Lactic Acid Market Size By Application (Industrial, Food & Beverage, Pharmaceuticals, Personal Care), Polylactic Acid (PLA) Market Size By Application (Packaging, Agriculture, Transport, Electronics, Textiles), Regional Outlook, Downstream Potential, Price Trend, Competitive Market Share & Forecast, 2016 – 2024
Published Date: Sep 2019 | Report ID: GMI821 | Authors: Kunal Ahuja, Shreya Deb
Lactic Acid Market size was over USD 1.85 billion in 2015 and industry expects consumption at over 3 million tons by 2024. Polylactic Acid Market size was over USD 1 billion in 2015 and industry expects consumption at over 2 million tons by 2024.
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Booming cosmetics industry owing to improved standard of living and rising per capita income should stimulate lactic acid market growth. Global cosmetics market size surpassed USD 85 billion in 2019 which indicates tremendous growth opportunities. It is extensively used in over-the-counter skin products owing to its ability to reduce dark spots, wrinkles, fine lines and exfoliate skin. Shifting preference for natural & organic cosmetics and growing demand for anti-aging products should boost market growth.
Growing product demand from films, plastic bottles and medical implants such as plates, screws, pins and rods should accelerate PLA market growth. Global medical implants market size exceeded USD 95 billion in 2017 owing to rising prevalence of chronic diseases & growing elderly population which represents healthy growth opportunities. This material can be safely absorbed by the body, is compostable and produced from natural raw materials which reduces dependence on petroleum products. Growing consumer environmental awareness and growing demand for food & beverage packaging are likely to further fuel industry growth.
The possibility of unregulated microbial growth in food, beverages and pharmaceutical products containing these ingredients can lead to contamination or spoilage, which should hamper market growth. Regulating the product’s bacterial composition by controlling the metabolic activities of microbes is a significant challenge. However, certain manufacturers are engaging in significant research & development initiatives to offer launch new products which ensure food quality, safety and prolong shelf life, thus triggering market growth.
|Historical Data for:||2013 to 2015||Forecast Period:||2016 to 2024|
|Pages:||110||Tables, Charts & Figures:||215|
|Geographies covered (18):||U.S., Canada, Germany, UK, France, Italy, Netherlands, Belgium, China, India, Japan, Malaysia, Thailand, Australia, South Korea, Brazil, South Africa, Saudi Arabia|
|Segments covered:||Application, and Region|
|Companies covered (9):||BASF, Danimer Scientific LLC, Futerro, Galactic, Musashino Chemical (China) Co. Ltd., Henan Jindan Lactic Acid Technology Co. Ltd., NatureWorks LLC, Purac, Synbra Technology BV|
Lactic Acid & Polylactic Acid Market, By Application
Global lactic acid market demand from food & beverage applications should register over 14% gains by 2024 owing to changing dietary preferences and rising demand for health food. This product finds extensive usage in imparting sour flavour, making pickles, cheese and yogurt. Significant technological advancement allowing the development of energy efficient & cost-effective food processing equipment along with significant economic growth in China, India, and Brazil should further promote market growth.
Global PLA market size from electronics applications should exceed USD 185 million by the end of the predicted timeframe pertaining to growing adoption of wearable technology, virtual and augmented devices. It is ideal for electronics packaging, consumer displays and fused filament fabrication technology in 3D printers. Growing preference for smart electronic devices, expanding middle class and government policies for promoting digitisation should stimulate market growth.
Global PLA demand from agriculture applications should register about 17% gains by 2024 on account of rising food demand from the growing population. These products find routine usage in agricultural mulch films to conserve fertilizers, moisture, speed up crop ripening and retard fungal & weed growth. Growing government initiatives to boost technology & infrastructure investment along with increasing preference for organic products are likely to promote market growth.
Global PLA market size from transport applications was valued at about USD 55 million in 2015 and should witness significant growth by 2024 pertaining to rising investment for transport infrastructure development & maintenance. This product finds widespread usage in the manufacture of bags for transportation purpose owing to low permeability to water vapor and significant adoption in various automobile components such as bumpers, seats & dashboards. Growing adoption of transportation services such as car sharing & e-hailing along with increasing smartphone penetration should trigger market growth.
North America market size should surpass USD 2 billion by the end of the foreseeable period on account of growing demand for biodegradable polymers. This substance is an ideal raw material to produce biopolymers with high tensile strength, suitability for composting and recyclability. Rising trend of reducing dependence on petrochemicals and growing environmental awareness among consumers should boost market growth.
Europe lactic acid demand is likely to register over 14.5% gains by 2024 owing to rising product demand from the booming pharmaceutical sector. This product finds increasing usage in lactate solution for dialysis and administration of drugs which are unsuitable for direct injection or ingestion. Growing government policies to boost generic drug adoption and significant research initiatives are likely to further accelerate market growth.
Asia Pacific PLA market size surpassed USD 270 million in 2015 and is predicted to grow significantly owing to the booming packaging industry and improving food packaging standards. This material finds extensive usage in food containers, plastic films, lunch boxes, cups, and bottled water owing to its excellent mechanical strength and environment-friendliness. Significant economic growth, rising consumer disposable income and growing packaging demand from the regional healthcare sector should augment market growth.
Competitive Market Share
Global polylactic acid market share is moderately consolidated and includes various manufacturers such as Galactic, BASF, Corbion, NatureWorks, Danimer Scientific, Synbra Technology and Dow Chemicals. Various industry participants are engaged in developing new products to satisfy rising demand from the health food & dietary supplement sectors and enhance food quality & safety, thus accelerating market growth.
Lactic acid is a water-soluble, syrupy acid which occurs naturally in sour milk and is produced in muscle tissues on exertion. PLA is a biomass-derived thermoplastic polymer which is biodegradable in nature and has similar strength to conventional bioplastics such as polyethylene & polypropylene. Rising demand for food, cosmetic & pharmaceutical packaging along with medical implants should stimulate market growth.
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