Northbrook, IL 60062 -- (SBWIRE) -- 06/20/2023 -- The lactic acid market is projected to experience significant growth in the coming years. By 2023, it is estimated to be valued at USD 1.6 billion and expected to reach USD 2.8 billion by 2028, with a compound annual growth rate (CAGR) of 12.4%. Similarly, the global polylactic acid (PLA) market is anticipated to be worth USD 1.3 billion in 2023, and it is predicted to grow to USD 2.9 billion by 2028, at a CAGR of 17.7%. The rising concerns about global warming and plastic pollution have led to a growing focus on bio-plastics as a sustainable alternative.

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One particularly notable bio-plastic option is polylactic acid (PLA), which offers the advantage of being derived from renewable sources and being biodegradable. Its applications in disposable packaging have seen significant growth. Jem's law, an estimation, suggests that the demand for PLA in the global market doubles every 3 to 4 years. However, PLA is generally more expensive and may exhibit subpar mechanical and physical properties compared to traditional petroleum-based plastics. Nevertheless, advancements in compounding techniques and the successful commercialization of D(-) lactic acid and its polymer PDLA offer promising opportunities to enhance the mechanical and thermal characteristics of PLA. The development of stereocomplex PLA is a notable breakthrough that addresses the performance limitations of PLA, opening up its prospects across various industries.

The lactic acid market is driven by the demand for bio-degradable polymers, which accounted for the largest share of the market in 2023. The increasing global environmental concerns and the need for sustainable solutions have fueled the demand for bio-degradable polymers as an alternative to conventional plastics. These polymers, including PLA, are derived from renewable resources and can biodegrade, aligning with the growing preference for eco-friendly materials. Bio-degradable polymers find applications in diverse industries such as packaging, textiles, consumer goods, and automotive, benefiting from PLA's versatility and adaptability. Ongoing advancements in PLA production technologies and economies of scale are driving cost reductions and enhancing the competitiveness of bio-degradable polymers against traditional plastics.

In the polylactic acid market, packaging accounts for the largest share in terms of value in 2023. The demand for PLA packaging is rapidly growing due to the increasing emphasis on sustainable packaging solutions driven by environmental concerns and regulations. PLA packaging, derived from renewable sources and biodegradable, offers a compelling alternative to conventional plastics, meeting the demand for eco-friendly materials. Consumer preference for sustainable packaging options is a significant driver for the rapid expansion of the PLA packaging market. Additionally, PLA packaging provides versatility and functionality comparable to traditional plastics, making it suitable for various packaging applications in industries such as food and beverages, personal care, and e-commerce.

Corn is the primary raw material for lactic acid production, particularly due to its high starch content, which is used in the fermentation process. Corn is abundantly available, economically viable, and widely cultivated, making it a favorable choice for lactic acid production. Moreover, the utilization of agricultural byproducts is increasing, driven by sustainability and resource efficiency concerns. The availability of corn residues resulting from on-farm losses can contribute to the lactic acid market by serving as valuable feedstocks for production. This promotes the sustainable and efficient use of agricultural byproducts, reducing reliance on traditional corn feedstocks and enhancing the resilience of the lactic acid market.

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The North America region dominates the global lactic acid market in terms of value in 2023. North America benefits from a strong presence of industries that utilize lactic acid, such as food and beverages, personal care, pharmaceuticals, and bioplastics. The region's robust manufacturing and consumer markets provide a favorable environment for market growth. Advancements in production technologies, availability of raw materials like corn-based feedstocks, well-established infrastructure, and supportive government policies further drive the expansion of the lactic acid market in North America. Additionally, investments in research and development activities and collaborations between industry players and research institutions fuel innovation and market growth in the region.

Major key players in the lactic acid market include Corbion, Cargill, Galactic, Unitika Ltd, Henan Jindan Lactic Acid Technology Co., Ltd., TORAY INDUSTRIES, INC., and Sulzer Ltd. These companies play a significant role in driving innovation and advancements in the lactic acid industry.

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