The report “Lactic Acid Market by Application (Biodegradable Polymers, Food & Beverages, Pharmaceutical Products), Form, and Region; Polylactic Acid Market, by Application (Packaging, Fiber & Fabrics, Agriculture), Form, and Region – Global Forecast to 2025″, is projected to be valued at USD 1280 million in 2021. It is projected to reach USD 2081 million by 2025, recording a CAGR of 12.8% during the forecast period. The global polylactic acid market is projected to be valued at USD 920 million in 2021. It is projected to reach USD 1756 million by 2025, recording a CAGR of 17.4% during the forecast period.
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The growth of the lactic acid market in the biodegradable polymer industry is projected to mainly be driven by lactic acid-based biodegradable polymers (PLA) and lactate solvents which has registered a significant demand, particularly in the North American and European regions, due to the rise in awareness among consumers about the polymers produced using polylactic acid. Bioplastics obtained from lactic and polylactic acids are considered an alternative for every conventional plastic material used in various applications. This attributed to a surge in demand for sustainable products among consumers and manufacturers strengthening their position by offering such products due to a rise in awareness of the impact on the environment.
Biodegradable Polymers is expected to result in the segment occupying majority share for the Lactic acid market.
Lactic acid is a key raw material that helps in obtaining polylactic acid, which has the potential to be used as an alternative to toxic plastics that are derived from petrochemicals and eventually replaces them. The growth of the market for industrial applications of lactic acid is primarily driven by its use in biodegradable polymers. The polylactic acid obtained through biodegradable polymers has become one of the most important polymers in the packaging industry. It acts as a key biodegradable material that is used in various industries such as food & beverage packaging, fabric & fibers, agriculture, automobile, among others.
Lactic acid in liquid form has the largest segment share in the market.
Lactic acids are available in two forms, i.e., liquid, and dry (powder), for usage in various applications. The liquid form of lactic acid is generally less stable than solids, although it may witness improved functionalities than the dry (powder) form. Biodegradable polymers manufactured using liquid lactic acid have major advantages, such as increased flexibility, and are moldable as per the required dimensions which is majorly used in pharmaceutical products to increase chemical, biological, and metabolic reactions by altering a reactions efficiency and acting as a pH regulator.
Agriculture is projected to account for the fastest-growing segment in the polylactic acid market during the forecast period.
In recent years, the agriculture segment accounted for a low market share for polylactic acid-based products, but applications such as polylactic acid-based mulch films are projected to witness an increase in the agriculture sector. The use of polylactic acid in agricultural applications includes the integration of a timed-release fertilizer in polylactic acid sheets or molded forms and biodegradable plant clips. The mechanical properties of PLA are comparable to the existing mulch film products and have the advantage of being completely biodegradable through a single growing season and thus, the polylactic acid could replace the traditional mulch films.
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North American region accounted for largest share in Lactic Acid Market and European region is projected to have largest share for the polylactic acid market.
The consumption of lactic acid in various applications varies according to the regional demands. Lactic acid is predominantly used in biodegradable polymers and food & beverage products. The North American region accounted for the largest share, in terms of value, in the global lactic acid market. This is due to the countries in North America have well-developed food & beverage manufacturing industries, which require large quantities of raw materials in the form of specialty ingredients or additives on a regular basis.
European region accounted for the largest share, in terms of value, in the global Polylactic acid market. This region has been a major contributor to the growth of the polylactic acid industry, as a high percentage of manufacturers have been inclined toward the use of polylactic acid in applications, such as packaging, fiber & fabrics, agriculture, electronics & electricals, automobiles, and others (3D printings, coating and adhesives, and building & construction).
The key players in this market include Corbion (Netherlands), DuPont (US), Cargill (US), Galactic (Belgium), DOW (US), Unitika (Japan), Henan Jindan Lacic Acid Technology (China), COFCO BioChemical (China). These key companies have undertaken expansions & investments through the establishment of R&D, innovation centers, and production facilities in various regions to meet the increasing customer demands.
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