The global lactic acid &
polylactic acid market is expected to reach USD 9.8 billion and USD 6.5 billion
respectively by 2025, according to a new report by Grand View Research, Inc.
Rising demand for lactic acid as pH regulator and preservatives for food &
beverages sector is expected to fuel its demand over the next eight years.
Growing cosmetic industry, on account of the increasing number of manufacturing
base by companies including Unilever, Johnson & Johnson, and P&G in the
U.S. is expected to drive industry expansion.
Growing consumer awareness
regarding the need for sustainability, biodegradability, recyclability, and
green packaging is projected to drive global PLA usage over the forecast
period. Moreover, various manufacturers are engaged in improving properties of
PLA including impact strength, flexibility, stiffness, barrier properties,
thermal stability, increase degradation rate, and reduce production costs,
which is likely to create immense market potential.
Pharmaceuticals accounted for
7.5% of the overall revenue share of lactic acid in 2016 and are expected to
witness high gains as the product serves as a pH-regulation, chiral
intermediate, and metal sequestration as well as a natural body constituent.
Increasing need for pharmaceutical grade creams and other medicines among
consumers is expected to propel demand over the forecast period.
In depth research report on Lactic Acid Market
Further key findings from the report suggest:
•
Global lactic acid demand was
1,220.0 kilo tons in 2016 and is expected to grow at a CAGR of 16.2% from 2017
to 2025 which is a result of increasing sales of medicines and perfumes in the
Latin America and Asia Pacific region.
•
Latin America lactic acid
market is projected to witness significant revenue rise at a CAGR of 19.2% from
2017 to 2025 in light of the growing cosmetics industry in Brazil and
Argentina.
•
Textiles accounted for 21.0% of
the polylactic acid revenue share in 2016 and is expected to witness growth as
a result of its various properties including natural UV resistance, high
tenacity, low smoke formation, and low flammability.
•
Asia Pacific polylactic acid
market is projected to show significant revenue rise at a CAGR of 22.4% from
2017 to 2025 owing to the establishment of various food & beverage and
cosmetics manufacturing units particularly in India and China.
•
In Asia Pacific, ‘on-the-go’
lifestyle of consumers and growing disposable income is expected to have a
positive impact on the food & beverage sector which in turn is likely to
propel packaging industry growth.
•
In May 2016, Corbion Purac
launched a PLA portfolio of bioplastic resins for North America to meet growing
demand for packaging applications. In October 2013, Corbion Purac and bio-film
manufacturer Innovia joined hands to develop temperature-stable and transparent
PLA films
Grand View Research has
segmented the global lactic acid & polylactic acid market on the basis of
application, and region:
Lactic Acid Application Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2014 - 2025)
•
Industrial
•
Food and beverages
•
Pharmaceuticals
•
Personal care
•
Others
Polylactic Acid Application Outlook (Volume, Kilo Tons;
Revenue, USD Million, 2014 - 2025)
•
Packaging
•
Agriculture
•
Transport
•
Electronics
•
Textiles
•
Others
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million,
2014 - 2025)
•
North America
•
U.S.
•
Europe
•
Germany
•
Asia Pacific
•
China
•
Central & South America
•
Brazil
•
Middle East & Africa
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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