According to Precedence Research, the global lactic acid market was valued at around USD 3.2 billion in 2021 and is projected to worth around USD 6.9 billion by 2030 with a CAGR of 8.91% from 2022 to 2030.

Tokyo, July 06, 2022 (GLOBE NEWSWIRE) -- Key Takeaways:

• By raw material, U.S. lactic acid market was valued at USD 1.25 billion in 2021
• By raw material, the sugarcane segment garnered largest revenue share 40% in 2021
• The corn raw material segment is projected to grow at a CAGR of 8.2% from 2022 to 2030
• By application, the polylactic acid segment accounted 29% market share in 2021 
• North America region accounted 45% revenue share in 2021
• In 2021, Asia Pacific region accounted 19% revenue share in 2021

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Regional snapshots

North American region is expected to dominate the market during the forecast. As there is a growing demand for various products that make use of lactic acid. There is an increase in the demand for personal care products as well as different food items as well as beverages that make use of lactic acid in its manufacturing process. As there is a growth in the consumption of medicines the market shall have a positive effect. Many major manufacturers from various industries like the pharmaceutical industry, food and beverages industry and even the cosmetics industry are present in the North American region.

These major market players will drive the market growth of the North American region in the coming years. There is an increased use of biodegradable plastics in many nations of this region. In order to have a better alternative for the already existing packaging materials there is a greater demand for Poly lactic acid in this market. Poly lactic acid is used for the manufacturing of biodegradable plastics that is extensively being used in the personal care as well as the Pharmaceutical industry.

The European region is expected to have a good market share in the coming years as this region is also making a good amount of use of lactic acid in the manufacturing of various products in different industries. As the government in the North American region as well as the European region is supporting policies that help in reducing the carbon emissions the use of Poly lactic acid for the biodegradable plastic shell grow in the coming years.

Scope of the Report

Report Attributes	Details
Market Size in 2021	USD 3.2 Billion
Revenue Forecast by 2030	USD 6.9 Billion
CAGR	8.91% from 2022 to 2030
Largest Market	North America
Fastest Growing Region	Asia Pacific
Base Year	2021
Forecast Year	2022 to 2030
Key Players	Corbion, DuPont, Henan Jindan Lacic Acid Technology, Sulzer, Mushashino Chemical, Jungbunzlauer, FoodChem International, Cargill, Galactic, DOW, Unitika, Vaishnavi Biotech, Spectrum Chemicals, and Others.

Report highlights

• On the basis of the raw materials, the sugar cane segment is expected to drive the market in the coming years as this product is widely available. Sugar derived from the sugar cane is a major component used in the production of lactic acid. The con segment will also grow as this is a low cost option and the product is also available on a large scale.
• On the basis of application, the polylactic acid segment will dominate the market due to a growing demand for this product. The strength and durability of this product will drive the market growth.

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Market dynamics

Drivers

In the recent years the popularity of polylactic acid has increased. Poly lactic acid is being used widely in many developed nations due to the various benefits associated with this product. Constant innovations have provided better application for this product in many industries. The developed regions like the North American region as well as the European region has the presence of many major market players that have a great demand for lactic acid. Increasing awareness about the benefits of the biodegradable polymers that are manufactured with the use of Poly lactic acid will drive the market growth in the coming years. It's usage in the packaging industry four different food products will also drive the market growth. Does biodegradable plastic is also used for the packaging of the take away food. As there is a growing demand for biodegradable plastics across the globe there shall be a growth in the demand for lactic acid in all of these industries.

Restraints

The price of the raw material which is used in the manufacturing of the lactic acid our volatile. There has been a constant up and down in the prices of these raw materials in the recent years. This significantly affects the productivity. The volatile nature of the prices of this raw material will hamper the growth of the market in the coming years. These fluctuating prices will constantly affect the growth of the lactic acid market. Increased cost of production will reduce the amount of money earned by the manufacturers. The reducing margins of this product will also be another restraint in the growth of the market during the forecast period. Apart from the volatile nature of the raw material there are many rules and regulations in place that hamper the growth of the market. The metabolic activity which is one of the processes of the Poly lactic acid manufacturing needs to be done in a controlled manner following the regulations set by the authority.

Opportunities

In the past many toxic chemicals were used in the food and beverages industry. Lactic acid has substituted these chemicals and this happens to be the major reason for the growth of the market. Lactic acid acts as a catalyst in the manufacturing of various products. The personal care industry is also creating a great demand for lactic acid. Increased use of this product in the cosmetics industry we'll also provide a great opportunity for its growth in the future. Lactic acid is used as an alternative for the chemical products that were used in this industry as it does not alter the texture of these food products. Various types of cheese are manufactured by the use of lactic acid. It is also widely used in the production of bakery items. Electric acid is a plastic of the biodegradable nature. The growing demand for this product will drive the market for lactic acid. This product is that par with the already existing plastics when it comes to the shine and the strength.

Challenges

In the recent years there has been a growing demand for Poly lactic acid as this happens to be a biodegradable material. As there is a growing preference for this product in many industries the production of this material happens to be a major challenge. The facility he did for the manufacturing of the product is less. Also there is no efficient manufacturing process in place which would offer the correct composition for the production of Poly lactic acid. There shall be major losses due to the wrongly extracted Poly lactic acid. All of these reasons will inhibit the growth of the market in the coming years. There is an absence of knowledge especially in the developing nations and this happens to be a major challenge for the growth of the market.

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Recent developments

• To increase the productivity of the Poly lactic acid B&F partnered with Sulzer in real 2020. This partnership aims at introducing the fully integrated manufacturing unit that would make the use of sugar as the raw material. This manufacturing plant would be able to generate 30,000 tons of the products every year. The plant shall be located in China In order to have a good market presence in the Asia Pacific region.
  
  

Market Segmentation

By Raw Material

• Corn
• Sugar Cane
• Cassava
• Other Crops

By Application

• Poly lactic acid
• Pharmaceuticals
• Personal care
• Food and beverages
• Industrial
• Others

By Form

• Liquid
• Form

By Source

• Natural
• Synthetic

By End-User

• Packaging
• Textile
• Electronics
• Automotive
• Biomedical
• Other

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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