ALBANY, New York, March 13, 2019
ALBANY, New York, March 13, 2019 /PRNewswire/ -- The global lactic acid market and polylactic acid market are foreseen to witness a significant growth in the forthcoming years. Increasing number of important players are banking upon the upcoming opportunities created by the immense popularity of biodegradable bioplastics and plastics, which uses polylactic acid and lactic acid as raw materials for their production. The key players operating in the global lactic acid and polylactic acid market are Futerro SA, Teijin Ltd., Henan Jindan Lactic Acid Technology Co., Ltd., Zhejiang Hisun Biomaterials Co., Ltd., Synbra Technology BV, Archer Daniels Midland Company, NatureWorks LLC, Corbion NV., notes Transparency Market Research (TMR).
According to TMR research report, the global lactic acid market is prognosticated to expand at a steady CAGR of 13.0% within the forecast period from 2015 to 2023. In 2014, the global lactic acid market was evaluated around worth of US$1,130.4 Mn and is likely to reach US$3,381.8 Mn by the end of forecast period. Moreover, the global polylactic acid market is expected to bloom at a steady CAGR of 14.6% within the forecast period. In 2014, the polylactic acid was valued around worth of US$400.1 Mn and is estimated to reach around value of US$1,358.1 Mn by the end of 2023.
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In lactic acid market, the biodegradable plastics segment bagged the key position in the end-use segment emerged as the dominant end-use segment holding over 35% of entire market in year 2014. The segment is foreseen to emerge as a fastest growing one in end-use industry. Geographically, North America region dominated the global lactic acid market in 2014, with 30% of entire share of market. The regional market is fueled by increasing demand in bioplastics. The gradual recovery of the US economy in the upcoming years is another factor behind the growth of North America region in global lactic acid market. Nevertheless, Asia Pacific is foreseen to be the most rapidly developing market for lactic acid in the coming future.
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Rising Use in pharmaceutical Industry to Propel Market Growth
The broad utilization of lactic acid in the pharmaceutical and food and beverage sectors across the globe is a major factor boosting the demand. The rising use of lactic acid as a key carboxylic acid progressively utilized in the production of biodegradable is catalyzing the global lactic acid market. The quick development in downstream utilization of lactic acid outstandingly in making bio-based plastics is propelling the market as well. The increased use of lactic acid in making biodegradable polymers is bestowing a strong and supported lift to the development of the market.
The demand regarding lactic acid is seeing significant impulse from the rising adoption of bioplastics industry all over the world. This is by virtue of the growing concerns of crushing impacts of plastics contamination everywhere throughout the globe. In addition, the broad utilization of lactic acid in making several personal care items is pushing the development of the polylactic acid market.
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Increased Use of Biodegradable Polymers to Support Polylactic Acid Market
The polylactic acid market is fueled significantly by the broad use of this biodegradable polymer in the food and beverage packaging, aside from its potential use in making of textile. The propelling growth in the acid in the manufacturing of textile industry is powering the development of this market.
The significant demand for polylactic acid as a potential substitute for petroleum product based plastics has opened numerous a rewarding ways in the course of recent years. Moreover, the generous use of polylactic acid in the consumer goods, electronics, and biomedical businesses is adding sizeable incomes to the global polylactic acid market.
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The review is based on the findings of a report by Transparency Market Research, titled, "Lactic Acid Market (Food and Beverage, Personal Care, Pharmaceutical, Biodegradable Plastics and Other End-users) and Polylactic Acid Market (Packaging, Textile, Electronics, Automotive, Biomedical and Other End-users) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023."
The report segments the global lactic acid Market and Polylactic acid market as follows:
Lactic Acid Market: End-user Analysis
Polylactic Acid Market: End-user Analysis
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