Albany, NY -- (SBWIRE) -- 05/23/2018 -- Transparency Market Research has released a new market report titled "Lactic Acid Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023." According to the report, the global lactic acid market was valued at US$ 1,130.4 Mn in 2014 and is projected to reach US$ 3,381.8 Mn in 2023, expanding at a CAGR of 13.0% between 2015 and 2023. On the other hand, the global polylactic acid market was valued at US$ 400.1 Mn in 2014 and is estimated to reach US$ 1,358.1 Mn in 2023, expanding at a CAGR of 14.6% between 2015 and 2023.
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Lactic acid is one of the key carboxylic acids used in biodegradable plastics and food and beverage industries. It is primarily used as a pH regulator in the food and beverage industry. In addition, lactic acid is employed in personal care and pharmaceutical industries. Growing downstream markets such as bio-based plastics is estimated to result in sustainable growth in the lactic acid market during the forecast period.
Biodegradable plastics was the largest end-user segment of the lactic acid market with more than 30% share in 2014. It is expected to be the fastest growing segment of the lactic acid market during the forecast period. Food and beverage, personal care, and pharmaceutical segments are also anticipated to account for significantly high share in the lactic acid market in the near future. Increasing demand for bioplastics is likely to augment the demand for biodegradable plastics in the lactic acid market in the near future.
Polylactic acid belongs to the group of bioplastics and is primarily used in packaging, textile, electronics, and various other end-user industries. It is chiefly used in packaging of food and beverages, trays, garbage bags, as well as employed in woven and non-woven textiles. In addition to packaging and textile industries, polylactic acid is utilized in electronics, biomedical, and consumer goods industries. Growing downstream markets such as packaging and biomedical industries would lead to sustainable growth in the polylactic acid market during the forecast period.
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Packaging was the largest end-user segment of the polylactic acid market with a share of over 45% in 2014. It is expected to be the fastest growing segment of the polylactic acid during the forecast period. Textile, electronics, automotive, and biomedical end-user segments are also likely to hold significantly high share in the global polylactic acid market in the near future. Rising demand for polylactic acid in the packaging segment is projected to augment the global demand for polylactic acid in the near future.