The global Lactic Acid and Polylactic Acid Market was valued at USD 1.6 billion and USD 1.3 billion in 2023 and are anticipated to grow at CAGRs of 12.4% and 17.7%, respectively, between 2023 and 2028, attributed to the growing revenue of $2.8 billion and $2.9 billion by 2028. The base year for estimation is 2022, and the historical data spans from 2023 to 2028.
The North America market is projected to contribute the largest lactic acid market share.
North America has a strong presence in industries that utilize lactic acid, such as food and beverages, personal care, pharmaceuticals, and bioplastics. The region's robust manufacturing and consumer markets provide a favorable environment for the growth of the lactic acid market.
Additionally, advancements in production technologies and the availability of raw materials, including corn-based feedstocks, contribute to the expansion of the lactic acid market in North America. The region's well-established infrastructure and supportive government policies further promote market growth and innovation.
Moreover, increasing investments in research and development activities, as well as collaborations between industry players and research institutions, drive advancements in lactic acid applications and production processes, fueling market growth in North America.
Key Players in Global Lactic Acid and Polylactic Acid Market
Corbion (Netherlands), Cargill, Incorporated (US), Galactic (Belgium), Unitika Ltd (Japan), Henan Jindan lactic acid Technology Co., Ltd. (China), TORAY INDUSTRIES, INC. (Japan), and Sulzer Ltd (China). are among the key players in the global food antioxidant market. To increase their company's revenues and market shares, companies are focusing on launching new products, developing partnerships, and expanding their production facilities. The key strategies used by companies in the global lactic acid market include geographical expansion to tap the potential of emerging economies, strategic acquisitions to gain a foothold over the extensive supply chain, and new product launches as a result of extensive research and development (R&D) initiatives.
Bio-degradable polymers in the lactic acid application segment accounted for the largest global lactic acid market share in 2023 in terms of value.
Growing global environmental concerns and the need for sustainable solutions have fueled increasing demand for bio-degradable polymers as an alternative to traditional plastics. Derived from renewable resources and capable of biodegradation, these polymers align with the rising preference for eco-friendly materials. The demand for bio-degradable polymers spans diverse industries, including packaging, textiles, consumer goods, and automotive, benefiting from the versatility and adaptability of polylactic acid (PLA) in various applications. With heightened consumer awareness and a growing preference for sustainable products, the market for biodegradable polymers is poised for significant growth. Furthermore, ongoing advancements in PLA production technologies, accompanied by economies of scale, are driving cost reductions and enhancing the competitiveness of bio-degradable polymers against conventional plastics, further stimulating market expansion.
Packaging in the polylactic acid application segment accounted for the largest lactic acid market share in 2023 in terms of value.
The market for polylactic acid (PLA) packaging is poised for rapid growth due to several pivotal factors. There is an escalating global emphasis on sustainable packaging solutions, prompted by mounting environmental concerns and stricter regulations. PLA packaging, derived from renewable sources is biodegradable, and presents a compelling substitute for conventional plastics, effectively meeting the demand for eco-friendly materials. The surging consumer demand for sustainable packaging options serves as a significant catalyst driving the swift expansion of the PLA packaging market. Moreover, PLA packaging offers versatility and functionality comparable to conventional plastics. It can be molded into various shapes, sizes, and forms, making it suitable for a wide range of packaging applications across industries such as food and beverages, personal care, and e-commerce. The adaptability of PLA packaging to meet diverse packaging needs further contributes to its market growth.
19 February 2020 - The global Lactic Acid & Polylactic Acid Market is anticipated to reach USD 9.8 billion and USD 6.5 billion respectively by 2025.
Growing demand for environmental friendly packaged products and awareness is expected to drive the market growth over the forecast period.
The production of PLA uses 68 percent less fossil fuel resources than traditional plastics and it is the world's first greenhouse-gas-neutral polymer.
This organic compound is easily compostable and biodegradable, subsequently minimizing environmental hazards including solid waste disposal.
However, introduction of other renewable packaging alternatives in the market, for example agricultural natural fiber products such as bagasse, bamboo, palm fiber bulrush.
However, companies operating in the market have been are innovation new processes to enhance heat resistance power of polymers.Based on application type the global market is segmented into industrial, personal care, packaging, petroleum based products and textiles.
Lactic Acid & Polylactic Acid Market: IntroductionTransparency Market Research delivers key insights on the global lactic acid & polylactic acid market.
In terms of revenue, the global lactic acid & polylactic acid market is estimated to expand at a CAGR of 13.7% and a CAGR 15.8%, respectively, during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global lactic acid & polylactic acid market.The global lactic acid & polylactic acid market is broadly affected by several factors, including increase in usage of lactic acid and polylactic acid in various end-use industries such as food & beverages, personal care, pharmaceutical, packaging, textile, automobile, electrical & electronics, agriculture, and construction.
The growth of polymer and packaging industries is also propelling the demand for lactic acid and polylactic acid.Request A Sample- https://www.transparencymarketresearch.com/sample/sample.php?flag=S_id=83039Lactic Acid & Polylactic Acid Market: DynamicsLactic acid is an organic acid.
The production includes artificial synthesis as well as natural sources.
It is used as a synthetic intermediate in organic synthesis and biochemical industries.
Polylactic acid has become a popular material, as it is economically produced from renewable resources.
The global lactic acid & polylactic acid market is anticipated to reach USD 9.8 billion and USD 6.5 billion respectively by 2025.
This organic compound is easily compostable and biodegradable, subsequently minimizing environmental hazards including solid waste disposal.
However, introduction of other renewable packaging alternatives in the market, for example agricultural natural fiber products such as bagasse, bamboo, palm fiber bulrush.
However, companies operating in the market have been are innovation new processes to enhance heat resistance power of polymers.
Personal care segment is expected to be the fast growing segment, owing to its wide use in products for, anti-acne, skin lightening, anti-aging, and anti-wrinkle.
Growing demand among all the application segments and high concentration of allied industries of lactic acid in this region is expected to be the key driving force for the industry in this region.
Some of the leading players in the global lactic acid market and polylactic acid market are Futerro SA, Teijin Ltd., Zhejiang Hisun Biomaterials Co., Ltd., Synbra Technology BV, Archer Daniels Midland Company, Henan Jindan Lactic Acid Technology Co., Ltd., NatureWorks LLC, and Corbion NV., notes Transparency Market Research (TMR).The global lactic acid market stood at US$1,130.4 Mn in 2014 and is estimated to reach US$3,381.8 Mn by the end of 2023.
Polylactic acid market is projected to proliferate at a CAGR of 14.6% during the same forecast period.
The various end-use segments for polylactic acid are packaging, textile, electronics, automotive, and biomedical.
The substantial growth of this regional market over the past few years is attributed to the extensive demand for bioplastics.
On the other hand, the Asia Pacific polylactic acid market is expected to witness the leading growth rate in the coming years.Lavish Demand for Downstream Applications boosts Lactic Acid Market and Polylactic Acid MarketThe extensive application of lactic acid in the food and beverages and pharmaceutical industries world over is a key factor driving its demand.
The rising application of lactic acid as a key carboxylic acid increasingly used in the manufacture of biodegradable is accentuating the global lactic acid market.
