Lactic Acid Market and Polylactic Acid Market is Expected to Reach US$ 3,381.8 Million and US$ 1,358.1 Million Respectively by 2023: Transparency Market Research

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Transparency Market Research

15 Jul, 2015, 12:00 GMT

ALBANY, New York, July 15, 2015 /PRNewswire/ --

Transparency Market Research has released a new market report titled "Lactic Acid Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023." According to the report, the global lactic acid market was valued at US$ 1,130.4 Mn in 2014 and is projected to reach US$ 3,381.8 Mn in 2023, expanding at a CAGR of 13.0% between 2015 and 2023. On the other hand, the global polylactic acid market was valued at US$ 400.1 Mn in 2014 and is estimated to reach US$ 1,358.1 Mn in 2023, expanding at a CAGR of 14.6% between 2015 and 2023.

Full Research Report on Lactic Acid Market and Polylactic Acid Market with detailed figures and segmentation at: http://www.transparencymarketresearch.com/lactic-poly-lactic-acid.html

Lactic acid is one of the key carboxylic acids used in biodegradable plastics and food and beverage industries. It is primarily used as a pH regulator in the food and beverage industry. In addition, lactic acid is employed in personal care and pharmaceutical industries. Growing downstream markets such as bio-based plastics is estimated to result in sustainable growth in the lactic acid market during the forecast period.

Biodegradable plastics was the largest end-user segment of the lactic acid market with more than 30% share in 2014. It is expected to be the fastest growing segment of the lactic acid market during the forecast period. Food and beverage, personal care, and pharmaceutical segments are also anticipated to account for significantly high share in the lactic acid market in the near future. Increasing demand for bioplastics is likely to augment the demand for biodegradable plastics in the lactic acid market in the near future.

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Polylactic acid belongs to the group of bioplastics and is primarily used in packaging, textile, electronics, and various other end-user industries. It is chiefly used in packaging of food and beverages, trays, garbage bags, as well as employed in woven and non-woven textiles. In addition to packaging and textile industries, polylactic acid is utilized in electronics, biomedical, and consumer goods industries. Growing downstream markets such as packaging and biomedical industries would lead to sustainable growth in the polylactic acid market during the forecast period.

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Packaging was the largest end-user segment of the polylactic acid market with a share of over 45% in 2014. It is expected to be the fastest growing segment of the polylactic acid during the forecast period. Textile, electronics, automotive, and biomedical end-user segments are also likely to hold significantly high share in the global polylactic acid market in the near future. Rising demand for polylactic acid in the packaging segment is projected to augment the global demand for polylactic acid in the near future.

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Key players operating in the lactic acid and polylactic acid markets include Corbion NV, NatureWorks LLC, Henan Jindan Lactic Acid Technology Co., Ltd., Archer Daniels Midland Company, Synbra Technology BV, Zhejiang Hisun Biomaterials Co., Ltd., Teijin Ltd., Galactic, and Futerro.

The Report Segments the Global Lactic acid and Polylactic acid market as follows:

Lactic Acid Market - End-user Analysis 

  • Food and Beverage
  • Personal Care
  • Pharmaceutical
  • Biodegradable Plastics
  • Others (Including detergents, etc.)

Polylactic Acid Market - End-user Analysis 

  • Packaging
  • Textile
  • Electronics
  • Automotive
  • Biomedical
  • Others (Including printing, etc.)

Lactic Acid and Polylactic Acid Market - Regional Analysis 

North America 

  • U.S.
  • Rest of North America

Europe 

  • France
  • Germany
  • Italy
  • Netherlands
  • UK
  • Rest of Europe

Asia Pacific 

  • China
  • Japan
  • ASEAN
  • Rest of Asia Pacific

Latin America 

  • Brazil
  • Rest of Latin America

Middle East & Africa (MEA) 

  • GCC Countries
  • South Africa
  • Rest of MEA

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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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