Global market research and consulting company MarketsandMarkets has published a new report with the snappy title "Lactic Acid Market by Application (Biodegradable Polymer, Food & Beverage, Personal Care & Pharmaceutical) & Polylactic Acid Market by Application (Packaging, Agriculture, Automobile, Electronics, Textile) & Geography - Global Trends & Forecasts to 2019." The report defines the lactic acid and polylactic acid markets and segments with analyses and projections of the size of each market, based on their sub-segments, in terms of value and volume and identifies the driving and restraining factors for the lactic acid and polylactic acid.
According to this newest study, the market for lactic acid is estimated to grow at a CAGR of 18.8% from 2014 to reach $3,577.5 million by 2019. Lactic acid is increasingly finding use in various industrial applications such as in biodegradable polymers, food & beverages, personal care products, and the pharmaceutical industry. In 2013, biodegradable polymers formed the largest application for lactic acid, followed by food and beverages.
Lactic acid is the simplest hydroxyl-carboxylic acid with an asymmetrical carbon atom. It is used in the production of the bioplastic PLA, which has emerged as one of the most popular biodegradable plastics available in the market. Polylactic acid is not only a biodegradable polymer, but is also a complete bio-based polymer. PLA finds significant number of applications in the food packaging industry, especially in frozen foods, ready-to-eat meals, and cutlery. Other applications include agricultural mulch film, electronic appliances, automotive components, products made from injection molding process, and textiles. Increased consumer awareness and stringent government regulations are fueling the demand for green products, stimulating the growth of the PLA market, and hence growth of the lactic acid market. Together, with the high cost of products derived from petrochemical feed stocks, these developments are projected to drive the demand for lactic acid in the near future.
Europe is reported to be the most dominant market for PLA, while Asia-Pacific, owing to significant domestic demand, is projected to be the fastest-growing market in the next five years. The polylactic acid market is projected to be worth $5,010.7 million by 2019, and is projected to grow at a CAGR of 20.8% in the next five years.
The report includes development strategies and product portfolios of the leading companies. The profiles of leading companies such as NatureWorks LLC (U.S.), Synbra Technology B.V (Netherlands), Purac (Netherlands) have been included in the report. The report further provides qualitative analyses of the prominent market players and their preferred development strategies.