Global Lactic Acid Market to Reach 328.9 Thousand Metric Tons by 2015, According to a New Report by Global Industry Analysts, Inc.
GIA announces the release of a comprehensive global report on Lactic Acid markets. The global market for Lactic Acid is forecast to reach 328.9 thousand metric tons by the year 2015. Key factors driving market growth include rise in demand from existing end-use markets and emergence of new product applications
The global market for lactic acid, largely immune to the recent turmoil in the global economy, is presently experiencing steady growth. Volume growth, achieved by rise in demand from existing end-use markets and emergence of new product applications, is expected to continue driving growth for the next few years. Lactic acid, with a variety of purity levels, is used in food and beverages, cosmetics, pharmaceutical, biodegradable plastics and other chemical sectors. Over the last few years, demand for lactic acid in industrial applications has far surpassed the demand in food and beverages market. Industrial application market is set to become one of the largest consumers of lactic acid and is expected to consume over half of the world lactic acid production in the near future.
Lactic acid based biodegradable polymers followed by lactate solvents are likely to drive the demand for lactic acid, esters and its salts in various industrial applications. Food & Beverages Industry constitutes a major market, driving growth in the lactic acid market. China as well as other Asian countries is expected to display strong demand for lactic acid in food and beverages, as the acid would be largely used in various local-made food items, pH adjusters and food fortifiers. Use of lactic acid in various personal care and pharmaceutical products such as intravenous solutions, moisturizers, shampoos, anti-aging alpha-hydroxy skin creams and soaps would continue to be on the rise in the matured as well as emerging nations.
The United States represents the largest region for lactic acid worldwide, as stated by the new market research report on Lactic Acid. Growth-wise, Europe is projected to be the fastest growing regional market for lactic acid, with a CAGR of more than 8.0% over the analysis period. In terms of end-use, Food Additives constitutes the largest application area for lactic acid globally. On the other hand, Biodegradable Plastics represents the fastest growing end-use application for lactic acid.
With demand for lactic acid-based biopolymers expanding at the cost of conventional polymers on counts of environmental friendliness, easy recyclability and cost-effectiveness, emergence of new lucrative opportunities are portended for lactic acid consumption in the coming years. Another major trend in the lactic acid market includes the emergence of Polylactide (PLA) as a key biodegradable polymer. PLA, a chemical product manufactured using lactic acid as the primary feedstock, is an important raw material for the production of biodegradable plastics. Although presently still a niche market, biodegradable plastics is expected to merge into the mainstream market in the upcoming years, driven largely by rising oil prices and stringent government regulations and greater consumer interest towards the use of greener products. Lactic acid market is expected to benefit significantly from the backlash arising out of growing environmental pollution caused by plastic disposal, escalating costs of petroleum feedstock and wide scale availability of naturally occurring cheap feedstock. Thus, biodegradable plastic is set to become one of the most promising end-use markets for lactic acid. As a result, leading lactic acid manufactures worldwide are engaged in developing various new and innovative PLA technologies with an intention to benefit from this growing market.
Major players profiled in the report include Archer Daniels Midland Company, CSM N.V., PURAC, Galactic S.A, Henan Jindan Lactic Acid Co. Ltd., Musashino Chemical Laboratory Ltd., and Musashino Chemical (China) Co. Ltd.
The research report titled “Lactic Acid: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of the lactic acid markets, impact of recession on the markets, current market trends, key growth drivers, product overview, recent product introductions, recent industry activity, and profiles of major/niche global as well as regional market participants. The report provides annual sales estimates and projections for Lactic Acid market for the years 2007 through 2015 for the following geographic markets - US, Canada, Japan, Europe, Asia-Pacific, Middle East, and Latin America. Key end-use segments analyzed include Cosmetic Products, Biodegradable Plastics, Food Additives and Other Applications. Also, a seven-year (2000-2006) historic analysis is provided for additional perspective.
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About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a reputed publisher of off-the-shelf market research. Founded in 1987, the company is globally recognized as one of the world’s largest market research publishers. The company employs over 800 people worldwide and publishes more than 1200 full-scale research reports each year. Additionally, the company also offers thousands of smaller research products including company reports, market trend reports, and industry reports encompassing all major industries worldwide.