. But, due to the various use of ethyl lactate in the pharmaceutical and healthcare sectors demand for ethyl lactate increased during the pandemic specially in the pharmaceutical sector. It means that chemical industry workers maintained the normal work schedules related to all chemical supply chain activities, production, and transportation of raw materials or final chemical products.
Drivers
Increasing utilization of ethyl lactate in the pharmaceutical sector
Growing utilization of ethyl lactate as an alternative to petroleum-based solvents
Non-carcinogenic nature of ethyl lactate
Wide range of applications of ethyl lactate in various industries
Ethyl lactate has properties like low vaporization and low toxicity as compared to petroleum-based solvents which drive the market for ethyl lactate significantly. Industries induce demand for ethyl lactate instead of petroleum-based solvents due to the cost efficiency of ethyl lactate which produces a lucrative opportunity for the ethyl lactate to grab the market.
Restrain
Harmful impact on the skin and eyes after a long-time touch with ethyl lactate
Opportunities
Continuously rising adoption of ethyl lactate in the cosmetics and personal care industry
Challenges
Fluctuation in raw material prices
The constant fluctuation in crude oil and natural gas prices has severely affected the ethyl lactate market. There is also cost-cut pressure from the consumer and end-user industry which also creates a challenge for ethyl lactate manufacturers.
The Russia and Ukraine war has posed a growing challenge for chemical plants and the ethyl lactate market. This issue has been a cause for concern as it has the potential to impact the production and supply of ethyl lactate, a key ingredient in various industrial applications. As a result, it is imperative that measures are taken to address this issue and ensure the continued smooth operation of chemical plants and the ethyl lactate market.
Chemical Industry has faced various challenges in the previous years. From supply chain disruption due to the coronavirus pandemic to the energy crises provoked by the Russia-Ukraine war demand for chemicals and chemical intermediates is fluctuating constantly. With already weakened demand, the threat of recession is a serious issue for the chemical industry. Less demand from the sector that uses the chemicals in their manufacturing due to inflation has affected the market of the chemical industry. The world economic recession badly affected the chemical sector as the demand for products that require chemicals for their manufacturing decreased. Chemical companies face a variety of challenges in responding to recession across the industry.
By Grade
Food Grade
Medical Grade
Industrial Grade
By End-use Industry
Paints and Coatings
Food and Beverage
Pharmaceutical and Healthcare
Electronics
Personal Care and Cosmetics
Others
By Application
Adhesives
Cleaners
Inks
Solvents
Food additives
Fragrances
Others
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Asia Pacific region has led the ethyl lactate market in 2023 and is expected to show significant growth during the forecast period. This growth is mainly attributed because Asia-Pacific is one of the major and growing producers and consumers of ethyl lactate. The strong and healthy growth in end-use industries is associated with the increase in population, rapidly rising urbanization, and increasing per-capita disposable income. The increase in the utilization of ethyl lactate in personal care and beauty products drives the market of ethyl lactate rapidly. The growing use of personal vehicles in developing countries will positively impact the demand for the ethyl lactate market.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of the Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The major key players are Corbion N.V., Musashino Chemical Laboratory, Godavari Biorefineries Ltd., Merck KGaA, Vertec Biosolvents Inc., and other key players will be included in the final report.
| Report Attributes | Details |
| Market Size in 2023 | US$ 2.06 Bn |
| Market Size by 2031 | US$ 3.70 Bn |
| CAGR | CAGR of 7.7% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Grade (Food Grade, Medical Grade, Industrial Grade) • By End-use Industry (Paints and Coatings, Food and Beverage, Pharmaceutical and Healthcare, Electronics, Personal Care and Cosmetics, and Others) • By Application (Adhesives, Cleaners, Inks, Solvents, Food additives, Fragrances, and Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | Corbion N.V., Musashino Chemical Laboratory, Godavari Biorefineries Ltd., Merck KGaA, Vertec Biosolvents Inc., and other |
| Key Drivers | • Increasing utilization of ethyl lactate in the pharmaceutical sector • Growing utilization of ethyl lactate as an alternative to petroleum-based solvents |
| Market Opportunities | • Continuously rising adoption of ethyl lactate in the cosmetics and personal care industry |
The expected CAGR of the global Ethyl Lactate Market during the forecast period is 7.7%.
The market size of the Ethyl Lactate Market is 2.06 million in 2023.
The major key players in the ethyl lactate market are Corbion N.V., Musashino Chemical Laboratory, Godavari Biorefineries Ltd., Merck KGaA, Vertec Biosolvents Inc.
Asia-Pacific region dominated the Ethyl Lactate Market.
Increasing utilization of ethyl lactate in the pharmaceutical sector, growing utilization of ethyl lactate as an alternative to petroleum-based solvents, non-carcinogenic nature of ethyl lactate, increase in demand for green solvents in various industries such as the food and beverages industry, and wide range of applications of ethyl lactate in various industries are the driving factors of the Ethyl Lactate Market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia War
4.3 Impact of Ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Ethyl Lactate Market Segmentation, By Grade
8.1 Food Grade
8.2 Medical Grade
8.3 Industrial-Grade Lights
9. Ethyl Lactate Market Segmentation, By End-use Industry
9.1 Paints and Coatings
9.2 Food and Beverage
9.3 Pharmaceutical and Healthcare
9.4 Electronics
9.5 Personal Care and Cosmetics
9.6 Others
10. Ethyl Lactate Market Segmentation, By Application
10.1 Adhesives
10.2 Cleaners
10.3 Inks
10.4 Solvents
10.5 Food additives
10.6 Fragrances
10.7 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Ethyl Lactate Market by Country
11.2.2North America Ethyl Lactate Market by Grade
11.2.3 North America Ethyl Lactate Market by End-use Industry
11.2.4 North America Ethyl Lactate Market by Application
11.2.5 USA
11.2.5.1 USA Ethyl Lactate Market by Grade
11.2.5.2 USA Ethyl Lactate Market by End-use Industry
11.2.5.3 USA Ethyl Lactate Market by Application
11.2.6 Canada
11.2.6.1 Canada Ethyl Lactate Market by Grade
11.2.6.2 Canada Ethyl Lactate Market by End-use Industry
11.2.6.3 Canada Ethyl Lactate Market by Application
11.2.7 Mexico
11.2.7.1 Mexico Ethyl Lactate Market by Grade
11.2.7.2 Mexico Ethyl Lactate Market by End-use Industry
11.2.7.3 Mexico Ethyl Lactate Market by Application
11.3 Europe
11.3.1 Europe Ethyl Lactate Market by Country
11.3.2 Europe Ethyl Lactate Market by Grade
11.3.3 Europe Ethyl Lactate Market by End-use Industry
11.3.4Europe Ethyl Lactate Market by Application
11.3.5Germany
11.3.5.1 Germany Ethyl Lactate Market by Grade
11.3.5.2 Germany Ethyl Lactate Market by End-use Industry
11.3.5.3 Germany Ethyl Lactate Market by Application
11.3.6 UK
11.3.6.1 UK Ethyl Lactate Market by Grade
11.3.6.2 UK Ethyl Lactate Market by End-use Industry
11.3.6.3 UK Ethyl Lactate Market by Application
11.3.7 France
11.3.7.1 France Ethyl Lactate Market by Grade
11.3.7.2 France Ethyl Lactate Market by End-use Industry
11.3.7.3 France Ethyl Lactate Market by Application
11.3.8 Italy
11.3.8.1 Italy Ethyl Lactate Market by Grade
11.3.8.2 Italy Ethyl Lactate Market by End-use Industry
11.3.8.3 Italy Ethyl Lactate Market by Application
11.3.9 Spain
11.3.9.1 Spain Ethyl Lactate Market by Grade
11.3.9.2 Spain Ethyl Lactate Market by End-use Industry
11.3.9.3 Spain Ethyl Lactate Market by Application
11.3.10 The Netherlands
11.3.10.1 Netherlands Ethyl Lactate Market by Grade
11.3.10.2 Netherlands Ethyl Lactate Market by End-use Industry
11.3.10.3 Netherlands Ethyl Lactate Market by Application
11.3.11 Rest of Europe
11.3.11.1 Rest of Europe Ethyl Lactate Market by Grade
11.3.11.2 Rest of Europe Ethyl Lactate Market by End-use Industry
11.3.11.3 Rest of Europe Ethyl Lactate Market by Application
11.4 Asia-Pacific
11.4.1 Asia Pacific Ethyl Lactate Market by Country
11.4.2Asia Pacific Ethyl Lactate Market by Grade
11.4.3 Asia Pacific Ethyl Lactate Market by End-use Industry
11.4.4 Asia Pacific Ethyl Lactate Market by Application
11.4.5 Japan
11.4.5.1 Japan Ethyl Lactate Market by Grade
11.4.5. 2Japan Ethyl Lactate Market by End-use Industry
11.4.5. 3Japan Ethyl Lactate Market by Application
11.4.6 South Korea
11.4.6.1 South Korea Ethyl Lactate Market by Grade
11.4.6.2. South Korea Ethyl Lactate Market by End-use Industry
11.4.6.3. South Korea Ethyl Lactate Market by Application
11.4.7China
11.4.7.1 China Ethyl Lactate Market by Grade
11.4.7.2. China Ethyl Lactate Market by End-use Industry
11.4.7.3. China Ethyl Lactate Market by Application
11.4.8 India
11.4.8.1 India Ethyl Lactate Market by Grade
11.4.8.2. India Ethyl Lactate Market by End-use Industry
11.4.8.3 India Ethyl Lactate Market by Application
11.4.9Australia
11.4.8.1 Australia Ethyl Lactate Market by Grade
11.4.8.2. Australia Ethyl Lactate Market by End-use Industry
11.4.8.3. Australia Ethyl Lactate Market by Application
11.4.10Rest of Asia-Pacific
11.4.10.1 APAC Ethyl Lactate Market by Grade
11.4.10.2. APAC Ethyl Lactate Market by End-use Industry
11.4.10.3. APAC Ethyl Lactate Market by Application
11.5 The Middle East & Africa
11.5.1 The Middle East & Africa Ethyl Lactate Market by Country
11.5.2 The Middle East & Africa Ethyl Lactate Market by Grade
11.5.3The Middle East & Africa Ethyl Lactate Market by End-use Industry
11.5.4The Middle East & Africa Ethyl Lactate Market by Application
11.5.5Israel
11.5.5.1 Israel Ethyl Lactate Market by Grade
11.5.5.2 Israel Ethyl Lactate Market by End-use Industry
11.5.5.3 Israel Ethyl Lactate Market by Application
11.5.6 UAE
11.5.6.1 UAE Ethyl Lactate Market by Grade
11.5.6.2 Israel Ethyl Lactate Market by End-use Industry
11.5.6.3 Israel Ethyl Lactate Market by Application
11.5.7South Africa
11.5.7.1 South Africa Ethyl Lactate Market by Grade
11.5.7.2 South Africa Ethyl Lactate Market by End-use Industry
11.5.7.3 South Africa Ethyl Lactate Market by Application
11.5.8 Rest of Middle East & Africa
11.5.8.1 Rest of Middle East & Asia Ethyl Lactate Market by Grade
11.5.8.2 Rest of Middle East & Asia Ethyl Lactate Market by End-use Industry
11.5.8.3 Rest of Middle East & Asia Ethyl Lactate Market by Application
11.6 Latin America
11.6.1 Latin America Ethyl Lactate Market by Country
11.6.2. Latin America Ethyl Lactate Market by Grade
11.6.3 Latin America Ethyl Lactate Market by End-use Industry
11.6.4 Latin America Ethyl Lactate Market by Application
11.6.5 Brazil
11.6.5.1 Brazil Ethyl Lactate Market by Grade
11.6.5.2 Brazil Ethyl Lactate Market by End-use Industry
11.6.5.3Brazil Ethyl Lactate Market by Application
11.6.6 Argentina
11.6.6.1 Argentina Ethyl Lactate Market by Grade
11.6.6.2 Argentina Ethyl Lactate Market by End-use Industry
11.6.6.3 Argentina Ethyl Lactate Market by Application
11.6.7Rest of Latin America
11.6.7.1 Rest of Latin America Ethyl Lactate Market by Grade
11.6.7.2 Rest of Latin America Ethyl Lactate Market by End-use Industry
11.6.7.3Rest of Latin America Ethyl Lactate Market by Application
12 Company Profile
12.1 Corbion N.V.
12.1.1 Market Overview
12.1.2 Financials
12.1.3 Product/Services/Offerings
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 Musashino Chemical Laboratory
12.2.1 Market Overview
12.2.2 Financials
12.2.3 Product/Services/Offerings
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 Godavari Biorefineries Ltd
12.3.1 Market Overview
12.3.2 Financials
12.3.3 Product/Services/Offerings
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Merck KGaA
12.4.1 Market Overview
12.4.2 Financials
12.4.3 Product/Services/Offerings
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Vertec Biosolvents Inc.
12.5.1 Market Overview
12.5.2 Financials
12.5.3 Product/Services/Offerings
12.5.4 SWOT Analysis
12.5.5 The SNS View
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share Analysis
13.3 Recent Developments
14. Use Cases and Best Practices
15. Conclusion
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