Lactic Acid Market

Analysis from GMI Research finds that the Lactic Acid Market is estimated will grow at a CAGR of 11.5% from 2022-2029.

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Key Drivers

Some of the key drivers boosting the growth of the global lactic acid market include the use of lactic acid as a mordant in the textile industry. According to the textile exchange organization, global fibre production increased from 107 million metric tonnes in 2018 to 111 million metric tonnes in 2019. This will create demand for lactic acid as a mordant for dying clothes. In addition, lactic acid possesses acne removal properties and is used as an ingredient in lotion prescribed to treat acne. Also, it is used as a moisturizer in cosmetic products to heal dry skin and wrinkles. For instance, CeraVe SA lotion contains lactic acid for gentle exfoliation for the skin. This will help create more applications for lactic acid and enhance the growth in the coming years.

Restraint in the Lactic Acid Market

However, due to the high costs of raw materials and transportation, there might be a restrain in the growth of the global lactic acid market.

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Raw Material – Segment Analysis

Based on the raw material, sugarcane is expected to grow at a higher CAGR in the global lactic acid market during the forecast period. This is because raw sugar obtained from sugarcane is one of the significant feedstocks used for the production of lactic acid. This finds application in the chemical and pharmaceutical industry as they are used in the manufacture of biodegradable polymers. Corn will also witness considerable growth in the global lactic acid market over the forecast period due to the demand for corn-based lactic acid as a ph regulator and microbial activity enhancer in the food & beverage industry.

Application – Segment Analysis

Based on the application, the food & beverages segment is projected to capture the higher CAGR over the forecast period in the global lactic acid market due to the wide use of lactic acid in the formation of dairy products. According to the Food & Agriculture Organisation, global milk production was nearly 906 Mt. in the year 2020 compared to 852 Mt. in 2019. This factor will contribute to more production of milk, yogurt, cheese, and other dairy products and the use of lactic acid for them. Polylactic acid being a bioplastic obtained from lactic acid, find various applications. It will also observe a lucrative growth over the forecast period in the global lactic acid market owing to its use in vehicles under hood and external parts in vehicles plus 3D printing for toys.

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Regional – Segment Analysis:

Based on the region, North America is expected to capture significant growth in the global lactic acid market over the forecast period. This is due to lactic acid application being driven by the growing PLA market. The demand for PLA in food-packaging applications and other end uses, such as lactic acid for new industrial applications like three-dimensional (3D) printing filament is growing in that region. Also, the presence of players like Hawkins, ProChem among others, will drive the growth of the global lactic industry in that region due to the demand for lactic acid for cosmetic products.

Top Market Players

Various notable players operating in the market, include Galactic, Musashino Chemical (China) Co. Ltd, Spectrum Chemical Mfg. Corporation, Corbion, Vigon International, TEIJIN LIMITED, Jungbunzlauer Suisse AG, Foodchem International Corporation, Jiaan Biotech, Mitushi Biopharma among others. 

Key Developments: 

• • In March 2021, Corbion launched a multi-faceted initiative to expand its capacity for producing lactic acid and lactic acid derivatives. This global initiative consisted of capital expenditures at four current Corbion factories to maximize their capability and is expected to produce a combined additional output which is nearly equal to a new production site.

Segments covered in the Report:

The global lactic acid market has been segmented based on raw material, application, and regions. Based on raw material, the market is segmented into sugarcane, corn, cassava and other crops and others. Based on application, the market is segmented into food & beverages, polylactic acid, personal care & cosmetics, pharmaceutical and others. 

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Key questions answered in this research report:

• • At what pace is global lactic acid market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in lactic acid market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global lactic acid market?
  • Which raw material generated maximum revenues in 2021 and identify the most promising raw material during the forecast period?
  • What are the various application areas of global lactic acid market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Lactic Acid Market by Raw Material

• • Sugarcane
  • Corn
  • Cassava
  • Other Crops

Global Lactic Acid Market by Application

• • Food & Beverages
  • Polylactic Acid
  • Personal Care & Cosmetics
  • Pharmaceutical
  • Others

Global Lactic Acid Market by Region

• • North America Lactic Acid Market (Option 1: As a part of the free 25% customization)
    • By Raw Material
    • By Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Lactic Acid Market (Option 2: As a part of the free 25% customization)
    • By Raw Material
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Lactic Acid Market (Option 3: As a part of the free 25% customization)
    • By Raw Material
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Lactic Acid Market (Option 4: As a part of the free 25% customization)
    • By Raw Material
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Lactic Acid (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Galactic
  • Musashino Chemical (China) Co. Ltd.
  • Spectrum Chemical Mfg. Corporation
  • Corbion
  • Vigon International
  • TEIJIN LIMITED
  • Jungbunzlauer Suisse AG
  • Foodchem International Corporation
  • Jiaan Biotech
  • Mitushi Biopharma