Tokyo, July 06, 2022 (GLOBE NEWSWIRE) — Key Takeaways:
- By raw material, the US lactic acid market was valued at USD 1.25 billion in 2021
- By raw material, the sugarcane segment garnered the largest revenue share of 40% in 2021
- The corn raw material segment is projected to grow at a CAGR of 8.2% from 2022 to 2030
- By application, the polylactic acid segment accounted for 29% market share in 2021
- North America region accounted for 45% revenue share in 2021
- In 2021, the Asia Pacific region accounted for 19% revenue share in 2021
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The North American region is expected to dominate the market during the forecast. As there is a growing demand for various products that make use of lactic acid. There is an increase in the demand for personal care products as well as different food items as well as beverages that make use of lactic acid in its manufacturing process. As there is a growth in the consumption of medicines the market shall have a positive effect. Many major manufacturers from various industries like the pharmaceutical industry, food and beverages industry and even the cosmetics industry are present in the North American region.
These major market players will drive the market growth of the North American region in the coming years. There is an increased use of biodegradable plastics in many nations of this region. In order to have a better alternative for the already existing packaging materials there is a greater demand for Polylactic acid in this market. Poly lactic acid is used for the manufacture of biodegradable plastics that is extensively being used in personal care as well as the pharmaceutical industry.
The European region is expected to have a good market share in the coming years as this region is also making a good amount of use of lactic acid in the manufacturing of various products in different industries. As the government in the North American region as well as the European region is supporting policies that help in reducing the carbon emissions the use of Polylactic acid for the biodegradable plastic shell grow in the coming years.
Scope of the Report
|Market Size in 2021||USD 3.2 Billion|
|Revenue Forecast by 2030||USD 6.9 Billion|
|CAGR||8.91% from 2022 to 2030|
|Largest Market||North America|
|Fastest Growing Region||Asia Pacific|
|Forecast Year||2022 to 2030|
|Key Players||Corbion, DuPont, Henan Jindan Lacic Acid Technology, Sulzer, Mushashino Chemical, Jungbunzlauer, FoodChem International, Cargill, Galactic, DOW, Unitika, Vaishnavi Biotech, Spectrum Chemicals, and Others.|
- On the basis of the raw materials, the sugar cane segment is expected to drive the market in the coming years as this product is widely available. Sugar derived from the sugar cane is a major component used in the production of lactic acid. The con segment will also grow as this is a low cost option and the product is also available on a large scale.
- On the basis of application, the polylactic acid segment will dominate the market due to a growing demand for this product. The strength and durability of this product will drive the market growth.
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In recent years, the popularity of polylactic acid has increased. Polylactic acid is being used widely in many developed nations due to the various benefits associated with this product. Constant innovations have provided better application for this product in many industries. The developed regions like the North American region as well as the European region have the presence of many major market players that have a great demand for lactic acid. Increasing awareness about the benefits of the biodegradable polymers that are manufactured with the use of polylactic acid will drive the market growth in the coming years. It’s usage in the packaging industry four different food products will also drive the market growth. Does biodegradable plastic is also used for the packaging of the take away food. As there is a growing demand for biodegradable plastics across the globe there shall be a growth in the demand for lactic acid in all of these industries.
The price of the raw material which is used in the manufacture of the lactic acid our volatile. There has been a constant up and down in the prices of these raw materials in recent years. This significantly affects productivity. The volatile nature of the prices of this raw material will hamper the growth of the market in the coming years. These fluctuating prices will constantly affect the growth of the lactic acid market. Increased cost of production will reduce the amount of money earned by the manufacturers. The reducing margins of this product will also be another restraint in the growth of the market during the forecast period. Apart from the volatile nature of the raw material there are many rules and regulations in place that hamper the growth of the market. The metabolic activity which is one of the processes of the Polylactic acid manufacturing needs to be done in a controlled manner following the regulations set by the authority.
In the past many toxic chemicals were used in the food and beverage industry. Lactic acid has replaced these chemicals and this happens to be the major reason for the growth of the market. Lactic acid acts as a catalyst in the manufacture of various products. The personal care industry is also creating a great demand for lactic acid. Increased use of this product in the cosmetics industry will also provide a great opportunity for its growth in the future. Lactic acid is used as an alternative for the chemical products that were used in this industry as it does not alter the texture of these food products. Various types of cheese are manufactured by the use of lactic acid. It is also widely used in the production of bakery items. Electric acid is a plastic of biodegradable nature. The growing demand for this product will drive the market for lactic acid. This product is that par with the already existing plastics when it comes to the shine and the strength.
In recent years there has been a growing demand for polylactic acid as this happens to be a biodegradable material. As there is a growing preference for this product in many industries, the production of this material happens to be a major challenge. The facility he did for the manufacturing of the product is less. Also there is no efficient manufacturing process in place which would offer the correct composition for the production of Polylactic acid. There shall be major losses due to the wrongly extracted polylactic acid. All of these reasons will inhibit the growth of the market in the coming years. There is an absence of knowledge especially in the developing nations and this happens to be a major challenge for the growth of the market.
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- To increase the productivity of the Poly lactic acid B&F partnered with Sulzer in real 2020. This partnership aims at introducing the fully integrated manufacturing unit that would make the use of sugar as the raw material. This manufacturing plant would be able to generate 30,000 tons of the products every year. The plant shall be located in China in order to have a good market presence in the Asia Pacific region.
By Raw Material
- Sugar Cane
- Other Crops
- Polylactic acid
- Personal care
- Food and beverages
- North America
- Latin America
- Middle East & Africa (MEA)
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