The global lactic acid market size is estimated to be valued at USD 1.1 billion in 2020 and is projected to reach USD 2.1 billion by 2025, recording a CAGR of 12.8%, in terms of value. The global polylactic acid market size is estimated to be valued at USD 786 million in 2020 and is projected to reach USD 1,756 million by 2025, recording a CAGR of 17.4%, in terms of value.
The rise in consumer awareness to mitigate food wastage and the increasing consumer demand for convenience food & beverages with increased shelf-life has been boosting the lactic acid market, globally. Governments of numerous countries have been bolstering the use of polylactic acid has also been augmenting the demand for polylactic acid market in applications such as packaging, fiber & fabrics, agricultures, among others.
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Based on application, the lactic acid market is dominated by the biodegradable polymers. The biodegradable polymers segment is estimated to dominate the market for lactic acid, on the basis of application, in terms of value, in 2020. In recent years, the use of lactic acid in biodegradable polymers is growing significantly, mainly due to the rise in awareness among consumers and increased consumption of biodegradable plastic packaging in the food application segment.
Based on application, the polylactic acid market is dominated by the packaging. The packaging segment is projected to dominate the polylactic acid market. PLA has numerous competitive advantages in the packaging industry over petrochemical-based polymers, as they are biodegradable and obtained from 100% natural sources. This helps in reducing greenhouse gas emissions, lowering carbon footprints, and easy manipulation of structure-property-processing relations during production.
The North American region accounted for the largest share in 2019, in terms of value, in the global lactic acid market, whereas the Asia Pacific region is projected to be the fastest growing in the global lactic acid market. The market growth in the Asia Pacific region is mainly due to the increase in consumption of processed food, in which lactic acid is used as one of the major additives that enhance the shelf life of processed and packaged foods.
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Leading companies dominating the polylactic acid market include Corbion (Netherlands), Cargill (US), Galactic (Belgium), Unitika (Japan), and DuPont (US), which have a significant presence in North America and Europe due to higher demand in packaging applications in these regions.
This report includes a study on the marketing and development strategies, along with the product portfolios of leading companies. It consists of profiles of leading companies, such as Corbion (Netherlands), DuPont (US), Cargill (US), Galactic (Belgium), DOW (US), Unitika (Japan), Henan Jindan Lacic Acid Technology (China), Sulzer (Switzerland), Mushashino Chemical (Japan), Vigon International (US), Henan Xinghan Biology Technology (China), Danimer Scientific (US), COFCO BioChemical (China), Jungbunzlauer (Switzerland), FoodChem International (China), Vaishnavi Biotech (India), Spectrum Chemicals (US), Godavari Bio-refineries (India), ProAgro GmbH (Austria), and Qingdao Abel Technology (US).
