Lactic Acid and Polylactic Acid Market Forecast
The lactic acid market is estimated at USD 1.6 billion in 2023 and is projected to reach USD 2.8 billion by 2028, at a CAGR of 12.4% from 2023 to 2028. The global polylactic acid market is anticipated to be valued at USD 1.3 billion in 2023 and escalate to USD 2.9 billion in 2028 by growing at a CAGR of 17.7%.
The surging concerns over global warming and plastic pollution have led to significant attention being directed towards bio-plastics. One standout option among these alternatives is polylactic acid (PLA), which possesses the dual advantages of being derived from renewable sources and is biodegradable. Its applications in disposable packaging have proliferated extensively. Jem’s law estimates that the demand for PLA in the global market doubles every 3 to 4 years. However, when compared to traditional petroleum-based plastics, PLA is generally more expensive and often exhibits subpar mechanical and physical properties. Nevertheless, recent progress in compounding techniques and the successful commercialization of D(-) lactic acid and its polymer PDLA present promising opportunities for augmenting the mechanical and thermal characteristics of PLA. For instance, the development of stereocomplex PLA shows potential for high-end market utilization, effectively addressing the performance limitations of PLA and broadening its prospects across diverse industries.
The lactic acid and polylactic acid market growth is driven by increasing demand in various industries. Lactic acid, utilized in food, pharmaceuticals, and biodegradable polymers, saw growth due to sustainability trends and technological advancements in production. The PLA market thrived on the adoption of bioplastics for sustainable packaging, driven by consumer awareness and stringent regulations on single-use plastics. Expansion into diverse end-use industries, government initiatives, and investments in research and development contributed to the lactic acid and polylactic acid market growth. Continuous technological improvements and capacity expansions further supported the upward trajectory of lactic acid and polylactic acid market growth.
Lactic Acid and Polylactic Acid Market Trends
The lactic acid market growth trends are driven by its versatile applications in food, pharmaceuticals, and biodegradable polymers. The demand for lactic acid was particularly pronounced in the Asia-Pacific region. Simultaneously, the polylactic acid (PLA) market experienced dynamic trends, with a focus on biodegradable packaging solutions and compliance with stringent regulations on single-use plastics. Ongoing research aimed to enhance PLA properties, while market consolidation and strategic investments addressed the increasing demand for sustainable alternatives. lactic acid and polylactic acid market trends were influenced by consumer awareness and a broader industry shift towards environmentally friendly practices.
Key Questioned Addressed by the Lactic Acid and Polylactic Acid Market Report
How big is the Lactic Acid and Polylactic Acid Industry?
What is the Lactic Acid and Polylactic Acid Market growth rate?
What are the Lactic Acid and Polylactic Acid Market trends?
What is Lactic Acid and Polylactic Acid Market forecast in the coming years?
