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"Global Lactic and Polylactic Acid Market to Grow Rapidly on the Back of Demand for Bioplastics from North America and Europe"Lactic acid is one of the most commonly used industrial carboxylic acids. It is naturally found abundantly in the world and has several health benefits to humans. Nevertheless, its commercial applications are expected to rise in prominence in the next few years.
The global market for lactic and polylactic acid is expected, according to U.S.-based market intelligence firm Transparency Market Research, to reach US$3,381.8 million and US$1,358.1 million, respectively, by 2023. Both markets are expected to grow to around triple their valuation in 2014, with the lactic acid market being valued at US$1,130.4 million in 2014 and the polylactic acid market being valued at US$400.1 million. The global lactic acid market is expected to display a CAGR of 13% from 2015 to 2023, while the polylactic acid market is expected to grow at a 14.6% CAGR in the same timeframe.Here are the three main factors affecting the growth trajectory of the global lactic acid and polylactic acid markets in the said forecast period:
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Demand from Bioplastics Packaging Helping Lactic Acid and Polylactic Acid Market
The major use of lactic and polylactic acid is found in bioplastic materials used in the packaging industry; the bioplastic packaging segment held a 35% share in the lactic acid market in 2014. The rising importance of bioplastics in the packaging industry, thanks to the environmental unviability of conventional packaging materials, is, indirectly, expected to be a major growth driver for the global lactic and polylactic acid markets. Polylactic acid, in particular, has emerged as one of the most promising bioplastics currently available, giving a boost to the market. The bioplastics packaging end-use segment of the lactic acid market, meanwhile, is also expected to show a significant growth rate of 13.5% during the 2015-2023 period.
Demand for Bioplastics from the Developed World Helping Global Lactic and Polylactic Acid Market
Nor unsurprisingly, demand for bioplastic packaging materials is the highest in the developed Western World, with North America leading the regional segmentation of the global lactic acid market and Europe leading the global market for polylactic acid. Early acknowledgement of environmental issues and prompt steps taken to counter the same are helping these regional markets post booming demand for lactic and polylactic acid.
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Price Fluctuations in Raw Material Prices to Help Demand for Alternative Raw Materials
Due to its organic nature, lactic and polylactic acid can be obtained from natural means, such as sugar, corn, rice, etc. It can also be produced through synthetic means, utilizing petrochemicals. Particularly in the case of the latter, the instability in the price structure of the market, due to various geopolitical and economic issues, is hampering the growth prospects of the lactic and polylactic acid markets. Even though natural sources of lactic and polylactic acid represents a viable option in the short-to-medium term, long-term production of the two acids is still clouded over by price fluctuations in the oil and gas industry. Due to this, alternative raw materials for the production of lactic and polylactic acid are expected to rise to the fore in the aforementioned forecast period.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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