Lactic Acid Market Overview 2024, Analysis, Growth, Share, Status and Forecast 2028
Lactic acid, also known as 2-hydroxypropanoic acid, is an organic compound with the chemical formula š¶3š»6š3. The lactic acid market has been experiencing significant growth due to its wide range of applications across various industries.
Market Size and Lactic Acid Market Growth
Volume: The demand for lactic acid is expected to increase in tandem with market value, driven by its rising use in biodegradable plastics, food and beverages, personal care products, and pharmaceuticals.
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Market Value: The lactic acid market size 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 lactic acid market growth is driven by increasing environmental awareness, regulatory support for biodegradable materials, and expanding applications in various industries. Technological advancements in production processes and the development of new applications are expected to further boost market prospects.
Lactic Acid Industry Regional Insights
- North America: A significant market due to the high demand for biodegradable plastics and the well-established food and beverage industry.
- Europe: Strong growth driven by stringent environmental regulations and a strong emphasis on sustainability.
- Asia-Pacific: The fastest-growing market, driven by increasing industrialization, a booming food and beverage industry, and rising consumer awareness about sustainable products. China and India are key contributors to this growth.
By value, Biodegradable Polymers Represented the Largest Lactic Acid Market Share
Increasing global environmental concerns and the need for sustainable solutions have driven the demand for biodegradable polymers as an alternative to traditional plastics. These polymers, derived from renewable resources and capable of biodegradation, align with the growing preference for eco-friendly materials. The demand for biodegradable polymers spans diverse industries such as packaging, textiles, consumer goods, and automotive, benefiting from the versatility and adaptability of polylactic acid (PLA) in various applications. With heightened consumer awareness and a growing preference for sustainable products, the market for biodegradable polymers is set for significant growth. Additionally, ongoing advancements in PLA production technologies, combined with economies of scale, are driving cost reductions and enhancing the competitiveness of biodegradable polymers against conventional plastics, further stimulating market expansion.
The North America region is projected to contribute the largest lactic acid market share.
North America boasts a strong presence of industries that utilize lactic acid, including food and beverages, personal care, pharmaceuticals, and bioplastics. The region’s robust manufacturing base and consumer markets create a favorable environment for the lactic acid market’s growth.
Advancements in production technologies and the availability of raw materials, such as corn-based feedstocks, also contribute to the expansion of the lactic acid market in North America. Additionally, the region’s well-established infrastructure and supportive government policies further promote market growth and innovation.
Increasing investments in research and development activities, along with collaborations between industry players and research institutions, drive advancements in lactic acid applications and production processes, fueling market growth in North America.
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How Multi-functionalities of Lactic Acids Create Opportunities for Manufacturers?
Biodegradable, biocompatible, and heat-resistant, lactic acid and PLA are versatile materials with a wide range of applications. In packaging, they offer a sustainable alternative to traditional plastics, extending shelf life and acting as barriers. The medical field utilizes them for drug delivery, tissue engineering, and implants that biodegrade over time. Eco-friendly fabrics and fibers are another area where lactic acid shine. Additionally, they are found in personal care products, cleaning agents, and even 3D printing filaments. This broad functionality makes them attractive for industries seeking sustainable and innovative solutions.
The growing demand for eco-friendly products creates significant opportunities for lactic acid and PLA. Their versatility allows for market expansion and the development of new applications. We already see this in action with companies like Danone using lactic acid for flavor and pH control in yogurts and fermented drinks. L’OrĆ©al incorporates it into skincare and haircare for exfoliation, balancing pH, and moisturizing. Even Procter & Gamble utilizes lactic acid’s disinfecting and stain-removing properties in some cleaning and laundry products.
- Corbion (Netherlands)
- Cargill, Incorporated (US)
- Galactic (Belgium)
- UNITIKA LTD (Japan)
- Henan Jindan lactic acid Technology Co., Ltd. (China)
- Sulzer Ltd (Switzerland)
- Musashino Chemical Laboratory (Japan)
- Vigon International (US)
- Henan Xinghan Biotechnology Co. Ltd. (China)
- Danimer Scientific (US)
