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Global Lactic Acid Market Size and Share to Exceed $3.55 Billion

WASHINGTON, Oct. 14, 2022 (GLOBE NEWSWIRE) — According to a report by Vantage Market Research, the global lactic acid market was worth $1.19 billion in 2021 and is expected to be worth $3.55 billion by 2028, with a CAGR of 16.9% between 2022 and 2028. The report provides an in-depth overview of major segments, changing market trends, value chain, major investment pockets, competitive scenario, and landscape regional. The report is an important and useful source of information for major market players, investors, new entrants and other stakeholders who wish to make new plans for the future and take action to strengthen their position in the market. . in a report titledLactic Acid Market By Form (Liquid, Form), By Application (Biodegradable Polymers, Food & Beverages, Personal Care Products, Pharmaceuticals), By Region (North America, Europe, Asia-Pacific, Middle East & Africa) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.

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List of Lactic Acid Market Key Players:

  • DuPont (USA)
  • Corbion (Netherlands)
  • Cargill (United States)
  • DOW (United States)
  • Galactic (Belgium)
  • Unitika (Japan)
  • Sulzer (Switzerland)
  • Henan Jindan (China) lactic acid technology
  • Mushashino Chemical (Japan)
  • Danimer Scientific (USA)
  • Vigon International (USA)
  • Henan Xinghan (China) Biology Technology
  • COFCO Bio Chemical (China)
  • Vaishnavi Biotech (India)
  • Spectrum Chemicals (USA)
  • Jungbunzlauer (Switzerland)
  • Food Chem International (China)
  • Godavari Bio-refineries (India)
  • Qingdao Abel Technology (USA)
  • Pro Agro GmbH (Austria)

Key insights and findings from the in-depth report:

  • The sugarcane segment is expected to grow at a substantial CAGR during the forecast period. Sugarcane plays a vital role in the development of bioplastics and the growth of food and biochemical industries. The raw sugar that is extracted is an important raw material used in the manufacture 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 compared to other biodegradable plastics. Additionally, the demand for biodegradable plastic materials is increasing coupled with the growth of automotive and end-user demand are the segmental growth factors.
  • Asia-Pacific is expected to grow at a significant CAGR from 2022 to 2028. Growth in the personal care and food & beverage sector coupled with spending on drugs is expected to positively impact the growth of the market.

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Market dynamics:

Increase in lactic acid applications in various end-use industries

Rising applications of lactic acid in various end-use industries such as food & beverage, pharmaceutical, personal care, industrial and others are expected to augment the lactic acid market growth during of the forecast period. The use of lactic acid in the food industry can extend the shelf life of foods; gives products different tastes and textures and also acts as an acidifier. According to the FDA, lactic acid is generally safe to use in a variety of ways, including as an antimicrobial agent, curing and stripping agent, flavor enhancer, pH control agent, and solvent. In addition, in cosmetics, it is used as an emulsifier or to moisturize. It is precisely used to treat hyperpigmentation, age spots, recover dull and uneven skin tone, improve skin tone and reduce the appearance of pores, among others. Thus, owing to the growing advantages in various applications, the lactic acid market is expected to be the driving force in the coming years.

Increase in demand for alternative eco-friendly resources to drive market growth

Lactic acid is largely (90%) produced using bacteria by anaerobic fermentation of sugars. Lactic acid is produced via different biomasses, such as starch cultures, sugar cultures, lignocellulosic materials and also from whey (a residue from cheese production). The bio-based production used is considered more economical and more respectful of the environment than the chemical process. In addition, PLA also has advantages such as low energy consumption and low greenhouse gas emission when used in the production of 3D printing applications. The production of PLA offers an environmentally friendly alternative to other traditional polymers. As global climate change becomes increasingly extreme, the use of greener production methods also becomes more important.

Important questions answered by this report:

  • What is the estimated market size and growth rate of the Lactic Acid market?
  • What segments are included in the Lactic Acid market?
  • Who are the major companies active in the Lactic Acid market?
  • What are the key factors driving the Lactic Acid market growth?
  • How Can I Get Free Sample Reports or Lactic Acid Market Research?

COVID-19 impact analysis:

The COVID-19 outbreak has affected various industries around the world. Governments around the world have implemented strict containment measures and social distancing norms to limit the rapid spread of the pandemic. Manufacturing plants around the world were shut down during the early stages of the pandemic. In addition, the post-pandemic economic crisis may lead to a significant delay in the commercial deployment of the specialty polymers industry. Small and medium-sized enterprises are the backbone of technology providers and are experiencing a sharp drop in revenue since the outbreak of the pandemic in 2020. As a result, market players have faced many challenges when disruptions in the supply chain have been observed. However, things will improve in the second half of 2022 as more supplies come online. The impact of COVID-19 on market demand is considered while estimating current and forecasted market size and market growth trends for all regions and countries based on points of following data:

  1. Assessment of the impact of the COVID-19 pandemic
    1. North America
    2. Europe
    3. Asia Pacific
    4. Latin America
    5. Middle East and Africa
  2. Quarterly Market Revenue Forecast by Asia-Pacific 2020 and 2021
  3. Key strategies companies are undertaking to fight COVID-19
  4. Long-term dynamics
  5. Short-term dynamics

Read the full research report @ https://www.vantagemarketresearch.com/industry-report/lactic-acid-market-1150

Lactic Acid Market Report Highlights:

  • Market assessment
  • Premium Previews
  • Competitive landscape
  • COVID impact analysis
  • Historical data, estimates and forecasts
  • Company Profiles
  • Global and regional dynamics

Regional analysis:

Asia-Pacific dominates the global lactic acid market

Asia-Pacific dominated the global lactic acid market in 2021 and is expected to continue the same trend during the forecast period. This is attributed to the growth of the pharmaceutical, personal care, and food and beverage industries in the region. In addition, increasing drug expenditures and expanding pharmaceutical industry are also expected to support the regional growth of the market.

Asia-Pacific region is expected to witness significant growth in the Lactic Acid market over the forecast period. This is attributed to the increase in application as a food additive in the region. Moreover, the availability of cheap raw materials and technological innovation are also expected to support the growth of the Lactic Acid market in the near future.

Browse market data tables and figures spread across 156 pages and a detailed table of contents at Lactic Acid Market Forecast Report (2022-2028).

Report Scope:

Report attributes Details
Market size in 2021 $1.19 billion
Revenue forecasts by 2028 $3.55 billion
CAGR 16.9% from 2022 to 2028
Year of reference 2021
forecast year 2022 to 2028
Key players • DuPont (USA)

• Corbion (Netherlands)

• Cargill (United States)

• DOW (United States)

• Galactic (Belgium)

• Unitika (Japan)

• Sulzer (Switzerland)

• Henan Jindan lactic acid technology (China)

• Mushashino Chemical (Japan)

• Danimer Scientific (USA)

• Vigon International (USA)

• Henan Xinghan Biology Technology (China)

• COFCO Biochemistry (China)

• Vaishnavi Biotech (India)

• Spectrum Chemicals (USA)

• Jungbunzlauer (Switzerland)

• FoodChem International (China)

• Godavari bio-refineries (India)

• Qingdao Abel Technology (USA)

• ProAgro GmbH (Austria)

RECENT DEVELOPMENTS:

October 2020: FUTERRO has 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 has announced the development of a new product with the Ingeo PLA formulation for the release support of 3D printing on dual extrusion printers. This would support technological advances in the biopolymer industry.

Report customization:

The report can be customized according to the client’s needs or requirements. For any questions, you can contact us at [email protected] or +1 (202) 380-9727. Our sales representatives will be happy to understand your needs and provide you with the most suitable reports.

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