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Reaching Sustainable Goals Delayed Due to COVID-19 Pandemic

Although the COVID-19 outbreak has had a short-term positive impact on reducing greenhouse gas (GHG) emissions, it has delayed the timeline for reaching sustainable development goals. The adoption of sustainable production processes is linked to high costs. Such findings are anticipated to affect business activities in the lactic acid & polylactic acid market, since stakeholders are bullish on expanding uses of polylactic acid (PLA) in biodegradable thermoplastics.

For cash-rich companies in the lactic acid & polylactic acid market, the coronavirus outbreak is emerging as an opportunity to rethink their long-term objectives for economic, social, and environmental aspects as part of their response plan. Stakeholders are establishing stable income sources from key revenue generating industries such as polymer, food & beverage (F&B), packaging, and textiles.

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Polylactic Acid Associated with Non-compatibility in Packaging Manufacturing Processes

Polylactic acid is a bioplastic made from lactic acid, which is used in the food industry to package sensitive food products. However, polylactic acid is too fragile and not compatible with many packaging manufacturing processes. Hence, companies in the lactic acid & polylactic acid market are increasing their R&D to strengthen PLA with additives in order to make it ideal for packaging applications.

Mulch films, tea bags, and cups are fueling the demand for polylactic acid. Since PLA is biocompatible, it is suitable for medical implants intended to be absorbed by the body.

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Potential of Lactic Acid in Treatment of Multiple Skincare Problems Translates into Value-grab Opportunities

The lactic acid market and polylactic acid market are expected to grow at CAGRs of 13.7% and 15.8%, respectively, during the forecast period. Lactic acid is gaining prominence in personal care as it significantly improves the appearance of skin. Hence, manufacturers in the lactic acid & polylactic acid market are bolstering their production capabilities in serums, lotions, and cleansers, among others to capitalize on revenue opportunities.

The Sunday Riley Good Genes All-In-One Lactic Acid treatment is being publicized with positive reviews on e-commerce platforms such as Sephora. The capability of lactic acid in treating multiple skincare problems such as redness, discoloration, and dark spots is translating into value-grab opportunities for personal care brands.

Companies Enter Joint Ventures for Producing, Marketing PLA Polymers

In order to meet the challenge of climate change, stakeholders in the lactic acid & polylactic acid market are exploring promising pathways for converting biomass and polylactic acid into bioplastics. TotalEnergies SE - a French multinational integrated oil and gas company, is developing its portfolio in bioplastics with the help of biomass and polylactic acid.

Despite being bio-based and biodegradable polymer, polylactic acid has the capability to mimic the properties of conventional polymers in terms of performance. Companies in the lactic acid & polylactic acid market are setting their collaboration wheels in motion to enter joint ventures for producing and marketing PLA polymers.

Patented Processes Help Produce Lactic Acid from Biodiesel Production Wastes

Companies in the lactic acid & polylactic acid market are gaining a strong research base to develop a process that converts the glycerin produced in the production of biodiesel into lactic acid. This will not only help to utilize waste produced during the biodiesel production, but also important resources are saved in the production of lactic acid. Such findings are helping biodiesel manufacturers to expand their market growth and deploy steady growth in the lactic acid market.

The growing production of biodiesel has led to increased availability for fatty acids and glycerin. ab&cd Innovations - a specialist in the development of strategies for the conversion of industrial waste or by-products into value added chemicals, is gaining recognition for developing their patented process to obtain lactic acid in high purity by optimally matching certain catalyst materials & reaction conditions.

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Analysts’ Viewpoint

Cash-rich companies are rethinking technology-enabled business models while small- and medium-scale companies are taking the advantage of government stimulus packages to stay afloat during the COVID-19 crisis. Proprietary processes are helping to produce lactic acid from biodiesel production wastes. Lactic acid is being increasingly used to manufacture cosmetics, pharmaceuticals, and bioplastics. Although lactic acid is gaining popularity in skincare products, its possible side effects such as skin sensitivity to the sun leading to vulnerability to UV (ultraviolet) rays are preventing the rapid adoption of products. Hence, companies in the lactic acid & polylactic acid market should increase awareness among consumers about doctor’s consultation before the application of skincare products.

Lactic Acid & Polylactic Acid Market: Overview

  • Lactic acid is considered one of the well-known organic acids with a wide range of industrial applications. It is primarily used in food, chemical, pharmaceutical, and cosmetics industries. It is a lactic acid bacteria, which refers to a large group of beneficial bacteria with probiotic properties. Lactic acid plays a crucial role in the preparation of wine and fermented dairy products, pickling of vegetables, and curing of fish, meat, and sausages.
  • Lactic acid is not only a significant ingredient in fermented foods, including canned vegetables, yogurt, and butter, but is also used as a preservative and acidulant in pickled vegetables and olives
  • Polylactic acid is primarily employed in the production of microwaveable containers such as disposable cutlery and food containers. The beneficial properties of packaging containers, such as esthetic appeal, better printability, and resistance to grease & oil are boosting the demand for polylactic acid in the formulation of packaging solutions for food products.
  • Polylactic acid is used in the manufacture of components that are employed in the automotive sector. It is used in applications such as interior parts and under-the-hood components. Polylactic acid is known for reducing the carbon footprint, owing to its high bio-content. It offers numerous properties such as better impact and UV resistance, high gloss, and dimensional stability. In terms of end-use industry, the polylactic acid market has been classified into packaging, textile, automobile, electrical & electronics, agriculture, construction, and others.
  • According to Transparency Market Research’s latest research report on the lactic acid & polylactic acid market for the forecast period of 2021 to 2031, rise in usage of lactic acid & polylactic acid in polymer food and beverages, personal care, packaging, textile, and automobile end-use industries is a key factor that is expected to boost the global lactic acid & polylactic acid market during the forecast period
  • In terms of revenue, the global lactic acid market is estimated to cross US$ 11.51 Bn by 2031 at a CAGR of 13.7% during the forecast period
  • In terms of revenue, the global polylactic acid market is projected to surpass US$ 4.69 Bn by 2031 at a CAGR of 15.8% during the forecast period

Strong Outlook for Bioplastics in Packaging Industry: Key Driver of Lactic Acid & Polylactic Acid Market

  • Demand for biodegradable polymers has been rising significantly since the past few years, due to the growth in awareness among consumers about polymers produced using polylactic acid. Food packaging manufacturers are focusing on polylactic acid for general-purpose packaging applications such as trays and yogurt cups. These are common alternatives for takeaway food packaging.
  • According to a study published by the European Bioplastics, an association representing the interests of the thriving bioplastics industry in Europe, in collaboration with the Germany-based nova-Institute, the global production capacity of bioplastics is likely to increase from nearly 2.11 million tons in 2018 to approximately 2.62 million tons by 2023. The study also stated that bioplastics represent nearly 1% of the 335 million tons of plastic produced annually. Packaging remains the largest field of application for bioplastics, accounting for nearly 65% (1.2 million tons) of the total bioplastics market in 2018. Innovative biopolymers, such as polylactic acid and polyhydroxyalkanoates, are expected to be the key factors driving the bio-based and biodegradable plastics industry. Rise in demand for advanced biopolymers in end-use applications and innovative products is a key factor that is projected to drive the market during the forecast period.
  • Packaging was the dominating end-use segment of the global polylactic acid market in 2020 owing to the wide utilization of polylactic acid in the manufacture of bottles, jars, and containers, and fresh food packaging solutions. Increase in consumer inclination toward sustainable packaging and rise in environmental concerns across the globe are prompting manufacturers to use polylactic acid in various packaging solutions.
  • The packaging industry is one of the major consumers of polylactic acid, especially in the food packaging sector. Polylactic acid plastic bottles are durable, disposable, and possess properties such as transparency and gloss.

Sugarcane Dominates Lactic Acid & Polylactic Acid Market

  • Based on source, the sugarcane segment dominated the global lactic acid & polylactic acid market in 2020. This can be primarily ascribed to the increase in demand for lactic acid and polylactic acid in various applications, including polymer, food & beverages, personal care, pharmaceutical, packaging, textile, automobile, electrical & electronics, agriculture, and construction industries.
  • Raw sugar extracted from sugar beet or sugarcane is one of the major feedstock used in the manufacture of lactic acid. Sugarcane contributes considerably to the development of bioplastics and the growth of food and biochemical industries.
  • Corn accounted for significant share of the market in 2020. It has emerged as a prominent raw material, owing to its low cost, sustainability, and abundant availability. Rise in environmental concerns, sustainable processing practices, and limited supply of petroleum feedstock are anticipated to augment the demand for corn-based lactic acid products during the forecast period.

Lactic Acid & Polylactic Acid Market: Competition Landscape

  • Detailed profiles of providers of lactic acid and polylactic acid have been included in the report to evaluate their financials, key product offerings, recent developments, and strategies
  • Key players operating in the global lactic acid & polylactic acid market are
    • CORBION
    • Futerro
    • BASF SE
    • Galactic
    • GODAVARI BIO-REFINERIES
    • HENAN XINGHAN BIOTECHNOLOGY
    • Sulzer Ltd
    • COFCO BIOCHEMICAL
    • Jungbunzlauer Suisse AG
    • Musashino Chemical Laboratory
    • NatureWorks LLC
    • Danimer
    • VIGON INTERNATIONAL
    • Foodchem International Corporation
  • Major providers of lactic acid and polylactic acid, such as CORBION, Galactic, Godavari, Sulzer, BASF SE, NatureWorks LLC, Danimer, Futerro, VIGON INTERNATIONAL, HENAN XINGHAN BIOTECHNOLOGY, COFCO BIOCHEMICAL, and Foodchem International Corporation  are focusing on research & development, merger, joint venture, collaboration, and product innovation strategies
  • In the global lactic acid & polylactic acid market report, we have discussed individual strategies, followed by company profiles of providers of lactic acid & polylactic acid. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global lactic acid & polylactic acid market.

Lactic Acid & Polylactic Acid Market Snapshot

Attribute

Detail

Market Size Value in 2020 (Base Year)

USD 4.05 Bn

Market Forecast Value in 2031

USD 16.21 Bn

Growth Rate (CAGR)

Lactic Acid- 13.7%; Polylactic Acid- 15.8%

Forecast Period

2021-2031

Quantitative Units

US$ Mn for Value & Kilo Tons for Volume

Market Analysis

It includes cross segment analysis at global, regional as well as country level. Furthermore, qualitative analysis includes drivers, restraints, opportunities, key trends, Porters Five Forces analysis, supply chain analysis, etc.

Competition Landscape

Market Share Analysis by Company (2020)

Company Profiles section includes overview, product portfolio, sales footprint, key subsidiaries or distributors, strategy & recent developments, key financials, etc.

Format

Electronic (PDF) + Excel

Market Segmentation

  • Source
    • Corn
    • Sugarcane
    • Cassava
    • Others
  • Form
    • Powder
    • Liquid
  • End-use
    • Lactic Acid
      • Polymer
      • Food and Beverage
      • Personal care
      • Pharmaceutical
      • Others
    • Polylactic Acid
      • Packaging
      • Textile
      • Automobile
      • Electronics & Electricals
      • Agriculture
      • Construction
      • Others

Regions Covered

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

Countries Covered

U.S.

Canada

Germany

U.K.

France

Italy

Russia

Japan

China

India

ASEAN

Brazil

Mexico

GCC Countries

South Africa

Companies Profiled

  • Sulzer Ltd
  • BASF SE
  • Corbian
  • GODAVARI
  • Danimer Scientific
  • Futerro
  • VIGON INTERNATIONAL
  • HENAN XINGHAN BIOTECHNOLOGY
  • Musashino Chemical Laboratory, Ltd
  • Galactic
  • NatureWorks LLC
  • COFCO Biochemical
  • Foodchem International Corporation

Customization Scope

Available upon Request

Pricing

Available upon Request

Lactic Acid & Polylactic Acid Market – Scope of Report

The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global lactic acid & polylactic acid market in order to accurately gauge its future growth. The study presents detailed information about the important growth factors, restraints, and trends that are creating a landscape for the growth of the global lactic acid & polylactic acid market so as to identify growth opportunities for market stakeholders. The report also provides insightful information about how the global lactic acid & polylactic acid market would expand during the forecast period of 2021 to 2031.

The report offers intricate dynamics about different aspects of the global lactic acid & polylactic acid market, which aid companies operating in the market in making strategic development decisions. TMR’s study also elaborates on significant changes that are highly anticipated to configure growth of the global lactic acid & polylactic acid market during the forecast period. It also includes a key indicator assessment that highlights growth prospects of the global lactic acid & polylactic acid market and estimates statistics related to growth of the market in terms of volume (kilo tons) value (US$ Mn).

This study covers a detailed segmentation of the global lactic acid & polylactic acid market, along with key information and a competition outlook. The report mentions company profiles of players that are currently dominating the global lactic acid & polylactic acid market, wherein various development, expansion, and winning strategies practiced and implemented by leading players have been presented in detail.

Key Questions Answered in TMR’s Report on Lactic Acid & Polylactic Acid Market

The report provides detailed information about the global lactic acid & polylactic acid market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth potential of the global market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the global lactic acid & polylactic acid market, so as to help them design successful strategies and make target-driven decisions.

  • Which end-use segment of the global lactic acid & polylactic acid market would emerge as major revenue generator during the forecast period?
  • How are key market players successfully earning revenue out of advantages of lactic acid and polylactic acid?
  • What would be the Y-o-Y growth trend of the global lactic acid & polylactic acid market between 2021 and 2031?
  • What are the winning imperatives of leading players operating in the global lactic acid & polylactic acid market?
  • Which source segment is expected to create lucrative opportunities for the global lactic acid & polylactic acid market during the forecast period?
  • Which are the leading companies operating in the global lactic acid & polylactic acid market?

Research Methodology – Lactic Acid & Polylactic Acid Market

The research methodology adopted by analysts for compiling the global lactic acid & polylactic acid market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global lactic acid & polylactic acid market.

During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine sources, analysts have emphasized the changing scenario of the global lactic acid & polylactic acid market.

For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global lactic acid & polylactic acid market.

Lactic Acid & Polylactic Acid Market – Segmentation

TMR’s research study assesses the global lactic acid & polylactic acid market in terms of source, form, lactic acid end-use, polylactic acid end-use, and region. This report presents extensive market dynamics and trends associated with different segments of the market and how they are influencing growth prospects of the global lactic acid & polylactic acid market.

Source
  • Corn
  • Sugarcane
  • Cassava
  • Others (including Sugar Beet)
Form
  • Powder
  • Liquid
End-use
  • Lactic Acid
    • Polymer
    • Food & Beverages
    • Personal Care
    • Pharmaceutical
    • Others (including Polylactic Acid)
  • Polylactic Acid
    • Packaging
    • Textile
    • Automobile
    • Electrical & Electronics
    • Agriculture
    • Construction
    • Others (including Biomedical)
Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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Lactic Acid And Polylactic Acid Market

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