Lactic Acid and Polylactic Acid Market Overview
Lactic acid is an organic acid that can be produced through fermentation or chemical synthesis. It has various applications, including food and beverages, pharmaceuticals, personal care products, and industrial uses. The demand for lactic acid has been increasing due to its biodegradability and versatility. Polylactic Acid (PLA) is a biodegradable and bioactive thermoplastic made from renewable resources, such as corn starch or sugarcane. It has gained popularity as an eco-friendly alternative to traditional plastics. PLA is used in packaging, textiles, medical implants, and various other applications.
The global Lactic Acid and Polylactic Acid Market size was valued at USD 1.6 billion and USD 1.3 billion in 2023 and are anticipated to grow at CAGRs of 12.4% and 17.7%, respectively, between 2023 and 2028, attributed to the growing revenue of $2.8 billion and $2.9 billion by 2028. The base year for estimation is 2022, and the historical data spans from 2023 to 2028.
Lactic Acid and Polylactic Acid Market Trends and Drivers:
Growing Awareness of Sustainability: Increased awareness of environmental issues has led to a growing demand for sustainable and eco-friendly products. PLA, being derived from renewable resources, fits well into this trend.
Regulatory Support: Governments and regulatory bodies in various regions are increasingly supporting the use of bio-based and biodegradable materials. This support can positively impact the lactic acid and PLA market.
Bioplastics Market Growth: The overall bioplastics market, in which PLA is a significant player, has been experiencing growth. Consumer preferences for environmentally friendly products are contributing to this expansion.
End-User Industries: The food and beverage industry is a major consumer of lactic acid, while PLA is used in packaging, disposable cutlery, and other applications. The growth of these end-user industries influences the demand for lactic acid and PLA.
Technological Advancements: Ongoing research and development in the field of biotechnology and green chemistry may lead to more efficient and cost-effective production methods for lactic acid and PLA, impacting market dynamics.
The North America market is projected to contribute the largest lactic acid market share.
One of the biggest producers of sugar in the world is the United States. Unlike those of most other producers, the sugarcane and sugarbeet industries in the United States are both substantial and well-established. Since the mid-2000s, between 40 and 45% of the country’s total sugar production has come from sugarcane, and between 55 and 60% has come from sugarbeets. A large investment in new processing machinery, the adoption of new technology, the use of superior crop varieties, and an expansion of the area (since sugar crops are more expensive than other crops) are all responsible for the increasing output. A rise in sugarcane production also implies the availability of sugarcane bagasse, which serves as a source of raw materials for the synthesis of lactic acid. With the increasing awareness and adoption of lactic acid-based solutions, North America is poised for continued lactic acid market growth, catering to the evolving needs of various industries and driving the shift towards more sustainable practices.
Lactic Acid and Polylactic Acid Industry Players
Corbion (Netherlands), Cargill, Incorporated (US), Galactic (Belgium), Unitika Ltd (Japan), Henan Jindan lactic acid Technology Co., Ltd. (China), TORAY INDUSTRIES, INC. (Japan), and Sulzer Ltd (China). are among the key players in the global food antioxidant market. To increase their company’s revenues and market shares, companies are focusing on launching new products, developing partnerships, and expanding their production facilities. The key strategies used by companies in the lactic acid market include geographical expansion to tap the potential of emerging economies, strategic acquisitions to gain a foothold over the extensive supply chain, and new product launches as a result of extensive research and development (R&D) initiatives.
Key Questions Addressed by Lactic Acid and Polylactic Acid Market Report
How big is the Lactic Acid and Polylactic Acid Industry?
What is Lactic Acid and Polylactic Acid Market growth rate?
What are the key trends affecting the global Lactic Acid and Polylactic Acid Market?
Who will be the leading hub for Lactic Acid and Polylactic Acid Market?
Are there any challenges affecting this industry, as per the Lactic Acid and Polylactic Acid Market forecasts?
