Lactic Acid Market
Lactic Acid Market - Global Industry Assessment & Forecast
- By Form Liquid, Form
- By Application Biodegradable polymers, Food & Beverages, Personal care products, Pharmaceutical products, Other
- By Region North America, Europe, Asia Pacific, Middle East & Africa, Latin America
|Forecast Years:||2023 - 2030|
|Historical Years:||2017 - 2021|
|Revenue 2022:||USD 1.17 Billion|
|Revenue 2030:||USD 4.03 Billion|
|Revenue CAGR (2023 - 2030):||16.70%|
|Fastest Growing Region (2023 - 2030)||Asia Pacific|
|Largest Region (2022):||Asia Pacific|
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Lactic Acid Market: By Application, Form, and Region
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.
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.
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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 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:
Regions & Countries Covered
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
Frequently Asked Question
What is the global demand for Lactic Acid in terms of revenue?
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%.
Which are the prominent players in the market?
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)..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 16.70% between 2023 and 2030.
What are the driving factors fueling the growth of the market.
The driving factors of the Lactic Acid include
- Growing Demand for Lactic Acid in Biodegradable Polymers Application
Which region accounted for the largest share in the market?
Asia Pacific was the leading regional segment of the Lactic Acid in 2022.