Albany, NY -- (SBWIRE) -- 10/23/2018 -- The use of lactic acid in the manufacture of biodegradable plastics is one of the key growth factors of the lactic acid market in the coming years. Rising environmental concerns due to dumping of plastics in landfills is promoting the use of bioplastics, which is indirectly benefitting the lactic acid market. Lactic acid is a carboxylic acid that is used across a host of end-use industries owing to its chemical properties. Lactic acid is also used in food and beverage, pharmaceutical, and personal care industries further boosting the growth of lactic acid market.
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The increasing application of polylactic acid in the packaging industry is estimated to fuel growth of the polylactic acid market in the coming years. Furthermore, polylactic acid has applications in electronics, textile, and biomedical sectors, which is expected to positively influence the polylactic acid industry. The introduction of bio-based plastics and their increased usage in the food and beverage industry is expected to extend growth opportunities for the polylactic acid market in the near future. Polylactic is one of the most sought-after bioplastics and is an effective substitute to traditional petroleum-based plastics.
The global lactic acid market displayed an opportunity of US$1,130.4 mn in 2014 and is projected to be worth US$3,381.8 mn by 2023 increasing at a CAGR of 13.0% from 2015 to 2023. The global market for polylactic acid is expected to rise at a CAGR of 14.6% from 2015 to 2023 increasing from US$400.1 mn to US$1,358.1 mn between 2014 and 2023.
Asia Pacific to Emerge as Rapidly Growing Regional Market for Lactic Acid and Polylactic Acid
North America stood as the leading regional segment for lactic acid holding more than 30% of the overall market in 2014. The growth of this market is largely driven by rising demand for bioplastics. In the coming years, slow yet steady recovery of the U.S. economy will lead to steady growth of the North America lactic acid market. However, Asia Pacific is expected to be the fastest developing regional market for lactic acid in the near future.
Europe held the leading share of more than 45% of the global polylactic acid market in 2014. The North America market for polylactic acid is primarily driven by rising demand for bioplastics. However, Asia Pacific is expected to be the fastest developing regional segment for polylactic acid in the coming years. The Latin America and Middle East and Africa markets for polylactic acid are estimated to register moderate growth due to the increase in demand for polylactic acid from the packaging industry.
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Packaging Segment to Continue Register High Demand for Polylactic Acid
Biodegradable plastics stood as the leading end-use segment accounting for more than 35% of the overall market in 2014. Expanding at a CAGR of 13.5% between 2015 and 2023, biodegradable plastics is anticipated to be the fastest developing end-use segment of lactic acid. Lactic acid also finds extensive use in personal care products and the food and beverages industry.
Packaging stood as the leading end-use segment holding a share of more than 45% in the global polylactic acid market in 2014. It is estimated to be the fastest developing end-use segment of the market for polylactic acid over the forecast period. Electronics, textiles, biomedical, and automotive end-use segments are also expected hold significant share in the global market for polylactic acid during the forecast period.