Growing demand for dust control agents is prognosticated to be the prominent driver of growth for the lactic acid & polylactic acid market during the forecast period
Polylactic acid mimic the properties of conventional polymers even if they are bio-based and biodegradable, assuring considerable growth prospects for the global market
ALBANY, N.Y., Oct. 19, 2021 /PRNewswire/ -- The popularity of polyactic acid as an economical material produced from renewable resources to offer substantial growth for the lactic acid & polylactic acid market during the forecast period of 2021-2031. In addition, the use of lactic acid as a synthetic intermediate in biochemical industries and organic synthesis is expected to prove as a growth-boosting factor.
The increasing use of lactic acid as a vital ingredient in canned vegetables, fermented foods, yogurt, butter, and others will assure promising market growth. Furthermore, the rising use of polylactic acid in the production of microwaveable containers such as disposable food containers and cutlery is expected to drive the global market. With polylactic acid, packaging containers attain certain qualities such as better printability, esthetic appeal, resistance to oil & grease, and others. These aspects drive the lactic acid & polylactic acid market.
Transparency Market Research (TMR) has conducted an extensive research on various aspects associated with the growth of the lactic acid & polylactic acid market. The analysts at TMR expect the global market for lactic acid and polylactic acid to expand at a CAGR of 13.7% and 15.8%, respectively, during the forecast period of 2021-2031. The lactic acid & polylactic acid market is extrapolated to reach US$ 16.21 Bn by 2031.
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The production of lactic acid from biodiesel waste from proprietary processes has garnered extensive traction over the years. The growing popularity of such processes is anticipated to increase the growth prospects of the lactic acid & polylactic acid market. Furthermore, the utilization of lactic acid in cosmetic products, bioplastics, and pharmaceuticals is expected to drive the growth trajectory of the lactic acid & polylactic acid market. However, the possible side effects of lactic acid on the skin are leading to a decrease in the adoption of products. Manufacturers in the lactic acid & polylactic acid market should boost awareness among consumers regarding taking doctor's advice before application of skincare products with lactic acid.
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Key Findings of Report
Robust Demand for Bioplastics in Packaging Industry to Enhance Growth Structure of Lactic Acid & Polylactic Acid Market
Biodegradable polymers are making a mark across various sectors and industries. The rising awareness among consumers about the importance of polymers produced by using polyactic acid is inviting substantial growth. Polylactic acid is a thermoplastic polymer developed from renewable resources. Thus, this aspect proves to be beneficial for the growth of the lactic acid & polylactic acid market.
Packaging Segment to Propel Growth Opportunities
The use of polyactic acid for general packaging applications such as yogurt cups and trays is likely to drive the global market. The increasing demand for takeaway food due to the pandemic-induced lockdowns will generate demand for takeway food packaging, thereby increasing the growth rate of the lactic acid & polylactic acid market. Based on these factors, the packaging end-use segment observed a dominating run in 2020. A similar trend is expected to continue further due to rising inclination toward sustainable packaging across numerous industries. Furthermore, the properties of polylactic acid plastic bottles such as easy disposability, durability, and transparency present an array of growth opportunities for the lactic acid & polylactic acid market.
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Some of the key players in the lactic acid & polylactic acid market are Jungbunzlauer Suisse AG, GODAVARI BIO-REFINERIES, VIGON INTERNATIONAL, Musashino Chemical Laboratory, HENAN XINGHAN BIOTECHNOLOGY, and NatureWorks LLC.
Global Lactic Acid & Polylactic Acid Market - Segmentation
By Source
- Corn
- Sugarcane
- Cassava
- Others (including Sugar Beet)
By Form
- Powder
- Liquid
By End-use
- Lactic Acid
- Polymer
- Food & Beverages
- Personal Care
- Pharmaceutical
- Others (including Polylactic Acid)
- Polylactic Acid
- Packaging
- Textile
- Automobile
- Electrical & Electronics
- Agriculture
- Construction
- Others (including Biomedical)
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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