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Lactic Acid Market

Lactic Acid Market

Lactic Acid Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

146

Base Year:

2022

Date

Jan - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1150

Segments Covered
  • By Form By Form Liquid, Form
  • By Application By Application Biodegradable polymers, Food & Beverages, Personal care products, Pharmaceutical products, Other
  • By Region By Region North America, Europe, Asia Pacific, Middle East & Africa, Latin America
Snapshot
Base YearBase Year: 2022
Forecast YearsForecast Years: 2023 - 2030
Historical YearsHistorical Years: 2017 - 2021
Revenue 2022Revenue 2022: USD 1.17 Billion
Revenue 2030Revenue 2030: USD 4.03 Billion
Revenue CAGRRevenue CAGR (2023 - 2030): 16.70%
Fastest Growing Region Fastest Growing Region (2023 - 2030) Asia Pacific
Largest Region Largest Region (2022): Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Lactic Acid  Market Share

Lactic Acid Market: By Application, Form, and Region

Market Synopsis:

The global Lactic Acid market is valued at USD 1.17 Billion in 2022 and is estimated to reach a value of USD 4.03 Billion by 2030 at a CAGR of 16.70% during the forecast period, 2022–2028. The lactic market has experienced growth over the last three years and is further expected to expand in the coming five years. The drugs & pharmaceuticals, food & beverages, textile mills, polymers & plastics, chemical processing, and others segments are some of the major end-user industries of Lactic Acid . Lactic Acid finds application as an intermediate in many different areas such as surfactants, solvents, plasticizers, cleaners, agricultural chemicals, pharmaceuticals, biodegradable polymers, textiles, paper manufacturing, paints & coatings, detergents, and more.

Lactic Acid Market Size, 2022 To 2030 (USD Billion)

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Widescale Application in Numerous Industries to Drive Latic Acid Market Growth

Lactic Acid finds widespread applications in textile finishing, for producing biodiesel, and many other industries such as chemical processing, food & beverages, polymers & plastics, solvents, surfactants, agricultural chemicals, paints & coatings, cleaners, detergents, paper manufacturing, etc. Lactic Acid derives its name from lac being produced by Bacteria that reside on certain plants including potatoes, sugar beets, and others.

Demand for biodiesel is expected to drive growth over the coming years. Lactic Acid also finds several applications in the production of flavor & fragrances, pharmaceuticals, medical devices, food ingredients, paints & coatings. The manufacturers are focused on increasing their capacities at existing facilities as well as constructing new units with focus on Asia Pacific region. This will enable them to cater to the growing demand over the next few years. China's strong industrial capabilities and presence of key downstream industries such as textile mills, chemical processing, paints & coatings, detergents, paper manufacturing etc., has produced immense potential for Lactic Acid suppliers across different regions.

Segmentation:

The global Lactic Acid market is segmented into form and application. Based on form, the market is segmented into liquid and solid. On the basis of application, biodegradable polymers, food & beverages, personal care products, pharmaceutical products, and others.

Below tree is interactive. You can click the nodes to get more information.


Growing Demand for Lactic Acid in Biodegradable Polymers Application

Lactic Acid is a key building block for the synthesis of various types of biodegradable plastics. The global market for Lactic Acid has been expanding at a rapid pace over the past few years. For instance, the global market was estimated to be worth US$ 875 million in 2014 and is expected to expand at a CAGR of roughly 10% from 2015 through 2022. This article provides an overview of how this market functions as well as an analysis of its supply chain, which includes raw material suppliers, producers, and end-use companies. Bioplastics are plastic polymers derived from renewable biomass sources as corn starch, vegetable oils, sugar cane, or pea starch.

Burning Lactic Acid generates heat to produce steam for use in power plants. This renewable energy source can be applied to cogeneration plants, thermoelectric plants, and solar plants. The market for biodegradable polymers is expected to experience robust growth over the forecast period as environmental concerns regarding petroleum-based plastics gain prominence across regions. The market is witnessing the increasing penetration of bioplastics owing to government incentives to reduce carbon dioxide emissions from conventional plastics. However, high demand from emerging economies such as China may pose a challenge for other regions due to low-cost advantages of these nations.

North America is Dominating Lactic Acid Market

The United States is the largest producer and consumer of Lactic Acid in North America with total consumption exceeding 800,000 tons/year. Lactic Acid is used extensively in food applications notably as an acidulant or flavoring agent to adjust pH values. It is also used for its antimicrobial properties, preservative effects, buffering capability, fermentative abilities and positive influence on water activity. End use application data was collected by primary research through surveys with companies using or producing Lactic Acid . Moreover, data reported by various associations of producers and users were also included in the study. Lactic Acid is used extensively in dairy products such as cheese, ice-cream, dressings and sauces or bakery items like bread, crackers and cookies among others. It is estimated that Lactic Acid worth USD 448 million will be consumed by food application which includes wine/beer making, meat processing etc. The growing demand for naturally fermented foods is expected to foster the use of Lactic Acid in food industry along with its increased usage in pharmaceuticals (sterilization water supply) and animal feed (poultry).

Key Players:

Key players in the global Lactic Acid market are DuPont (US), Corbion (Netherlands), Cargill (US), DOW (US), Galactic (Belgium), Unitika (Japan), Sulzer (Switzerland), Henan Jindan Lacic Acid Technology (China), Mushashino Chemical (Japan), Danimer Scientific (US), Vigon International (US), Henan Xinghan Biology Technology (China), COFCO BioChemical (China), Vaishnavi Biotech (India), Spectrum Chemicals (US), Jungbunzlauer (Switzerland), FoodChem International (China), Godavari Bio-refineries (India), Qingdao Abel Technology (US), and ProAgro GmbH (Austria).

The Lactic Acid is Segmented as Follows:

Parameter Details
Segments Covered
  • Form (Liquid, Form)
  • Application (Biodegradable polymers, Food & Beverages, Personal care products, Pharmaceutical products, Other)
  • Region (North America, Europe, Asia Pacific, Middle East & Africa, Latin America)
Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • DuPont (US)
  • Corbion (Netherlands)
  • Cargill (US)
  • DOW (US)
  • Galactic (Belgium)
  • Unitika (Japan)
  • Sulzer (Switzerland)
  • Henan Jindan Lacic Acid Technology (China)
  • Mushashino Chemical (Japan)
  • Danimer Scientific (US)
  • Vigon International (US)
  • Henan Xinghan Biology Technology (China)
  • COFCO BioChemical (China)
  • Vaishnavi Biotech (India)
  • Spectrum Chemicals (US)
  • Jungbunzlauer (Switzerland)
  • FoodChem International (China)
  • Godavari Bio-refineries (India)
  • Qingdao Abel Technology (US)
  • and ProAgro GmbH (Austria).
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis

According to our latest report, the Lactic Acid Market is expected to reach by 2028, growing at a CAGR of between 2022 and 2028. The chemical has reorganized safe and has higher market potential for the food and beverages industry, it can be produced alternatively by chemical synthes...
FAQ
Frequently Asked Question
  • The global Lactic Acid valued at USD 1.17 Billion in 2022 and is expected to reach USD 4.03 Billion in 2030 growing at a CAGR of 16.70%.

  • The prominent players in the market are DuPont (US), Corbion (Netherlands), Cargill (US), DOW (US), Galactic (Belgium), Unitika (Japan), Sulzer (Switzerland), Henan Jindan Lacic Acid Technology (China), Mushashino Chemical (Japan), Danimer Scientific (US), Vigon International (US), Henan Xinghan Biology Technology (China), COFCO BioChemical (China), Vaishnavi Biotech (India), Spectrum Chemicals (US), Jungbunzlauer (Switzerland), FoodChem International (China), Godavari Bio-refineries (India), Qingdao Abel Technology (US), and ProAgro GmbH (Austria)..

  • The market is project to grow at a CAGR of 16.70% between 2023 and 2030.

  • The driving factors of the Lactic Acid include

    • Growing Demand for Lactic Acid in Biodegradable Polymers Application

  • Asia Pacific was the leading regional segment of the Lactic Acid in 2022.

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