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Lactic Acid & Polylactic Acid Market is poised to register more than a 11.5% and 10% CAGR between 2020 and 2026.
updated: Jun 9, 2020 04:00 EDT
June 9, 2020 (Newswire.com) –
The lactic acid market value is projected to surpass USD 1.8 billion by 2026. Growing consumer concerns regarding food product quality and the adverse effects of synthetic food additives should boost the overall market growth.
The polylactic acid market is anticipated to cross USD 790 million by 2026. Growing consumer concerns regarding the adverse environmental impact of synthetic plastics and stringent government regulations regarding plastics usage should stimulate industry outlook.
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Lactic acid is an ideal flavoring agent, pH regulator and preservative, owing to its high antimicrobial properties. It is widely used in beer brewing, crème fraiche, pickled vegetables, whipped butter, cheese making and confectionery products. The global lactic acid market size from food & beverage applications should register over 11.5% gains through 2026. Increasing efforts by food manufacturers to extend shelf life and growing demand for packaged & processed food should trigger the industry outlook.
Polylactic acid offers various benefits such as high strength, low cost, rigidity, and renewability which increases its suitability for novel vehicle components. Global polylactic acid market consumption from transport applications exceeded 17.5 kilo tons in 2019. PLA is an excellent alternative to most synthetic polyesters such as polyamides & polystyrenes pertaining to its high UV & heat resistance, colorability, impact resistance and dimensional stability. The rise of stringent emission norms has led to increased adoption of polymers by automotive manufacturers to reduce vehicle weight & fuel efficiency which should accelerate the market growth.
Some major findings of the lactic acid & polylactic acid industry report include:
- Lactic acid market from pharmaceutical applications should register substantial growth pertaining to increasing demand in ointments to treat skin disorders, IV fluids and for the delivery of therapeutic minerals.
- Polylactic acid has witnessed increasing demand in loose fill packaging, owing to significant expansion of the e-commerce sector.
- Some of the key market players in the lactic acid industry are Corbion Purac, Baisheng, Xinghan, Hebei Jindan and Cargill.
- Market statistics for Europe’s polylactic acid market were the highest, and the sector is further anticipated to witness significant gains owing to growing demand for organic food packaging.
- North America acquired a significant share in the global lactic acid business.
Browse key industry insights spread across 255 pages with 211 market data tables and 44 figures & charts from the report, “Lactic Acid & Polylactic Acid (PLA) Market By Application (Industrial, Food & Beverage, Pharmaceuticals, Personal Care), Market Size By Application (Packaging, Agriculture, Transport, Electronics, Textiles), Regional Outlook, Downstream Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026,” in detail, along with the table of contents:
Increasing demand for natural & organic food ingredients should boost the demand for lactic acid as a bio preservative in North America. The product finds rising adoption in the regional confectionery sector, owing to its ability to prevent browning, reduce sucrose inversion and gelatin degradation in candies. The lactic acid market should register over a 10% CAGR through 2026 in North America. Increasing demand for flavoring agents, owing to changing consumer preferences and product usage permitted in all food products by the U.S. Food & Drug Administration, should trigger market statistics.
North America is witnessing increasing preference among plastic manufacturers to reduce dependence on petroleum raw materials and adopt sustainable, eco-friendly ingredients that should boost polylactic acid (PLA) market growth. North America’s polylactic acid industry size surpassed USD 175 million in 2019. Increasing government support to stimulate R & D investment, reduce costs and remove barriers to the trade of bioplastics should boost the global market trends.
Lactic acid manufacturers are engaged in strategic mergers & acquisitions to expand their sales & delivery networks and strengthen their position in the market. PLA companies are developing new manufacturing facilities and expanding production capacity to meet the growing demand for biobased, sustainable products.
Access the TOC of this report at https://www.gminsights.com/toc/detail/lactic-acid-and-polylactic-acid-market
Browse Related Report:
Food Acidulants Market, By Application (Bakery & Confectionary, Food & Nutrition, Beverages, Dairy & Frozen Desserts, Sauces & Dressing), Product (Citric Acid, Fumaric Acid, Lactic Acid, Phosphoric Acid, Tartaric Acid, Malic Acid, Acetic Acid), Regional Outlook, Price Trend, Competitive Market Share & Forecast, 2019 – 2025
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