Lactic Acid Market size worth over $6bn by 2024: Global Market Insights, Inc.
Strong outlook towards bioplastics usage owing to environmental awareness and packaging application should fuel PLA market size. Increasing consumer awareness for biobased content in personal care product formulations should drive lactic acid market size.
U.S. lactic acid market size may generate over USD 1.5 billion business by 2024. Growing number of manufacturing facilities along with increased focus on sustainability is likely to have a positive influence for regional growth. In addition, initiatives from the Obama Administration and bioplastics market should fuel product demand.
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Germany PLA market size may witness gains at close to 16%. Strict environmental regulations imposed on biobased plastic materials usage for packaging materials may drive regional industry growth.
Lactic acid market size in food & beverage applications may show gains at 14%. It is used as emulsifying agents in baking food. It is used as acidulant, flavoring and pH buffering agent or inhibitor of bacterial spoilage various processed foods. PLA market demand in packaging application may witness growth at over 18% and register close to 1.3 kilo tons by 2024. It is used for applications in fruit & vegetable packaging and in disposable products such as cups and cutlery. Bioplastic packaging such as rigid packaging and loose fill packaging has witnessed considerable regulatory support, with the pressing need for reducing GHG emissions.
Fluctuating raw materials prices including sugar and tapioca starch has affected production cost and put pressure on lactic acid price trend. PLA market price trend follows premium pricing compared to conventional polymers such as polystyrene and polypropylene (PP).
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Key insights from the report include:
China lactic acid market size in personal care applications should witness gains at over 16.5%. It is used as an active ingredient for antimicrobial cleaning and personal care formulations. Increasing consumer awareness towards personal care products demand should drive regional growth.
U.S. lactic acid demand in pharmaceutical application was valued at over USD 35 million in 2015. It is used to treat severe dry skin problems. It is applied for metal preparations that involve, surgical sutures, tablets and controlled drug systems.
UK polylactic acid market size for agriculture application may witness gains at close to 15%. It is used to enhance moisture control, increase soil temperature and reduce soil compaction.
Brazil PLA market size may register over USD 100 million business by 2024.
Germany PLA market size in electronics application was close to 1.5 kilo tons in 2015. Market penetration in electronics space is relatively low, may primarily attribute to processing performance and stability issues.
Global polylactic acid market share is highly consolidated with top three companies catering to over 70% of the overall demand. Key market players include NatureWorks and Purac. Other industrial participants include Galactic, Musashino Chemical, BASF, Futerro, Synbra Technology and Danimer Scientific.
Companies operating have also focused on establishing commercial facilities in Thailand, which has a favorable regulatory scenario. Thailand has high carbohydrates availability, as well as significant regulatory support from the National Innovation Alliance (NIA), Ministry of Industry and Board of Investment (BOI).
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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