L-lactide Market Share, Data, Demand And Forecast 2024-2033

The new report published by The Business Research Company, titled L-lactide Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the l-lactide market size has grown rapidly in recent years. It will grow from $1.28 billion in 2023 to $1.45 billion in 2024 at a compound annual growth rate (CAGR) of 13.6%. The l-lactide market size is expected to see rapid growth in the next few years. It will grow to $2.44 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%.

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Increasing Demand For Biodegradable Plastics Drives Growth In The L-Lactide Market
The increasing demand for biodegradable plastics is expected to propel the growth of the L-lactide market going forward. Biodegradable plastics are a type of plastic that can decompose naturally in the environment, breaking down into water, carbon dioxide, and biomass with the help of microorganisms. The demand for biodegradable plastics is increasing due to growing environmental concerns, stricter regulations on plastic waste, and consumer preference for sustainable and eco-friendly products. L-lactide is essential in producing PLA, a versatile and biodegradable plastic. L-lactide plays a crucial role in minimizing the environmental impact of plastic products by transforming renewable resources into sustainable materials. For instance, in 2023, according to European Bioplastics EV, a Germany-based, non-profit association, the utilization rate of bioplastics increased from 1,507 metric tons in 2022 to 1,799 metric tons in 2023. Therefore, increasing demand for biodegradable plastics is driving the growth of the L-lactide market.

Rising Environmental Concerns Drive Demand for Sustainable Lactide Technologies

An increase in environmental concerns is expected to propel the growth of the L-lactide market going forward. Environmental concerns refer to the growing awareness and issues related to the negative impact of human activities on the natural environment, including pollution, climate change, and resource depletion. The increase in environmental concerns is due to heightened awareness of climate change, pollution, habitat destruction, and resource depletion, prompting individuals and organizations to take action toward sustainability and conservation efforts. L-lactide is essential in tackling environmental issues as it provides sustainable, renewable, and biodegradable substitutes for traditional petroleum-based polymers in various applications. For instance, in July 2023, according to the Office for National Statistics, a UK-based government department, in the UK, around 73.6% of people have made environmental lifestyle adjustments, with 12.8% making significant changes. Women (91.0%) are more likely to adjust than men (81.7%). The youngest group, aged 16 to 24, shows the lowest rate (77.2%), while those aged 50 to 64 have the highest (90.7%). Therefore, an increase in environmental concerns is driving the growth of the L-lactide market.

Innovative Lactide Technologies Propel Competitive Advantage In The L-Lactide Market
Major companies operating in the l-lactide market are developing innovative solutions, such as lactide technologies, to gain a competitive edge in the market. Lactide technologies refer to the processes and innovations involved in producing and utilizing lactide, a key monomer derived from lactic acid, to create biodegradable polymers such as polylactic acid (PLA). These technologies are essential for developing sustainable materials used in various applications, from packaging to medical devices. For instance, in December 2023, Sulzer AG, a Switzerland-based industrial machinery and equipment manufacturer, launched SULAC, a technology for lactide production. It enhances its leadership in biopolymers and circularity. This technology supports the conversion of lactic acid into lactide, which is essential for producing polylactic acid (PLA), an eco-friendly bioplastic. The licensed technology seamlessly allows PLA producers to incorporate new lactic acid into lactide capabilities. It also supports producing a wide range of high-quality, cost-effective biopolymer grades and enhances operational efficiencies.

The l-lactide market covered in this report is segmented -

1) By Type: Purity Above 98%, Purity Above 99%, Other Types
2) By Application: Polylactic Acid, Medical Intermediate, Other Applications
3) By End user: Food And Beverage Packaging, Electrical And Electronics, Medical And Health Care, Other End-Users

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Major companies operating in the l-lactide market are Mitsui Chemicals Inc., BASF SE, Teijin Limited, Biomer Inc., Toyobo Co. Ltd., Zhejiang Hisun Biomaterials Co. Ltd., Corbion NV, Unitika Ltd., Jindan Lactic Acid Technology Co. Ltd., Danimer Scientific Inc., Synbra Technology BV, NatureWorks LLC, Polysciences Inc., Musashino Chemical Laboratory Ltd., Futerro SA, Chang Chun Group, Shenzhen Esun Industrial Co. Ltd., NaturePlast Pvt. Ltd., Virgin Galactic Holdings Inc. , Wei Mon Industry Co. Ltd., Shanghai Tong-Jie-Liang Biomaterials Co. Ltd., Nantong Jiuding Biological Engineering Co. Ltd.

Contents of the report:
1. Executive Summary
2. L-lactide Market Report Structure
3. L-lactide Market Trends And Strategies
4. L-lactide Market - Macro Economic Scenario
5. L-lactide Market Size And Growth
…..
27. L-lactide Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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