Global Lactic Acid & Polylactic Acid (PLA) Market Share, Analysis, Price Trends, 2016 – 2024
Growing consumer consciousness towards biobased personal care & cosmetics product formulations should favor lactic acid market size. Increasing consumer awareness and stringent government norms to encourage environment friendly products derived from biomass resources should drive regional growth.
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PLA market size from packaging applications should register over USD 2 billion at the end of forecast period. They used for packaging fruits & vegetables and also in disposable products which includes cutlery and cups. Favorable regulatory support in bioplastics packaging including loose fill and rigid packaging may witness strong growth thereby curbing GHG emissions.
Lactic acid market size from food & beverages applications should register over USD 1.5 billion in sales by 2024. Strong application outlook in industrial and food & beverage industry should drive lactic acid market size. They are used as a preservative, pH regulator and acidulant for food & beverage applications which include bakery, dairy, meat products, confectionary, beer & wine and pickles.
FDA has granted lactic acid GRAS status which should boost the product market demand. It is also used in manufacturing PLA, which is a biodegradable polymer and has vast consumption volume.
Positive indicator towards bioplastics usage due to environmental concern should drive PLA market size. Strong application scope automobiles, food & beverage packaging, agriculture and consumer goods packaging should drive industry growth.
PLA market price trend commands premium pricing with respect to traditional polymers including PP and polystyrene. Tapoica, sugarcane, and corn are used for manufacturing process. These raw materials costs may fluctuate and affect lactic acid price trend.
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Japan lactic acid market size from personal care applications is set to exceed USD 30 million. It is used as anti aging, anti wrinkle, and skin lightening products. Rising consumer awareness towards personal care & cosmetics product formulation should drive regional industry growth.
U.S. PLA market size from agriculture applications should witness over 16% gains. They are used to raise soil temperature, control soil compaction, and enhance moisture control. Lactic acid market size from pharmaceutical applications may witness significant gains. It is used to exhibit anti-tumor activity and treat dry skin problems.
Europe lactic acid market size from industrial applications may witness above 15.5% gains. These products are used in applications which include textile goods & silk dyeing, leather plumping and woolen printings.
Global PLA market share is highly consolidated with top players occupying a larger chunk of the industry demand in 2015. Purac and NatureWorks Danimer Scientific, BASF, Futerro, Synbra Technology, Galactic and Musashino Chemical are some of the industry participants.
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