Global Lactic Acid & Poly Lactic Acid (PLA) Market Analysis and Forecast: Growing Adoption of Eco-Friendly Materials Drives Impressive CAGR 20.5% Growth.

Global Industry Analysis:

Lactic acid and poly lactic acid (PLA) are two important chemicals that are widely used in various industries. Lactic acid is a type of organic acid that is produced by the fermentation of carbohydrates. Poly lactic acid (PLA) is a biodegradable and bio-based polymer that is derived from lactic acid. The global lactic acid and PLA market is expected to witness significant growth in the coming years due to their increasing demand in various end-use applications.

Market Overview

The global market for lactic acid and poly lactic acid (PLA) is projected to experience a significant growth rate in the upcoming years. The market size of lactic acid and PLA is expected to reach USD 2.9 billion by 2025, with a CAGR of 20.5% during the forecast period. The pharmaceuticals segment is expected to grow at a faster rate due to the increasing demand for lactic acid as a raw material in the production of various drugs and medicines.

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The market is also segmented by region into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific is expected to dominate the market due to the presence of a large number of manufacturing facilities in the region. China, Japan, and India are the major markets for lactic acid and PLA in the region. North America and Europe are also expected to witness significant growth due to the increasing demand for biodegradable and bio-based polymers.

Market Drivers

The increasing demand for biodegradable and bio-based polymers is the major driver of the global lactic acid and PLA market. PLA is an environmentally friendly polymer that is derived from renewable resources, such as cornstarch and sugarcane. It is widely used in various applications, including packaging, textiles, and medical devices. The growing awareness about the harmful effects of plastic on the environment is driving the demand for PLA.

The increasing demand for dairy products, meat, and poultry is also driving the market. Lactic acid is widely used in the production of these products as a preservative and acidifier. The increasing demand for processed food is also driving the market.

Challenges

One of the major challenges facing the global lactic acid and PLA market is the high cost of production. The production of PLA requires high capital investment and advanced technology. This has limited the growth of the market, especially in developing countries.

Another challenge is the availability of raw materials. PLA is derived from cornstarch and sugarcane, which are limited resources. The increasing demand for biofuels and other applications is also putting pressure on the availability of these resources.

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Key Players

Some of the major companies operating in global lactic acid and poly lactic acid (PLA) market include, BASF SE, Danimer Scientific LLC., Henan Jindan Lactic Acid Technology Co., Ltd., Synbra Technology B.V., The Dow Chemical Company, Corbion Purac, Galactic S.A., Natureworks LLC., Teijin Ltd., and Wei Mon Industry Co., Ltd.

Key points covered in the report

Report segments the market on the basis of types, application, products, technology, etc (as applicable)

The report covers geographic segmentation

• North America
• Europe
• Asia
• RoW
• The report provides the market size and forecast for the different segments and geographies for the period of 2010 to 2020
• The report provides company profiles of some of the leading companies operating in the market
• The report also provides porters five forces analysis of the market.

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