Transparency Market Research has released a new market report titled
“Lactic Acid Market - Global Industry Analysis, Size, Share,
Growth, Trends and Forecast 2015 - 2023.” According to the report,
the global lactic acid market was valued at US$ 1,130.4 Mn in 2014
and is projected to reach US$ 3,381.8 Mn in 2023, expanding at a CAGR
of 13.0% between 2015 and 2023. On the other hand, the global
polylactic acid market was valued at US$ 400.1 Mn in 2014 and is
estimated to reach US$ 1,358.1 Mn in 2023, expanding at a CAGR of
14.6% between 2015 and 2023.
Lactic acid is one of the key carboxylic acids used in biodegradable
plastics and food and beverage industries. It is primarily used as a
pH regulator in the food and beverage industry.
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In addition, lactic acid is employed in personal care and
pharmaceutical industries. Growing downstream markets such as
bio-based plastics is estimated to result in sustainable growth in
the lactic acid market during the forecast period.
Biodegradable plastics was the largest end-user segment of the lactic
acid market with more than 30% share in 2014. It is expected to be
the fastest growing segment of the lactic acid market during the
forecast period. Food and beverage, personal care, and pharmaceutical
segments are also anticipated to account for significantly high share
in the lactic acid market in the near future. Increasing demand for
bioplastics is likely to augment the demand for biodegradable
plastics in the lactic acid market in the near future.
Polylactic acid belongs to the group of bioplastics and is primarily
used in packaging, textile, electronics, and various other end-user
industries. It is chiefly used in packaging of food and beverages,
trays, garbage bags, as well as employed in woven and non-woven
textiles. In addition to packaging and textile industries, polylactic
acid is utilized in electronics, biomedical, and consumer goods
industries. Growing downstream markets such as packaging and
biomedical industries would lead to sustainable growth in the
polylactic acid market during the forecast period.
Packaging was the largest end-user segment of the polylactic acid
market with a share of over 45% in 2014. It is expected to be the
fastest growing segment of the polylactic acid during the forecast
period. Textile, electronics, automotive, and biomedical end-user
segments are also likely to hold significantly high share in the
global polylactic acid market in the near future.
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Rising demand for polylactic acid in the packaging segment is
projected to augment the global demand for polylactic acid in the
near future.
Key players operating in the lactic acid and polylactic acid markets
include Corbion NV, NatureWorks LLC, Henan Jindan Lactic Acid
Technology Co., Ltd., Archer Daniels Midland Company, Synbra
Technology BV, Zhejiang Hisun Biomaterials Co., Ltd., Teijin Ltd.,
Galactic, and Futerro.
The
report segments the global lactic acid and polylactic acid markets as
follows:
Lactic
Acid Market - End-user Analysis
- Food and Beverage
- Personal Care
- Pharmaceutical
- Biodegradable Plastics
- Others (Including detergents, etc.)
Polylactic
Acid Market - End-user Analysis
- Packaging
- Textile
- Electronics
- Automotive
- Biomedical
- Others (Including printing, etc.)
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