Global Lactic Acid Market Is Projected To Reach USD 4,129.19 Million By 2022
The
global market for lactic acid Market was
valued USD 1,275.00 million In 2014, and is projected to reach USD 4,129.19
million by 2022 growing at a CAGR of 16.9% from 2015 to 2022. In terms of
volume in 2014 the global market for lactic acid was 750.00 kilo tons and is
projected to reach 1,844.56 kilo tons by 2022 growing at a CAGR of 12.9% from
2015 to 2022.
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Full Report at http://www.credenceresearch.com/report/lactic-acid-market
The global
market for lactic acid is witnessing growth on the back of increasing
applications of lactic acid for manufacturing of polylactic acid (PLA). In
addition, rising demand from other end user industries such as personal care
products and food and beverages are other factors contributing towards the
market growth. However, volatility in the prices of raw material is the major
factor restraining the market growth. Rising demand for eco-friendly packaging
and increasing scope of applications of lactic acid in end user industries are
the factors which will provide huge market potential.
In 2014, food
and beverages application accounted for the largest share of the market pie
followed by industrial applications. Food and beverages segment accounted for
more than 40% share of the pie in 2014. But, industrial applications is
projected to be the fastest growing application of lactic acid. It is projected
to grow at a CAGR of 18.3% from 2015 to 2022.
North America is
the largest market for lactic acid and is projected to grow at a CAGR of 13.1%
from 2015 to 2022 in terms of volume. The market is driven by growing PLA
market and rising demand from the other established end uses continues to
increase. Asia Pacific market is projected to be the fastest growing market at
a CAGR of 17.5% from 2015 to 2022 in terms of revenue. Japan and China will be
the major contributor towards the market growth. European market is projected
to grow at a moderate growth rate.
Globally, Purac,
Cargill and Henan Jindan Lactic Acid Technology Co., Ltd are the top three
manufacturers of lactic acid. BASF SE, The DOW Chemical Company, Corbion N.V.,
and Synbra Technology B.V. are the other major players present in this
market.
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