Ethyl lactate market is anticipated to account a substantial growth owing to the increasing consumption of the product in cosmetic & personal care industry due to its cheap cost and flexible nature. Ethyl lactate is a low-toxic and low-carcinogenic substance, which makes it a desirable product from the cosmetics & personal care industry. Rising global population coupled with growth in offline and online retail market is anticipated to elevate the consumption of cosmetics & personal care products, thereby, will fuel the demand for ethyl lactate over the future years.
The product is utilized in numerous industrial application including paints & coatings, ink, fragrance, electronics, food & beverages, and others. It is widely utilized as an alternative to petrochemical solvent due to its low toxicity and less harmful properties. It is 100% biodegradable and can be easily recycled, which is making the product a popular choice across many end-use industries.
Ethyl lactate is primarily produced from lactic acid, ethanol and is predominantly used as an additive in food & beverages industry. It is extensively consumed by packaged food manufacturers to maintain fragrance, freshness, flavor, and longer shelf life of the food. Low impact on human health is also considered as a driving force behind the rising use of the product in food & beverages industry. Increasing working class population in growing economies such as India, U.S., and China is fueling the consumption of packaged food, in turn, will escalate the product demand over the projected years.
Growing construction activities in urban and rural areas in developing countries like India, is anticipated to fuel the usage for paints & coatings, as a result, will augment the demand for ethyl lactate. In addition, paints and coatings are largely consumed in automotive industry for coloring and coating purposes on cars and other automotive parts. Rapid increase in urbanization coupled with increasing usage of personal vehicle is augmenting the usage of paints & coatings, thereby, will positively influence the demand for ethyl lactate.
Ethyl lactate market is highly competitive owing to its high consumption in end-use industries on the account of its low toxic properties in comparison with its alternatives. The market mainly includes players such as Corbion N.V., Musashino Chemical Laboratory, Godavari Biorefineries Ltd., Merck KGaA, Vertec Biosolvents Inc., and others.
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