Lactic acid is a bulk chemical or commodity chemical that has been witnessing strong market growth. It is commercially produced through the fermentation of glucose that is derived from plant starch. There are four main applications and uses of lactic acid: biodegradable polymers, food & beverages, personal care products (cosmetics), and pharmaceuticals. In the last few years, the use of lactic acid in biodegradable polymers has been growing significantly, mainly because of the increased consumption of products from natural sources. Emerging application possibilities in the personal care and pharmaceuticals industries are projected to increase the demand significantly in the coming years. The polylactic acid market is also witnessing a high growth, owing to increasing awareness among consumers and plastic manufacturers regarding the environment, coupled with support from government legislations and increasing landfill waste in various regions.
This report is a detailed study of different regions and their market sizes, along with an analysis of the lactic acid and polylactic acid market by application. It includes profiles and competitive positions of the top market players in the business, such as BASF SE (Germany), CSM N.V. (The Netherlands), The Dow Chemical Company (U.S.), Teijin Ltd. (Japan), and NatureWorks LLC (U.S). Apart from the financial information, insights about the competitive position of these companies and their recent developments and strategies have also been studied and included in this report.
The global lactic acid market is projected to reach around USD 3.82 billion by 2020, growing at a CAGR of 18.6% during the forecast period. In 2015, the market is estimated to be dominated by North America, followed by Asia-Pacific. The global polylactic acid market is projected to reach around USD 5.16 billion by 2020, growing at a CAGR of 20.9% during the forecast period. In 2015, the market is estimated to be dominated by Europe, followed by North America. The Asia-Pacific market is projected to grow at the highest CAGR due to its large use in various industrial applications such as in biodegradable polymers, food & beverages, personal care products, and pharmaceutical industries.
The report provides both qualitative and quantitative analysis of the global lactic acid and polylactic acid market. It includes the market dynamics, opportunities, trends, market drivers and restraints as well as the competitive strategies preferred by the key market players.
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