Lactic Acid is a white compound which is water soluble in solid state and colorless in a liquid state. In the industry, lactic acid is produced by fermentation by lactic acid bacteria which converts carbohydrates like glucose, galactose, and sucrose into lactic acid. Lactic Acid Market By Application (Electronics, Agriculture, Packaging, Textile, Biomedical ,And Others) And By Region (Industry Analysis, Size, Share, Growth, Trends, And Forecasts (2018-2023).Lactic Acid Market was worth USD 3.56 billion in 2018 and estimated to be growing at a CAGR of 16.28%, to reach USD 7.57 billion by 2023.
The Global Lactic Acid market is driven by the factors like the raising use of shampoos, creams ,and body care products, growing pharmaceutical industry, growing petrochemical products, rising awareness among people regarding recyclability and sustainability and increasing number of bioplastic applications among others. The chief constraint which is faced by this market is the high price of PLA over other conventional polymers and volatility of prices of raw materials like corn and sugar.
The Global Lactic Acid market is segmented based on geography as North America, Latin America, Asia-Pacific, Middle East, and Africa and Europe. North America is expected to have the largest market in the world by share, owing to a huge rise in demand for PLA products. Asia Pacific region is expected to have the largest growth rate in the forecast period, which is a result of the robust growth of the personal care segment in countries like India and China.
The major companies dominating the market include BASF SE (Germany), CSM N.V. (The Netherlands), The Dow Chemical Company (U.S.), Teijin Ltd. (Japan), and NatureWorks LLC (U.S).
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