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....