The main end-user markets for lactic acid are the food & beverage, pharmaceutical, and personal care industries. Presently, the application of lactic acid has been growing in the biodegradable- and renewable raw material-based polylactic acid polymers industry. The biotechnological processes for the production of lactic acid usually include lactic acid fermentation and product purification.
The market for lactic acid is experiencing strong growth because of the rise in demand from its end-user applications. Over the last five years, the biodegradable polymers industry has registered strong demand. Lactic acid-based biodegradable polymers and lactate solvents are projected to drive the demand for this market.
The food & beverage industry, which is the second-largest application for lactic acid, accounted for about 35% share of the demand for lactic acid in 2013. The demand from the food & beverage industry is estimated to drive the lactic acid market further. In this industry, lactic acid is widely used as an acidulant, pH adjuster, and preservative.
Other applications of lactic acid include the personal care and pharmaceutical industries, which have acquired significant attention in the last few years. The lactic acid market is estimated to witness a strong demand from the personal care segment due to its application in moisturizers, skin rejuvenating and lightening agents, and anti-acne agents. Lactic acid is also used in dialysis solution mineral preparations, prostheses, surgical sutures, and drug delivery systems. Thus, the lactic acid market is driven by the rising demand from its end-user applications.
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Lactic Acid: Market Prominence
The global market for Lactic Acid is expected to grow at a CAGR of 20.9% from 2015 to 2020. Lactic acid is used in the production of polylactic acid (PLA) plastics that are mainly used in packaging products that comply with the environmental norms. The increasing demand for environment-friendly products and the high cost of products that are derived from petrochemical feed stocks are expected to drive lactic acid demand.
Rising demand in lactic acid end-user applications such as biodegradable polymers, food & beverages, and personal care industries are the major factors expected to drive the growth of the market in the next few years. However, raw material prices for the production of lactic acid, have been volatile in the last few years. A significant rise in prices for commodities (raw materials used for lactic acid production) was recorded from 2010, especially for corn, tapioca, and wheat. The lactic acid market is expected to be influenced by the prices of commodities in the near future, due to financial speculations by industry experts.
Lactic Acid & Polylactic Acid Market – Regional Dynamics
Asia-Pacific is projected to be the fastest-growing regional market for lactic acid. The market here is expected to be valued at USD 486.8 million in 2015, at a CAGR of 19.3% annually. North America is the largest market for lactic acid, due to the consumption of lactic acid for polylactic acid is high. In recent years, in the food & beverage industry, the demand for polylactic acid has risen, compared to that of lactic acid. Polylactic acid usage, especially in the plastics packaging, containers, and cutlery markets, is being promoted owing to increasing regulatory concerns and environment-friendly characteristics.
Major Players in the Lactic Acid & Polylactic Acid Market
The key players in this market are BASF SE (Germany), CSM N.V. (The Netherlands), Dow Chemical Company (U.S.), Teijin Ltd. (Japan), NatureWorks LLC (U.S.), and CSM N.V. (The Netherlands). These companies use strategies such as acquisitions, expansions & investments, and new product launches to strengthen their position in the market.
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