Tokyo, July 6, 2022 (GLOBE NEWSWIRE) — Key points to remember:
- By raw material, the US lactic acid market was valued at USD 1.25 billion in 2021
- By raw material, the sugarcane segment generated the largest revenue share 40% in 2021
- Corn Commodities Segment Expected to Grow at a CAGR of 8.2% from 2022 to 2030
- By application, the polylactic acids segment accounted for 29% market share in 2021
- North America region accounted for 45% revenue share in 2021
- In 2021, the Asia-Pacific region accounted for 19% revenue share in 2021
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The North American region is expected to dominate the market during the forecast. As there is a growing demand for various products using lactic acid. There is an increase in the demand for personal care products as well as different food products as well as beverages that use lactic acid in its manufacturing process. As there is a growth in drug consumption, the market will have a positive effect. Many major manufacturers from various industries like pharmaceutical industry, food and beverage industry and even cosmetic industry are present in the North American region.
These major market players will drive the growth of the North American region market in the coming years. There is an increased use of biodegradable plastics in many countries in this region. In order to have a better alternative to already existing packaging materials, there is a greater demand for polylactic acid in this market. Polylactic acid is used for the manufacture of biodegradable plastics widely used in personal care as well as in the pharmaceutical industry.
The European region is expected to have a good market share in the coming years as this region also uses a good amount of lactic acid in the manufacture of various products in different industries. As the government in the North American region as well as the European region supports policies that help reduce carbon emissions, the use of polylactic acid for biodegradable plastic shell will expand in the coming years.
|Market size in 2021||$3.2 billion|
|Revenue forecasts by 2030||$6.9 billion|
|CAGR||8.91% from 2022 to 2030|
|The biggest market||North America|
|Fastest growing region||Asia Pacific|
|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.|
- Based on 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 sugar cane is a major component used in the production of lactic acid. The scammer segment will also increase as it is a low cost option and the product is also widely available.
- Based on an application, the polylactic acids segment will dominate the market owing to an increasing demand for this product. The strength and durability of this product will drive the market growth.
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In recent years, the popularity of polylactic acid has increased. Polylactic acid is widely used in many developed countries due to the various benefits associated with this product. Constant innovations have provided better application of this product in many industries. The developed regions like the North American region as well as the European region have the presence of many major market players who have a high demand for lactic acid. Increased awareness about the benefits of biodegradable polymers made using polylactic acid will drive the market growth in the coming years. Its use in the packaging industry of four different food products will also drive the growth of the market. Biodegradable plastic is also used for packaging takeaway meals. As there is an increasing demand for biodegradable plastics across the world, there will be a growth in demand for lactic acid across all of these industries.
The price of the raw material that is used in the manufacture of our volatile lactic acid. There has been a constant rise and fall in the prices of these raw materials over the past few years. This greatly affects productivity. The volatile nature of the prices of this raw material will restrain the growth of the market in the coming years. These fluctuating prices will constantly affect the growth of the lactic acid market. Increasing production costs will reduce the amount of money earned by manufacturers. Shrinking margins of this product will also act as another drag on the market growth over the forecast period. Apart from the volatile nature of the commodity, there are numerous rules and regulations in place that hinder the growth of the market. The metabolic activity which is one of the process of making polylactic acid should be carried out in a controlled manner according to the regulations set by the authority.
In the past, many toxic chemicals were used in the food and beverage industry. Lactic acid has replaced these chemicals and this happens to be the major reason for the growth of the market. Lactic acid acts as a catalyst in the manufacture of various products. The personal care industry also creates a high demand for lactic acid. The increased use of this product in the cosmetics industry will also provide an excellent opportunity for its growth in the future. Lactic acid is used as an alternative to chemicals that were used in this industry because it does not alter the texture of these food products. Various types of cheese are made using lactic acid. It is also widely used in the production of bakery items. Electric acid is a plastic that is biodegradable in nature. The growing demand for this product will drive the lactic acid market. This product is comparable to existing plastics in terms of gloss and strength.
In recent years, there has been an increasing demand for polylactic acid as it is a biodegradable material. As there is an increasing preference for this product in many industries, the production of this material is proving to be a major challenge. The facility he has done for making the product is less. Additionally, there is no efficient manufacturing process in place that would offer the correct composition for the production of polylactic acid. There will be significant losses due to the wrongly extracted polylactic acid. All these reasons will restrain the growth of the market in the coming years. There is an absence of knowledge, especially in developing countries, and this happens to be a major challenge for the growth of the market.
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- To increase the productivity of polylactic acid, B&F partnered with Sulzer in 2020. This partnership aims to introduce the fully integrated manufacturing unit that would use sugar as the raw material. This manufacturing facility would be able to generate 30,000 tonnes of product each year. The factory will be located in China in order to have a good market presence in the Asia-Pacific region.
By raw material
- Sugar cane
- Other crops
- polylactic acid
- Personal care
- Food and drinks
Per end user
- North America
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
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