Agrowing number of players are capitalizing on the opportunities arising out ofthe substantial popularity of biodegradable plastics and bioplastics wherelactic acid and polylactic acid are used as raw materials for their production.Some of the leading players in the global lacticacid market and polylactic acid market are Futerro SA,Teijin Ltd., Zhejiang Hisun Biomaterials Co., Ltd., Synbra Technology BV,Archer Daniels Midland Company, Henan Jindan Lactic Acid Technology Co., Ltd.,NatureWorks LLC, and Corbion NV., notes Transparency Market Research (TMR).
The globallactic acid market stood at US$1,130.4 Mn in 2014 and is estimated to reachUS$3,381.8 Mn by the end of 2023. This represents the market to rise at robustCAGR of 13.0% during 2015–2023. On the other hand, the global polylactic acidmarket stood at US$400.1 Mn in 2014 and is projected to reach a worth ofUS$1,358.1 Mn by 2023 end. Polylactic acid market is projected toproliferate at a CAGR of 14.6% during the same forecast period.
Thevarious application of lactic acid are in the area of food and beverages,personal care, pharmaceutical, and biodegradable plastics. Of all the segments,biodegradable plastics led the global market in 2014 and is anticipated to riseat the most attractive growth rate over the assessment period. The variousend-use segments for polylactic acid are packaging, textile, electronics,automotive, and biomedical. Of these, packaging witnesses the major quantum ofdemand and is expected to display the dominant growth rate over the forecastperiod.
Ongeographical front, North America accounted for the dominant share of theglobal lactic acid market in 2014. The substantial growth of this regionalmarket over the past few years is attributed to the extensive demand forbioplastics. On the other hand, the Asia Pacific polylactic acid market isexpected to witness the leading growth rate in the coming years.
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Lavish Demand for DownstreamApplications boosts Lactic Acid Market and Polylactic Acid Market
Theextensive application of lactic acid in the food and beverages andpharmaceutical industries world over is a key factor driving its demand. Therising application of lactic acid as a key carboxylic acid increasingly used inthe manufacture of biodegradable is accentuating the global lactic acid market.The rapid advances being made in downstream application of lactic acid notablyin making bio-based plastics is boosting the market. The substantial usage oflactic acid in making biodegradable polymers is imparting a robust andsustained fillip to the growth of the market.
The demandfor lactic acid is witnessing considerable impetus from the rising popularityof bioplastics world over. This is on account of the mounting concerns ofdevastating effects of plastics pollution all over the globe. Moreover,the extensive usage of lactic acid in making a variety of personal careproducts is propelling the growth of the lactic acid market.
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Attractive Demand for BiodegradablePolymers in Food Packaging Applications bolsters Polylactic Acid Uptake
Thepolylactic acid market is driven majorly by the extensive application of thisbiodegradable polymer in the packaging of food and beverages, apart from itspotential usage for making textiles. The copious demand for the acid in thetextile manufacturing industry is fueling the growth of this market.
Theattractive demand for polylactic acid as a potential substitute for fossilfuel-based plastics has opened many a lucrative avenues over the past fewyears. Furthermore, the substantial usage of polylactic acid in theelectronics, consumer goods, and biomedical industries is adding sizeablerevenues to the global polylactic acid market.
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