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Albany, New York, March 27, 2019 (GLOBE NEWSWIRE) -- The use of lactic acid mainly for manufacturing biodegradable plastics is largely responsible for growth of the lactic acid market. Rising awareness about the environmental concerns over dumping plastics in landfills has encouraged further exploration over the bioplastics. Growing demand for the bioplastics is boosting the lactic acid market. Lactic acid is a carboxylic acid, which is used across a range of end-use industries for its chemical properties. Growing usage of lactic acid across the food and beverages, personal care or cosmetics, and pharmaceutical industries are boosting the lactic acid market.
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The polylactic acid has the extensive applications of the biodegradable polymer in the packaging of food and beverages and textiles. Growing demand for the lactic acid and polylactic acid in the textile industry is fueling growth of the lactic acid and polylactic acid market. Additionally, the attractive demand for the polylactic acid as a substitute for fossil fuel-based plastics is driving growth of the global polylactic acid market. Moreover, growing adoption of polylactic acid in the personal care products, which is fuelling growth of the lactic acid market.
The global lactic acid market collected revenue of US$1,130.4 Mn in 2014 and is expected to attain a value of US$3,381.8 Mn by the 2023-end. The market is swelling is expected to expand at a CAGR of 13.0% over the forecast period from 2015 to 2023. The global polylactic acid market collected revenue of US$400.1 Mn in 2014 and is expected to reach a value of US$1,358.1 Mn by 2023-end. The market is expected to expand at a CAGR of 14.6% over the forecast period.
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Biodegradable Plastics to be Largest Segment in the Lactic Acid and Polylactic Acid Market
Based on the end use, the lactic acid market is segmented into food and beverage, personal care, pharmaceutical, biodegradable plastics, and others (including detergents). Of these, the biodegradable plastics segment accounted for the leading share with more than 35% in the overall market in 2014. The market is expected to expand with a CAGR of 13.5% over the forecast period from 2015 to 2023. Lactic acid is extensively used in personal care products and in the food & beverages industry.
Based on the end use, the polylactic acid market is segmented into packaging, textile, electronics, automotive, biomedical, and others (including printing). Among these, the packaging segment procured leading share in an end-use segment by holding more than 45% share in the revenue of the global polylactic acid market in 2014. This is attributable to the growing demand from electronics, biomedical, textiles, and automotive end-use segments.
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North America to be Leading Region in Lactic Acid Market and Asia Pacific to Dominate Polylactic Acid Market
On the geographical front, the lactic acid and polylactic acid market are segmented into North America, Latin America, Europe, Asia Pacific, And the Middle East & Africa. Of these, North America held the dominant share of the global lactic acid market in 2014. This growth of the lactic acid market in the region is attributable to the extensive demand for bioplastics. However, the Asia Pacific dominated the polylactic acid market and is expected to witness lucrative opportunities for growth of the market in the coming years.
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Some of the key players in the lactic acid and polylactic acid market include Futerro SA, Zhejiang Hisun Biomaterials Co., Ltd., Teijin Ltd., Archer Daniels Midland Company, and Synbra Technology BV.
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