The Global Lactic Acid And Poly Lactic Acid Market growth is majorly driven by increasing demand for lactic and polylactic acid in the food & beverages and pharmaceutical industry.
Polylactic Acid is a thermoplastic polymer, which is derived from renewable resources such as corn starch or sugar cane. It is a biodegradable polymer and is cost efficient to produce. Poly Lactic Acid constricts under heat and is used for applications requiring shrink wrap material. Some applications of poly lactic acid include plastic films, bottles, and biodegradable medical devices among others. It is also used for development of prototypes on CNC machines and 3D printers. Lactic acid is a compound produced when glucose is broken down and oxidized. Lactic acid has several applications in the food and pharmaceutical industries.
The increasing demand for lactic and polylactic acid from diverse industries such as food and beverage, pharmaceutical, and personal care drive the growth of the global Lactic and poly lactic acid market. There has been increasing demand for these acids from the personal care segment, which supplement the growth of the market. Increasing application of lactic acid for production of poly lactic acid accelerates the Lactic and poly lactic acid market growth. Other factors driving the market include rising crude oil prices, and growing preference for eco-friendly packaging. Growing demand for lactic acid as feedstock for PLA production, and rising use in body care products further boosts the market growth.
The global lactic and poly lactic acid market is segmented on the basis of application, and geography.
By Application- Lactic Acid
By Application- Poly Lactic Acid
Geographically, the global lactic and poly lactic acid market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
On the basis of geography, North America is expected to dominate the global Lactic and poly lactic acid market over forecast period. The increasing demand for personal care products, and high disposable income drive the Lactic and poly lactic acid market growth in the region. The increasing demand of lactic and poly lactic acids from pharmaceutical and luxury industry supports Lactic and poly lactic acid market growth. Supportive government initiatives along with presence of numerous local players catering to the growing consumer needs has increased the adoption of lactic and poly lactic acid in the region.
Key players in the global Lactic and Poly Lactic Acid market are: