The global Lactic acid & polylactic acid Market Size research report offers the definition, market shares, drivers, restraints, opportunities, and challenges in an voluminous format. On the basis of Type, the market is further categorized into based on the regions, the market is distributed into Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. This markets competitive manufactures and the upcoming manufactures are studied with their research. Revenue, production, price, market share of these players is mentioned with detailed information.
Lactic acid &
polylactic acid Market study offers an exhaustive summary of the vendor
landscape, competitive analysis, and key strategies to gain ruthless advantage.
Lactic acid & polylactic acid Market Forecast provides sizing and growth
opportunities. It provides comprehensive insights on the latest industry
trends, forecast, and growth drivers in the market. it also includes a detailed
analysis of growth drivers, challenges, and investment opportunities and
delivers a complete overview of segments and the regional outlook of the
market.
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The global lactic acid
& polylactic acid market is anticipated to reach USD 9.8 billion and USD
6.5 billion respectively by 2025. Growing demand for environmental friendly
packaged products and awareness is expected to drive the market growth over the
forecast period. Global lactic acid market is expected to grow at a CAGR of
16.2% from 2017 to 2025. Lactic acid is a colorless syrupy liquid with alcohol
and water that is produced from raw materials including carbohydrates such as
sugarcane, tapioca, corn and sugar beet. It involves fermentation of
carbohydrates in presence of calcium carbonate. Lactic acid is also used to
develop poly lactic acid(PLA). The production of PLA uses 68 percent less
fossil fuel resources than traditional plastics and it is the world's first
greenhouse-gas-neutral polymer. It is one of the major sources of bio-resins use
in bioplastics.
PLA is derived from
renewable resources. This organic compound is easily compostable and
biodegradable, subsequently minimizing environmental hazards including solid
waste disposal. Growing demand for biodegradable products is also expected to
boost the market growth over the forecast period. However, introduction of
other renewable packaging alternatives in the market, for example agricultural
natural fiber products such as bagasse, bamboo, palm fiber bulrush. These
alternatives are expected to restraint the market growth since all these
natural fibers are degradable and low cost, it’s reinforcement with PLA acts as
an opportunity which is ecological as well as economical.
Rising crude oil price are
also estimated to drive the global PLA demand over the forecast period, owing
to reduced dependency on traditional petroleum based products. Increasing
adoption of bioplastics on account of changing consumer preferences and need
for sustainable products is also expected to positively impact the global
market in the coming years. However, PLA suffers from distortion at fairly low
temperatures hindering their performance compared to other conventional
plastics. This resulted in restrictive use of Poly lactic acid to lower its
applications in utility packaging. However, companies operating in the market
have been are innovation new processes to enhance heat resistance power of
polymers.
Based on application type
the global market is segmented into industrial, personal care, packaging,
petroleum based products and textiles. The largest market share is contributed
by industrial applications owing to the extensive use in development of lactate
solvents and biodegradable polymers. They are also expected to be the fastest
growing segment. Personal care segment is expected to be the fast growing
segment, owing to its wide use in products for, anti-acne, skin lightening,
anti-aging, and anti-wrinkle. Packaging beverages and food industry is also
expected to remain the major application segment for PLA, on account of
increasing demand for PLA plastic bottles which are disposable, durable and
contain properties including gloss and transparency. In additionally, these
products and be easily composted compared to other petroleum based products and
also do not emit toxic gases on heating.
North America is expected
to be the largest market over the forecast period. Growing demand among all the
application segments and high concentration of allied industries of lactic acid
in this region is expected to be the key driving force for the industry in this
region. Europe and Asia Pacific are expected to grow at a significant rate
owing to the legal regulations and conditions on use of synthetic plastic
materials and also market penetration of biobased materials in packaging are
expected to drive the market in the region over the next six years.
The key global market
participants are Purac, NatureWorks LLC, Galactic, BASF, Pyramid Bioplastics
and Synbra. Other players include Meredian Holdings Group, Inc., Synbra
Technology B.V., and Corbion N.V. growth in production capacity and Product
innovation are among the major initiatives adopted by industry participants in
order to gain market share. Favorable regulatory scenario for the use of green
packaging on a global level is expected to aid in market expansion over the
forecast period. Continuous development efforts to develop higher heat
resistant PLA are expected to play a key role overcoming barriers to market
growth.
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