DUBLIN, June 26, 2017 /PRNewswire/ --
Research and Markets has announced the addition of the "Lactic Acid Market Analysis By Application (Industrial, F&B, Pharmaceuticals, Personal Care) & Polylactic Acid (PLA) Market Analysis By Application (Packaging, Agriculture, Transport, Electronics, Textiles), And Segment Forecasts, 2014 - 2025" report to their offering.
The global lactic acid & polylactic acid market is expected to reach USD 9.8 billion and USD 6.5 billion respectively by 2025
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.
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
Key Topics Covered:
1. Methodology and Scope
2. Executive Summary
3. Lactic Acid & Polylactic Acid Market Variables, Trends & Scope
4. Lactic Acid Market: Application Outlook
5. Polylactic Acid Market: Application Outlook
6. Lactic Acid Market: Regional Outlook
7. Polylactic Acid Market: Regional Outlook
8. Competitive Landscape
9. Company Profiles
- Danimer Scientific LLC
- Henan Jindan Lactic Acid Technology Co. Ltd
- Musashino Chemical (China) Co. Ltd
- NatureWorks LLC
- Corbion Purac
- Synbra Technology BV
- Zhejiang Hisun Biomaterials Co., Ltd
- VAISHNAVI BIO-TECH LIMITED
- Teijin Ltd
For more information about this report visit https://www.researchandmarkets.com/research/33sfdd/lactic_acid
Laura Wood, Senior Manager
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SOURCE Research and Markets