Ethyl Lactate Market: Introduction
- 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
- 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
- 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.
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.
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:
- Godavari Biorefineries
- Musashino Chemical Laboratory
- Vertec BioSolvents
- Yancheng Hongtai Bioengineering
- Huade Biological Engineering
- Henan Kangyuan
- Shenzhen Esun Industrial
- Haijianuo Bioengineer
- Jindan Lactic Acid
Ethyl Lactate Market: Research Scope
Ethyl Lactate Market, by Grade
- Food Grade
- Technical Grade
- High Purity Grade
Ethyl Lactate Market, by Application
- Food additives
Ethyl Lactate Market, by End-use Industry
- Paints & Coatings
- Food & Beverages
- Pharmaceutical & Health Care
- Personal Care & Cosmetics
Global Ethyl Lactate Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.