Lactic Acid & Polylactic Acid Market is Projected to Witness Significant Growth Opportunities During the Forecast Period of USD 6.5 billion by 2025
Mar 25, 2021: The global lactic acid & polylactic acid market is anticipated to reach USD 9.8 billion and USD 6.5 billion respectively by 2025. Growing demand for environmental friendly packaged products and awareness is expected to drive the market growth over the forecast period. Global lactic acid market is expected to grow at a CAGR of 16.2% from 2017 to 2025. Lactic acid is a colorless syrupy liquid with alcohol and water that is produced from raw materials including carbohydrates such as sugarcane, tapioca, corn and sugar beet. It involves fermentation of carbohydrates in presence of calcium carbonate. Lactic acid is also used to develop poly lactic acid(PLA). The production of PLA uses 68 percent less fossil fuel resources than traditional plastics and it is the world’s first greenhouse-gas-neutral polymer. It is one of the major sources of bio-resins use in bioplastics.
PLA has become a popular material due to it being economically produced from renewable resources. In 2010, PLA had the second highest consumption volume of any bioplastic of the world, although it is still not a commodity polymer. Its widespread application has been hindered by numerous physical and processing shortcomings.PLA is the most widely used plastic filament material in 3D printing.
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PLA is derived from renewable resources. This organic compound is easily compostable and biodegradable, subsequently minimizing environmental hazards including solid waste disposal. Growing demand for biodegradable products is also expected to boost the market growth over the forecast period. However, introduction of other renewable packaging alternatives in the market, for example agricultural natural fiber products such as bagasse, bamboo, palm fiber bulrush. These alternatives are expected to restraint the market growth since all these natural fibers are degradable and low cost, it’s reinforcement with PLA acts as an opportunity which is ecological as well as economical.
Rising crude oil price are also estimated to drive the global PLA demand over the forecast period, owing to reduced dependency on traditional petroleum based products. Increasing adoption of bioplastics on account of changing consumer preferences and need for sustainable products is also expected to positively impact the global market in the coming years. However, PLA suffers from distortion at fairly low temperatures hindering their performance compared to other conventional plastics. This resulted in restrictive use of Poly lactic acid to lower its applications in utility packaging. However, companies operating in the market have been are innovation new processes to enhance heat resistance power of polymers.
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Based on application type the global market is segmented into industrial, personal care, packaging, petroleum based products and textiles. The largest market share is contributed by industrial applications owing to the extensive use in development of lactate solvents and biodegradable polymers. They are also expected to be the fastest growing segment. Personal care segment is expected to be the fast growing segment, owing to its wide use in products for, anti-acne, skin lightening, anti-aging, and anti-wrinkle. Packaging beverages and food industry is also expected to remain the major application segment for PLA, on account of increasing demand for PLA plastic bottles which are disposable, durable and contain properties including gloss and transparency. In additionally, these products and be easily composted compared to other petroleum based products and also do not emit toxic gases on heating.
The key global market participants are Purac, NatureWorks LLC, Galactic, BASF, Pyramid Bioplastics and Synbra. Other players include Meredian Holdings Group, Inc., Synbra Technology B.V., and Corbion N.V. growth in production capacity and Product innovation are among the major initiatives adopted by industry participants in order to gain market share. Favorable regulatory scenario for the use of green packaging on a global level is expected to aid in market expansion over the forecast period. Continuous development efforts to develop higher heat resistant PLA are expected to play a key role overcoming barriers to market growth.
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