Lactic Acid Market & Polylactic Acid Market size to exceed $1.8 bn & $790 mn by 2026
Published Date: June 4, 2020 Authors: Kunal Ahuja, Kritika Mamtani
Lactic Acid Market size is set to surpass USD 1.8 Billion and Polylactic Acid Market size is set to surpass USD 790 Million by 2026, according to a new research report by Global Market Insights, Inc.
Increasing consumer preference for personal grooming, rising per capita income and improved standard of living should boost lactic acid industry growth. The product offers various benefits such as improved elastin & collagen synthesis, cell renewal, exfoliation and skin lightening. The product finds growing adoption in various skincare products such as skin hydrating agents, chemical peels and antiaging products which should boost lactic acid market outlook.
Significant expansion of the automotive sector, rapid urbanization and increasing demand for bioplastics should trigger polylactic acid market trends. The product helps automotive manufacturers reduce vehicle weight, improve fuel efficiency and ensure compliance with emission control norms. Consumer income in emerging nations such as China, India and Brazil have witnessed substantial growth which has boosted the sales of passenger cars and should drive polylactic acid industry growth.
Widespread industrial applications of lactic acid will foster product demand
Lactic acid finds increasing usage in various industrial applications in the chemical, medical, leather and textile sectors. Global lactic acid market size from industrial applications surpassed USD 460 million in 2019. The product ensures fast & easy lime removal during leather processing and penetrates effectively through the hide tissue, thus creating a thicker hide. Increasing demand for premium leather handbags, wallets and footwear owing to increasing consumer preference for aesthetic products should boost industry statistics.
“Lactic acid market from industrial applications is poised to witness a substantial 11.6% CAGR through 2026 as it is a raw material for various industrial products”
Biodegradable nature of polylactic acid to drive market growth in agriculture
Polylactic acid finds extensive usage in the production of nonwoven fabrics which are ideal for greenhouses, agricultural mulch, soil stabilization, weed control and nursery bags. Global polylactic acid market should witness a consumption of over 30 kilo tons from agricultural applications by 2026. The product is biodegradable, releases more nutrients in the soil upon decomposition, and does not require disposal in landfills. Rising food requirements to feed the growing population and increasing preference for organic agriculture should stimulate polylactic acid industry outlook.
“Polylactic acid market from agricultural applications is set to register more than 10.6% CAGR up to 2026 owing to its biodegradable nature”
Browse key industry insights spread across 255 pages with 211 market data tables and 44 figures & charts from the report, “Lactic Acid & Polylactic Acid (PLA) Market Size By Application (Industrial, Food & Beverage, Pharmaceuticals, Personal Care), Market Size By Application (Packaging, Agriculture, Transport, Electronics, Textiles), Regional Outlook, Downstream Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Favorable government policies to fuel lactic acid market growth in Europe
According to market analysis and trends, European lactic acid market size surpassed USD 365 million in 2019. The region has witnessed favorable government policies to promote lactic acid consumption. Regulation (EU) No 101/2013 permits the use of the product to prevent microbial contamination of bovine carcasses in the meat processing industry. Similarly, Regulation (EU) 2017/56 declares the product as a permitted feed additive for all animal species which should accelerate market share.
Key market participants in lactic acid industry are Cargill, Corbion Purac, BBCA & Galactic, Baisheng, Xinghan and Hebei Jindan.
According to market trends, several market players are also involved in various strategies and initiatives including technological advancement, and mergers & acquisition in order to gain substantial market share.
Increasing environmental awareness should stimulate polylactic acid demand in Asia Pacific
Asia Pacific polylactic acid market is poised to surpass USD 210 million by 2026. Increasing investment by bioplastic manufacturers, rising environmental concerns and government policies that promote environment-friendly products should drive product demand. PLA is produced from lactic acid which is obtained from renewable resources which ensures steady raw material availability, low greenhouse gas emissions and biodegradable nature. Growing demand for flexible packaging from the consumer goods sector and rising crude oil prices should further trigger the regional industry landscape.
Key market participants in polylactic acid industry are BBCA & Galactic, Hisun, Total Corbion PLA, and NatureWorks.
According to market analysis, several companies are also engaged in various strategic initiatives including mergers & acquisition and the development of new production plants in order to achieve polylactic acid market growth.