Owing to the increasing demand for lactic acid especially from their end user applications, it is anticipated that the overall demand for lactic acid in global market is going to be very high over the coming years. The major uses of lactic acid are in the development of PLA plastics which are most widely employed in the packaging of various objects which works fine with all the regulations and policies associated to the environment. Polylactic acid products comprise of bio related renewable sources. Lactic acid is generally a yellowish or colorless, odorless and hygroscopic, very thick and sugary chemical fluid and is most often soluble in other fluids such as water and ethanol. Lactic acid are most widely used in the dairy products, refined preservative, textile dyeing, leather processing, development of biodegradable polymers and flavoring such as PLA along with plastics manufacturers, solvents, inks and is considered as a rich source of calcium lactate in various pharmaceuticals companies.
It is basically analyzed that the global market of lactic acid is propelled by the growth in the overall demand for PLA among medical and healthcare sector. Rapid increase in demand for bio plastics which are very often mixed with growing acceptation of PLA for products associated with packaging is anticipated to bring surge in the overall growth of the global lactic acid market in the upcoming years. Required regulatory norms for eco friendly products is also projected to impact the global market over the forecast period.
The global lactic acid market can be segmented on the basis of application and region. On the basis of application, the global lactic acid market can be divided into food & beverages, biodegradable polymers, personal care products, pharmaceuticals, agriculture, packaging, electronics, automobiles, textiles and others. On the basis of region, the global lactic acid market can be segmented into North America, Latin America, Europe, Middle East & Africa and Asia Pacific. The robust demand especially in the Asia Pacific region is anticipated to be one of the key driving factors for the overall growth of the global market. Moreover, China is further projected to account for the highest share in the global market and is anticipated to maintain its lead in the overall demand during the forecast period. This can be attributed to rapid industrialization and increasing urbanization during the past few years. The markets in various other developing economies such as Russia, Brazil, Indonesia, Poland, Argentina, New Zealand, Korea and India among others are also expected to witness a rapid growth throughout the forecast period. In addition to this, rising per capita disposable income and surge in the global economy is another key factor which is expected to bring impetus in the growth of the global
Key players operating in the global market are concentrating on some of the major market strategies such as mergers, partnerships, collaborations and acquisitions in order to keep hold in the ever competitive global market. Furthermore, they are focusing on gaining hold on the local players to strengthen their goodwill as well as to enhance their market reach in the global market. Some of the major players involved in the supply of lactic acid are focusing on key market strategies such as mergers and acquisitions along with improvement in old products and innovations in new product development. They are also concentrating on bringing up new products to meet the demands in the ever competitive market. Some of the major players in the global lactic acid market include Nature Works LLC, Purac, Galactic, Pyramid Bioplastics, BASF SE and Synbra among others.
Lactic Acid Market Segmentation
Grand View Research has segmented the lactic acid market on the basis of raw material, application, and regions:
Lactic Acid Raw Material Outlook
Lactic Acid Application Outlook (Volume, Kilotons, Revenue, USD Million; 2014 - 2025)
Food & Beverages
Lactic Acid Regional Outlook (Volume, Kilotons, Revenue, USD Million; 2014 - 2025)
Central & South America
Middle East & Africa