Lactic Acid Market to Surpass 6.9 Billion by 2030 Drives Due to the Increasing Production Capacity
SkyQuest projects that the lactic acid market will attain a USD 6.9 billion value by 2030, with a CAGR of 8.91% over the forecast period (2023-2030). The lactic acid market is witnessing a prominent trend towards developing more efficient and environmentally friendly production processes. This shift is primarily driven by the dual objectives of reducing production costs and increasing production capacity while mitigating the environmental impact of the manufacturing process.
Westford, USA, July 11, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, the growing global awareness of plastic waste and pollution has profoundly impacted the demand for sustainable alternatives to traditional petroleum-based plastics. This heightened consciousness has propelled the growth of the lactic acid market.
Browse in-depth TOC on the “Lactic Acid Market”
- Pages – 242
- Tables – 94
- Figures –59
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The expanding applications of lactic acid across diverse end-use industries, including food and beverages, pharmaceuticals, personal care, industrial, and others, are expected to drive the growth of the lactic acid market in the forecast period. Lactic acid has extensive use in the food industry, offering several benefits. One of its primary advantages is its ability to extend the shelf life of various food products, helping to maintain their freshness and quality.
Prominent Players in Lactic Acid Market
- Corbion NV
- BASF SE
- Galactic SA
- DowDuPont Inc.
- NatureWorks LLC
- Futerro SA
- Teijin Limited
- Musashino Chemical Laboratory Ltd.
- Henan Jindan Lactic Acid Technology Co., Ltd.
- Weifang Ensign Industry Co., Ltd.
- Musashino Chemical (China) Co. Ltd.
- Anhui COFCO Biochemical Co., Ltd.
- Synbra Technology BV
- Spectrum Chemical Manufacturing Corp.
- Danimer Scientific Inc.
- TCI Chemicals (India) Pvt. Ltd.
- Jungbunzlauer Suisse AG
- Shenzhen Esun Industrial Co., Ltd.
- Zhengzhou Tianxingjian Chemical Co., Ltd.
- Yancheng Hongtai Bioengineering Co., Ltd.
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Biodegradable Plastics Segment is Expected to Grow the Market Due to the Production of Biodegradable Packaging Materials
The biodegradable plastics segment has emerged as the leader in the lactic acid market, asserting its dominance in the application landscape. This segment involves producing a wide range of biodegradable packaging materials, disposable tableware, and other plastic products. The growing demand for environmentally friendly alternatives to traditional plastics has significantly propelled the prominence of biodegradable plastics.
The markets in North America are witnessing a significant surge in growth within the lactic acid market, driven primarily by the increasing demand for biodegradable plastics, especially in the packaging industry. The region’s growing emphasis on sustainability and eco-friendliness has fueled the adoption of lactic acid-based materials as a viable alternative to conventional plastics.
Personal Care and Cosmetics Segment is Expected to Dominate the Market Due to Increasing Consumer Preference for Natural and Organic Ingredients
The personal care and cosmetics segment has emerged as the fastest-growing application segment in the lactic acid market, fueled by the increasing consumer preference for natural and organic ingredients in personal care products. Lactic acid finds extensive usage in various applications within this segment, including skincare, hair care, and other personal care formulations.
Regional markets in the Asia-Pacific hold a commanding position in the global lactic acid market, primarily due to its status as the largest producer and consumer of lactic acid. Several factors contribute to the region’s dominance in this market. The region boasts a rapidly increasing population, creating a significant consumer base for various lactic acid products.
A comprehensive analysis of the major players in the lactic acid market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the Lactic Acid Market
- Archer-Daniels-Midland Company and LG Chem recently revealed their collaborative plan to address the growing demand for lactic acid and polylactic acid (PLA) by establishing a production facility. This joint venture aims to cater to the surging market needs by producing 150,000 tons of high-purity corn-based lactic acid annually. Lactic acid, derived from corn, offers a renewable and sustainable source for producing various products.
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Key Questions Answered in Lactic Acid Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
Related Reports in SkyQuest’s Library:
Global Thermally Conductive Plastics Market
Global Magnesium Sulphate Market
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