Global lactic acid accounted for a market size of USD 3.48 billion in the year 2019 and is projected to grow at a CAGR of more than 16 % over the forecast period. Lactic acid can be industrially synthesized by two means: chemically or microbially. Batch fermentation is commonly used to produce lactic acid. Lactonitrile is the common method for natural lactic acid synthesis. Fermentation is an energy production process in which both electron donors and electron accepters play a significant part in organic movements. Lactic acid is one of the hydroxycarboxylic acids that are most commercially important.
Its applications include bulk manufacturing of products such as Poly Lactic Acid (PLA) in industry and in single household uses such as food containers. Many inexpensive products, like starchy, cellulosic, recycled End-Uses, such as farm wastes, can be used as lactic acid raw End-Uses. The production of lactic acid from the raw End-Uses provided by bacteria and fungi is actively influenced by Microorganisms. The use of lactic acid in the production of different fermentation products not only as a raw substance but also in the food, pharmaceutical and textile industries is of great importance.
Lactic Acid Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 3.48 billion|
|Growth Rate||CAGR of 16 % during 2021-2028|
|Segment Covered||End-Use, Source, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||BASF SE, CSM N.V, The Dow Chemical Company, Teijin Ltd., NatureWorks LLC, CorbionPurac, Jungbunzlauer AG, Musashino Chemical Laboratory, Ltd., Galactic S.A., Henan Jindan Lactic Acid Co., Ltd.|
Key segments across lactic acid market
- End-Use Overview, 2019 – 2028 (USD Billion)
- Personal Care
- Food & Beverage
- Source Overview, 2019 – 2028 (USD Billion)
- Regional Overview, 2019 – 2028 (USD Billion)
o Rest of Europe
• Asia Pacific
o Rest of Asia-Pacific
• Central & South America
o Rest of South America
• Middle East & Africa
Reasons for the study
- The purpose of the study is to give an exhaustive outlook of the global Lactic Acid. Benchmark yourself against the rest of the market.
- Be prepared for how greenhouse industry investments and Lactic Acid will be impacted by socio-political and economic factors over the next few years
- Ensure you remain competitive as new innovations by existing key players boost the market.
What does the report include?
- The study on the global Lactic Acid includes qualitative factors such as drivers, restraints, and opportunities.
- The study covers the competitive landscape of existing/prospective players in the industry and their strategic initiatives for the form development
- The study covers a qualitative and quantitative analysis of the market segmented on the basis of derivative and application. Moreover, the study provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments.
Who should buy this report?
This study is suitable for industry participants and stakeholders in the global Lactic Acid. The report will benefit:
- Every stakeholder involved in manufacturing and distributing components or solutions.
- Managers within financial institutions looking to publish recent and forecasted statistics pertaining to the global Lactic Acid.
- Government organizations, regulatory authorities, policymakers and financial organizations looking for T&D investment trends in global Lactic Acid.
- Analysts, researchers, educators, strategy managers, and academic institutions looking for insights into the market to determine future strategies.
Frequently Asked Questions (FAQ) :
Lactic acid is also a widely used acidulant, flavouring agent, and inhibitor of bacteria, in the food pharmaceutical, preservation, and chemical industries. The ability for water preservation makes it useful in cosmetic products as a hydrator. It can be converted into valuable chemicals like bio resolves, esters, etc. due to the inclusion of hydroxyl and carboxyl groups in its composition. Lactic acid is also used in biodegradable poly lactic acid production as a monomer. Poly lactic acid (PLA) is the most recent trend in the use of lactic acid. PLA could be a potential substitute for plastics based on fossil fuels, but production costs should be reduced to half their current price, so that they can do so
The global lactic acid market is segmented into source and end-use. In terms of source the global lactic acid market is segmented into natural and synthetic. In terms of end-use the global lactic acid market is segmented into personal care, chemical, pharmaceutical, and others.
In terms of geography, the global Lactic Acid is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America dominated the global Lactic Acid market with a market revenue share of 30.5% in 2019.
Key players include, BASF SE, CSM N.V, The Dow Chemical Company, Teijin Ltd., NatureWorks LLC, CorbionPurac, Jungbunzlauer AG, Musashino Chemical Laboratory, Ltd., Galactic S.A., Henan Jindan Lactic Acid Co., Ltd.