The global demand for Lactic Acid Market is presumed to reach the valuation of nearly USD XX MN by 2026 from USD XX MN in 2019 with a CAGR of XX% under the study period of 2020 - 2026. Whereas with regards to volume, the market was calculated XX Kilo Tons in 2019 and foreseen to touch XX Kilo Tons by 2026 with a CAGR of XX% during 2020-2026.
Lactic acid is an alpha-hydroxy acid, present at solid-state at atmospheric pressure. It is one of the large-scale chemical manufactured by fermentation. The commonly used feedstocks for lactic acid production are carbohydrates obtained from different sources like corn starch, sugarcane, or tapioca starch. The major part of lactic acid is used as an intermediate in the synthesis of many organic chemical manufacturing industries and various biochemical industries. It is used as a food preservative, curing agent, flavouring agent. Lactic acid is a key ingredient in processed foods and as a decontaminant during meat processing.
Rising demand from end-use industries is stimulating market growth. Demand for lactic acid is high in the food, material, pharmaceutical, and chemical feedstock industries where it is utilized for the synthesis of lactate esters, propylene glycol, 2,3-pentanedione, and propanoic acid. Current trends toward environmental sustainability and the use of renewable resources such as biomass are anticipated to bring lucrative opportunity for the market. Lactic acid for the production of biodegradable and biocompatible PLA polymers, solvents, and oxygenated chemicals is an area of potential growth. There is a growing demand for green derivatives to replace conventional plastic materials. An extensive number of patents have been filed in recent years. Meanwhile, the use of PLA is still limited due to high production costs, which is hampering the growth of the market.
The report covers Porter’s Five Forces Model, Market Attractiveness Analysis and Value Chain analysis. These tools help to get a clear picture of the industry’s structure and evaluate the competition attractiveness at a global level.
Additionally, these tools also give inclusive assessment of each application/product segment in the global market of lactic acid.
The entire lactic acid market has been sub-categorized into source and end-user. The report provides an analysis of these subsets with respect to the geographical segmentation. This research study will keep marketer informed and helps to identify the target demographics for a product or service.
- Personal Care
- Food and Beverage
This section covers regional segmentation which accentuates on current and future demand for lactic acid market across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Further, the report focuses on demand for individual application segment across all the prominent regions.
Global Lactic Acid Market Share by Region (Representative Graph)
The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide. The major players in the lactic acid market include Corbion, NatureWorks LLC, Galactic, Henan Jindan Lactic Acid Technology Co., Ltd., Synbra Technology BV. This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.