Rising awareness regarding bio-based personal care products coupled with legislations favoring eco-friendly item usage will spur lactic acid market size. The U.S. FDA has authorized lactic acid with the GRAS (Generally recognized as safe) status, subject to its rampant usage in the production of biodegradable polymers such as PLA. As per Global Market Insights, Inc., “Lactic acid industry is forecast to surpass a revenue of USD 6 billion by 2024, registering a CAGR of 12.5% over the period of 2016-2024.”
Growing consumer inclination toward green packaging and recyclability is expected to push polylactic acid (PLA) market revenue. Bioplastics sector is forecast to grow at a CAGR of 20% over the years ahead, driven by government norms supporting the utilization of bioplastics & rigid packaging for curtailing carbon emissions, which is expected to boost the product demand. Global Market Insights, Inc., reports that PLA (polylactic acid) industry is projected to reach USD 4 billion by 2024.
Europe PLA market size, by application, (USD Million) 2013, 2015 & 2024
Lactic acid is widely used in personal care & cosmetics, food & beverage, industrial, and pharmaceuticals sectors. Lactic acid market share in food & beverage sector, which was assessed at USD 600 million in 2015, is slated to register a revenue of more than USD 1.5 billion by 2024. The growth can be accredited to rising product usage in bakery items, ready meals, dairy items, salads, confectionery, and meat items. Its use as a pH controller, acidulant, and preservative in food & beverages will also propel the revenue.
Lactic acid market from personal care & cosmetic applications is forecast to experience substantial gains of more than 12.5% over the coming seven years, driven by the extensive product usage in anti-aging, anti-acne, and skin care items. Lactic acid market share across industrial sector is projected to grow at a significant rate of 12% over the years ahead, augmented by heavy product usage in the development of non- toxic and biodegradable lactate ester solvents. This product is also extensively used across the pharma sector. Lactic acid industry size from pharmaceutical applications is projected to expand considerably, driven by the product’s use for treating dry skin and controlling tumor enlargement.
Polylactic acid finds extensive application across textiles, packaging, electronics, automotive, transportation, and agriculture. Polylactic acid (PLA) industry size in the packaging sector, worth USD 600 million in 2015, is set to surpass USD 2 billion by 2024. The growth is driven by escalated product usage in containers, cups, jars, cutlery, bottles, and food packaging applications. Textile applications are anticipated to contribute nearly USD 950 million towards polylactic acid market revenue by 2024, subject to the extensive product use in textile dyeing and leather processing.
Taking into consideration the topographical trends, Japan lactic acid market share is projected to expand at a CAGR of 12.5% over the coming timeline. The growth can be ascribed to the ample feedstock availability along with the wide product utilization in anti-wrinkle and skin-lightening items. Japan lactic acid industry size in the personal care sector is projected to surpass USD 30 million by 2024, driven by the enhanced consumer consciousness about the use of bio-based ingredients in the preparation of personal care & cosmetics items.
Europe lactic acid industry in the industrial sector is expected to register notable gains of over 15.5% during the period from 2016 to 2024, owing to enhanced application of the product in woolen printings, textile goods, silk dyeing, and leather plumbing.
China PLA (Polylactic acid) market is projected to register a CAGR of 15% over the coming seven years. This growth can be credited to the extensive usage of the product in bio-based items and the strict norms mandated by the government. U.S. PLA (Polylactic acid) industry size across agriculture sector is projected to register a cumulative growth rate of 16% over the next few years, owing to the product’s ability to improve water retention of soil, increase soil temperature, and regulate soil compaction.
Europe PLA industry, which accrued a revenue of more than USD 400 million in 2015, is projected to witness a massive expansion over the span of the next few years, driven by the large presence of key manufacturers in the region along with government emphasis on the maintenance of a green environment.
BASF SE, Wei Mon Industry Company Limited, Musashino Chemical (China) Company Limited, The DOW Chemical Company, Danimer Scientific LLC, NatureWorks LLC, Synbra Technology BV, Futerro SA, Henan Jindan Lactic Acid Technology Company Limited, Pyramid Bioplastics Guben GmbH, Teijin Limited, and Corbion Purac are the major participants of PLA (Polylactic acid) industry.