The global lactic acid market size is projected to reach USD 8.77 billion by 2025, as per an expansive study by Grand View Research Inc. The industry is expected to register a CAGR of 18.7% during the forecast period. The demand for lactic acid is set to substantially grow in the coming years, on account of the widespread expansion of the pharmaceutical industry coinciding with the rising need for pharmaceutical grade creams and medicines among consumers. Additionally, there has been a continued focus on the aspects of recyclability and green packaging among consumers, which is expected to result in high demand for polylactic acid in the coming years. Thus, the biodegradable nature of lactic acid is projected to play a significant role in the industry advancement.
The industrial production of lactic acid is done through either bacterial fermentation of carbohydrates, or by chemical synthesis from acetaldehyde. The raw materials involved in the production of lactic acid majorly include sugarcane, corn, and cassava, among some other crops. Lactic acid is exclusively used to manufacture hygiene and cosmetic items in the personal care and oral care industry owing to its moisturizing, rejuvenating, and antimicrobial properties. Lactic acid enhances the skin lightening effects, improves collagen & elastin synthesis, and accelerates exfoliation & cell renewal. Some of the newest applications in this industry are the production of solvents, biodegradable & biocompatible PLA polymers, and oxygenated chemicals. High initial investment and volatile raw material cost are the factors estimated to restrain market growth.
Lactic Acid Market Report Highlights
• As per an article published in the National Center for Biotechnology Information, the global production of lactic acid is around 270,000 tons annually, which complements the sustained demand from food, cosmetics, and pharmaceutical sectors
• The PLA application segment accounted for the highest revenue share of 28.3% in the lactic acid market in 2018. The PLA plastic is durable, degradable, and can be composted easily; furthermore, it can be recycled back to lactic acid via hydrolysis or alcoholysis
• North America and Asia Pacific regions contributed to more than half of the global revenue share in the lactic acid market, owing to localized presence of key market players in the former region, and the high popularity of personal care products in the latter
• Mergers & acquisitions, capacity expansion, and investments in R&D are expected to remain the key success strategies among industry participants over the forecast period in the lactic acid market
• In March 2021, Corbion announced a number of capacity expansion projects for lactic acid production at its facilities in Gorinchem (Netherlands), Rayong (Thailand), Campos (Brazil) and Montmeló (Spain); the company has also signaled the construction of a brand-new lactic acid plant at its existing site in Rayong
• In October 2020, Futerro, a subsidiary of the GALACTIC group, began the operations of the first PLA production unit in China, in collaboration with its partner BBCA Biochemical. The capacity of the PLA unit, located in Bengbu, Anhui, is 30,000 tons annually
• The outbreak of the COVID-19 pandemic has shifted the spotlight on the use of bioplastics in the manufacture of ventilators and complementary medical equipment, which has aided expansion of the lactic acid industry; on the other hand, PLA has found application in the 3D printing of protective face masks to meet immense demand from various sectors
Get sample copy of “Lactic Acid Market” at: https://www.grandviewresearch.com/industry-analysis/lactic-acid-and-poly-lactic-acid-market/request/rs1
Lactic Acid Market Segmentation
Grand View Research has segmented the lactic acid market on the basis of raw material, application, and regions:
Lactic Acid Raw Material Outlook (Volume, Kilotons, Revenue, USD Million; 2014 – 2025)
• Other Crops
Lactic Acid Application Outlook (Volume, Kilotons, Revenue, USD Million; 2014 – 2025)
• Food & Beverages
• Personal Care
• Polylactic Acid
Lactic Acid Regional Outlook (Volume, Kilotons, Revenue, USD Million; 2014 – 2025)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• Central and South America
• Middle East & Africa
Have any query? Speak to Analyst @ https://www.grandviewresearch.com/inquiry/358/ibb
Browse More Related Report:
Bioresorbable Polymers Market: The global bioresorbable polymers market size was estimated at 298 tons in 2015. The biocompatibility and cost-effectiveness of the products coupled with the rising demand in medical applications.
Biodegradable Superabsorbent Materials Market: The global biodegradable superabsorbent materials market size was estimated at USD 120.64 billion in 2016 and is expected to register a CAGR of 5.8% over the forecast period.
About Grand View Research
Grand View Research is a market research and consulting company headquartered in San Francisco, which offers syndicated research reports, customized research reports, and consulting services to clients across a number of industries, including healthcare, materials, chemicals, energy, technology, and food and beverage, among others.
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United States
City: San Francisco
Country: United States