WASHINGTON, Oct. 14, 2022 (GLOBE NEWSWIRE) -- According to a report by Vantage Market Research, the Global Lactic Acid Market was worth USD 1.19 Billion in 2021 and is expected to be worth USD 3.55 Billion by 2028, with a CAGR of 16.9% between 2022 and 2028. The report gives an in-depth look at the top segments, changing market trends, value chain, key investment pockets, competitive scenario, and regional landscape. The report is an important and helpful source of information for leading market players, investors, new entrants, and other stakeholders who want to make new plans for the future and take steps to strengthen their position in the market. in a report, titled “Lactic Acid Market by Form (Liquid, Form), by Application (Biodegradable polymers, Food & Beverages, Personal care products, Pharmaceutical products), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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List of Prominent Players in the Lactic Acid Market:
- DuPont (US)
- Corbion (Netherlands)
- Cargill (US)
- DOW (US)
- Galactic (Belgium)
- Unitika (Japan)
- Sulzer (Switzerland)
- Henan Jindan Lacic Acid Technology (China)
- Mushashino Chemical (Japan)
- Danimer Scientific (US)
- Vigon International (US)
- Henan Xinghan Biology Technology (China)
- COFCO Bio Chemical (China)
- Vaishnavi Biotech (India)
- Spectrum Chemicals (US)
- Jungbunzlauer (Switzerland)
- Food Chem International (China)
- Godavari Bio-refineries (India)
- Qingdao Abel Technology (US)
- Pro Agro GmbH (Austria)
Key Insights and Findings from the In-depth Report:
- The sugarcane segment is projected to grow at a substantial CAGR over the forecast period. Sugarcane plays a vital role in the development of bioplastics and the growth of food and biochemical industries. Raw sugar that is extracted is a major feedstock used in the manufacturing of lactic acid.
- The polylactic acid segment held a significant market share in 2021. The growth is driven by its mechanical strength, durability, and transparency in comparison to other biodegradable plastics. Additionally, the demand for bio-degradable plastic materials is increasing coupled with the growth of automotive and demand from end-users are the factors driving segmental growth.
- Asia Pacific is expected to grow at a significant CAGR from 2022 to 2028. The growth in the personal care and the food and beverages sector coupled with expenditures on medicines is expected to have a positive impact on market growth.
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Market Dynamics:
Increasing Applications of Lactic Acid in Various End-Use Industries
The increasing applications of lactic acid in various end use industries like food & beverages, pharmaceuticals, personal care, industrial, and others is anticipated to augment the growth of the Lactic Acid Market during the forecast period. The use of lactic acid in food industry can extend foods’ shelf life; give products different tastes and texture and also acts as acidifier. According to FDA, lactic acid as generally safe to use in a variety of ways, including antimicrobial agent, curing and pickling agent, flavor enhancer, pH control agent and solvent. Furthermore, in cosmetics, it is used as emulsifier or for moisturizing. It is precisely used to treat hyperpigmentation, age spots, recover dull and uneven complexion, improves skin tone and reduces pore appearance, among others. Thus, owing to increasing benefits in various applications is expected to drive the Lactic Acid Market in the years to come.
Rise in Demand for Alternative Environment-friendly Resources to Stimulate Market Growth
Lactic acid is largely (90%) produced with the use of bacteria through anaerobic fermentation of sugars. Lactic acid is produced via different biomass, like starch crops, sugar crops, lignocellulosic materials and also from whey (a residue from cheese production). The bio-based production used is considered to be more economical and more environmentally friendly than the chemical process. Furthermore, PLA has also advantaged such as low energy consumption and emission of low greenhouse gas while used in production of 3D printing applications. The production of PLA offers an eco-friendly alternative over other traditional polymers. As global climate changes are becoming increasingly extreme, the use of more ecologically feasible production methods is also turning to be more important.
Important questions answered in this report:
- What is the estimated market size and growth rate of the Lactic Acid Market?
- Which segments are included in the Lactic Acid Market?
- Which top companies are active in the Lactic Acid Market?
- What are the major driving factors for the growth of the Lactic Acid Market?
- How can I get free sample reports or study of Lactic Acid Market?
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the specialty polymers industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Lactic Acid Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Asia Pacific Dominates the Global Lactic Acid Market
Asia Pacific has dominated the global Lactic Acid Market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the increasing pharmaceutical, personal care, and food and beverages industries across the region. Furthermore, the increasing expenditures on medicines and expanding pharmaceutical industry are also expected to support the regional growth of the market.
Asia Pacific is likely to witness significant growth in the Lactic Acid Market during the forecast period. This is attributable to the increase in the application as the food additive in the region. Additionally, the availability of cheap raw materials and innovation in technology are also expected to support the growth of the Lactic Acid Market in near future.
Browse market data Tables and Figures spread through 156 Pages and in-depth TOC on Lactic Acid Market Forecast Report (2022-2028).
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 1.19 Billion |
| Revenue Forecast by 2028 | USD 3.55 Billion |
| CAGR | 16.9% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | • DuPont (US) • Corbion (Netherlands) • Cargill (US) • DOW (US) • Galactic (Belgium) • Unitika (Japan) • Sulzer (Switzerland) • Henan Jindan Lacic Acid Technology (China) • Mushashino Chemical (Japan) • Danimer Scientific (US) • Vigon International (US) • Henan Xinghan Biology Technology (China) • COFCO BioChemical (China) • Vaishnavi Biotech (India) • Spectrum Chemicals (US) • Jungbunzlauer (Switzerland) • FoodChem International (China) • Godavari Bio-refineries (India) • Qingdao Abel Technology (US) • ProAgro GmbH (Austria) |
Recent Developments:
October, 2020: FUTERRO announced the launch of its first fully integrated PLA plant in China in collaboration with its historical partner BBCA Biochemical. The new lactic acid and PLA units incorporate new patented technologies that allow the production of high- quality products at competitive costs.
June, 2019: Cargill’s Nature Works announced the development of a new product with Ingeo PLA formulation for 3D printing break-away support on dual extrusion printers. This would support the technological advancements in the biopolymer industry.
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