Skip to main content

Lactic Acid Market is Expected to Reach US$ 3,381.8 Mn and Global Polylactic Acid Market is Anticipated to Reach US$ 1,358.1 Mn in 2023

Transparency Market Research has released a new market report titled “Lactic Acid Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.” According to the report, the global lactic acid market was valued at US$ 1,130.4 Mn in 2014 and is projected to reach US$ 3,381.8 Mn in 2023, expanding at a CAGR of 13.0% between 2015 and 2023. On the other hand, the global polylactic acid market was valued at US$ 400.1 Mn in 2014 and is estimated to reach US$ 1,358.1 Mn in 2023, expanding at a CAGR of 14.6% between 2015 and 2023.

Lactic acid is one of the key carboxylic acids used in biodegradable plastics and food and beverage industries. It is primarily used as a pH regulator in the food and beverage industry. In addition, lactic acid is employed in personal care and pharmaceutical industries. Growing downstream markets such as bio-based plastics is estimated to result in sustainable growth in the lactic acid market during the forecast period. 


Biodegradable plastics was the largest end-user segment of the lactic acid market with more than 30% share in 2014. It is expected to be the fastest growing segment of the lactic acid market during the forecast period. Food and beverage, personal care, and pharmaceutical segments are also anticipated to account for significantly high share in the lactic acid market in the near future. Increasing demand for bioplastics is likely to augment the demand for biodegradable plastics in the lactic acid market in the near future.

Polylactic acid belongs to the group of bioplastics and is primarily used in packaging, textile, electronics, and various other end-user industries. It is chiefly used in packaging of food and beverages, trays, garbage bags, as well as employed in woven and non-woven textiles. In addition to packaging and textile industries, polylactic acid is utilized in electronics, biomedical, and consumer goods industries. Growing downstream markets such as packaging and biomedical industries would lead to sustainable growth in the polylactic acid market during the forecast period. 

Browse The Full Report at:    

Packaging was the largest end-user segment of the polylactic acid market with a share of over 45% in 2014. It is expected to be the fastest growing segment of the polylactic acid during the forecast period. Textile, electronics, automotive, and biomedical end-user segments are also likely to hold significantly high share in the global polylactic acid market in the near future. Rising demand for polylactic acid in the packaging segment is projected to augment the global demand for polylactic acid in the near future. 

Key players operating in the lactic acid and polylactic acid markets include Corbion NV, NatureWorks LLC, Henan Jindan Lactic Acid Technology Co., Ltd., Archer Daniels Midland Company, Synbra Technology BV, Zhejiang Hisun Biomaterials Co., Ltd., Teijin Ltd., Galactic, and Futerro.
Lactic Acid Market - End-user Analysis
  • Food and Beverage
  • Personal Care
  • Pharmaceutical 
  • Biodegradable Plastics
  • Others (Including detergents, etc.)
Polylactic Acid Market - End-user Analysis
  • Packaging
  • Textile
  • Electronics
  • Automotive
  • Biomedical
  • Others (Including printing, etc.)
Labels:
Location: Albany, NY, USA

Comments

Post a Comment

Popular posts from this blog

Superabrasives (Turning, Cutting, Buffing, Drilling, Boring, Grinding) Market Research Report 2025

An abrasive is a material which molds or provides finishing to a work piece through a process which includes buffing, grinding, cutting, as well as polishing. Abrasion typically depends on the difference in the hardness of the material and the abrasive (with the latter being the harder of the two). Unlike regular abrasion where any two solid materials that repeatedly rub against each other tend to wear away, superabrasives possess the kind of hardness that enables them to stay usable for a longer period of time. On the basis of hardness, the top two superabrasives include diamond and cubic boron nitride (CBN). Industrial diamonds used as superabrasives are exceptionally hard materials. However, they display several technological limitations. For instance, when a diamond comes in contact with a ferrous alloy such as steel or a nickel superalloy, the resulting formation of carbide leads to its abrasion. Also, a diamond-containing tool can only be used at moderate temperatures a...
Post a Comment
Read more

Industrial Lubricants Market: Strong Demand Across Automotive Industry, Trends To 2025

Lubricants refer to the organic or inorganic material primarily being use to decrease friction between two surfaces in contact. Lubricants play a key role in several industries as well as in commercial and residential sectors. One of their most common uses is in the lubrication of bearings and gears, allowing for their easy movement at high speeds, without loss in energy, prevent excessive generation of heat, or most importantly, prevent damage that would be caused otherwise. Industrial lubricants are, therefore, essential in enhancing the overall efficiency of a machine that contains moving parts in contact with one another. The global industrial lubricants market is currently expanding at a solid growth rate, driven by several factors and spearheaded by the likes of BP, Total, Chevron Corporation, ExxonMobil, and Shell. Browse Market Research Report @  http://www.transparencymarketresearch.com/industrial-lubricants-market.html What Impact has the Oil and Gas Industry ...
Post a Comment
Read more

Rapid Prototyping Market - Rapidly Gaining Importance in Aerospace Sector, Research By 2024

Rapid prototyping is a technique in which the physical modeling of a design is done with the help of specialized machining technology. It was developed initially in the mid-1980s, the principle used in this technology is of solid modeling with the help of computer programs (i.e. CAD). Solid modeling makes use of computer aided-design (CAD) data to completely describe not just the external shape of parts or equipment, but its interior volume as well as the outside surfaces. The computer model is sliced into thin layers and the part of the product or commodity to be modelled or developed as per the requirement, is eventually fabricated by adding layers onto each other. Obtain Report Details @   http://www.transparencymarketresearch.com/rapid-prototyping-market.html The primary benefit of the system is that almost any shape can be manufactured using computerized programs. Time and money savings vary from 50% to 90% compared to conventional systems. Types of rapid proto...
Post a Comment
Read more