Lactic Acid Market Will Hit Big Revenues in Near Future
Lactic Acid Market by Application (Biodegradable Polymers, Food & Beverages, Pharmaceutical Products), Form, and Region, Polylactic Acid Market, by Application (Packaging, Fiber & Fabrics, Agriculture), Form, and Region - Global Forecast to 2025
Northbrook, IL -- (SBWire) -- 08/27/2021 --The global lactic acid market size is estimated to be valued at USD 1.1 billion in 2020 and is projected to reach USD 2.1 billion by 2025, recording a CAGR of 12.8%, in terms of value. The global polylactic acid market size is estimated to be valued at USD 786 million in 2020 and is projected to reach USD 1,756 million by 2025, recording a CAGR of 17.4%, in terms of value.
The rise in consumer awareness to mitigate food wastage and the increasing consumer demand for convenience food & beverages with increased shelf-life has been boosting the lactic acid market, globally. Governments of numerous countries have been bolstering the use of polylactic acid has also been augmenting the demand for polylactic acid market in applications such as packaging, fiber & fabrics, agricultures, among others.
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'By application, biodegradable polymers segment is projected to account for the fastest growing in the lactic acid market during the forecast period'
The usage of biodegradable polymers can lower the cost of labor used for the removal of conventional plastics, as plastics have been detrimental to the environment. Moreover, decomposition and degradation of biodegradable polymers stabilize the environment and increases the longevity of landfills by decreasing the amount of garbage. They can also be reprocessed into useful oligomers by microbial, enzymatic, and hydrolytic treatment for other applications.
'By application, agriculture is projected to account for the fastest growing segment in the polylactic acid market during the forecast period'
The use of polylactic acid in agricultural applications includes the integration of a timed-release fertilizer in polylactic acid sheets or molded forms and biodegradable plant clips. In recent years, the agriculture segment accounted for a low market share for polylactic acid-based products, but applications such as polylactic acid-based mulch films are projected to witness an increase in the agriculture sector. Mulch films are extensively used in the cultivation of fruits & vegetables. The mechanical properties of PLA are comparable to the existing mulch film products and have the advantage of being completely biodegradable through a single growing season.
'North America is accounted the largest share in the market for the lactic acid'
The North America accounted for the largest share in the global lactic acid market in terms of value. The North American lactic acid market is entirely driven by the growth of the US market. The North American market is regulated, with the US Environmental Protection Agency (EPA) playing a key role in the monitoring and commercialization of chemical products. In recent times, the rise in environmental concerns and waste management issues have led to a shift in the focus of consumers toward sustainable and environment-friendly plastics, particularly for packaging. Due to these factors, regulatory authorities, such as EPA, are increasingly opting for biodegradable plastics and focusing on increasing consumer awareness regarding the need for the use of biodegradable products.
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Key Market Players:
Corbion (Netherlands), DuPont (US), Cargill (US), Galactic (Belgium), DOW (US), Unitika (Japan), Henan Jindan Lacic Acid Technology (China), Sulzer (Switzerland), Mushashino Chemical (Japan), Vigon International (US), Henan Xinghan Biology Technology (China), Danimer Scientific (US), COFCO BioChemical (China), Jungbunzlauer (Switzerland), FoodChem International (China), Vaishnavi Biotech (India), Spectrum Chemicals (US), Godavari Bio-refineries (India), ProAgro GmbH (Austria), and Qingdao Abel Technology (US) are the leading lactic acid and polylactic acid market vendors.
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