The global lactic and poly lactic acid market size is expected to reach USD 7.94 billion by 2030, according to a new study by Polaris Market Research. The report “Lactic and Poly Lactic Acid Market, By Application (Automotive & Transport, Agriculture, Electronics, Horticulture, Consumer Goods, Bio-Medical, Packaging, Textiles, and Others), By Raw Material, Form, By Region; Segment Forecast, 2022-2030” provides in-depth insights into the dynamics of the current market and provides an analysis of future market growth.
Rising consumer preference for personal care products, increasing per capita income, improved living standards, and government initiatives to strictly banned single-use plastics including the provision of subsidies boost the growth of the lactic acid and poly lactic acid industry. The packaging sector is booming due to the rising demand for packaged foods, snacks, ready to eat meals (RTEs), and more.
The increasing use of poly lactic acid in the manufacture of microwave oven-compatible containers such as disposable food containers and cutlery is expected to drive the global market. The production of lactic and poly lactic acid from biodiesel waste through a proprietary process has been of increasing importance for many years. Commercially the poly lactic acid (PLA) packages have properties similar to polyethylene terephthalate (PET) and offer better sustainability properties than polystyrene. In addition, the use of lactic acid in cosmetics, bioplastics, and pharmaceuticals is expected to drive the growth trajectory of the market.
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Increasing demand for poly lactic acid from end-use industries such as packaging is expected to drive the market over the study period. Moreover, surge in demand for the product in the electronics industry is projected to create favorable opportunities for the market.
Launched in 2020, the EU Commission's new Green Deal aims to export waste to Asian countries. A regulatory framework for the biodegradable bioplastics industry, including a cyclical economic action plan, is also in place. In 2019, the European Union put an end to the production of degradable plastics, which are responsible to make firm harmful microplastics in the surroundings. Such regulations exist around the world to reduce the uncontrolled release of toxic plastic substances.
Lactic and Poly Lactic Acid Market Report Highlights
Polaris Market Research has segmented the lactic and poly lactic acid market report based on by application, by form, by raw material, and region:
Lactic and Poly Lactic Acid, Application Outlook (Revenue - USD Billion, 2022 - 2030)
Lactic and Poly Lactic Acid, Form Outlook (Revenue - USD Billion, 2022 - 2030)
Lactic and Poly Lactic Acid, Raw Material Outlook (Revenue - USD Billion, 2022 - 2030)
Lactic and Poly Lactic Acid Market, Regional Outlook (Revenue - USD Billion, 2022 - 2030)