The global Industry for lactic acid was valued USD 1,275.00 million In 2014, and is projected to reach USD 4,129.19 million by 2022 growing at a CAGR of 16.9% from 2015 to 2022. In terms of volume in 2014 the global Industry for lactic acid was 750.00 kilo tons and is projected to reach 1,844.56 kilo tons by 2022 growing at a CAGR of 12.9% from 2015 to 2022.
The global Industry for lactic acid is witnessing growth on the back of increasing applications of lactic acid for manufacturing of polylactic acid (PLA). In addition, rising demand from other end user industries such as personal care products and food and beverages are other factors contributing towards the Industry growth. However, volatility in the prices of raw material is the major factor restraining the Industry growth. Rising demand for eco-friendly packaging and increasing scope of applications of lactic acid in end user industries are the factors which will provide huge Industry potential.
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In 2014, food and beverages application accounted for the largest share of the Industry pie followed by industrial applications. Food and beverages segment accounted for more than 40% share of the pie in 2014. But, industrial applications is projected to be the fastest growing application of lactic acid. It is projected to grow at a CAGR of 18.3% from 2015 to 2022.
North America is the largest Industry for lactic acid and is projected to grow at a CAGR of 13.1% from 2015 to 2022 in terms of volume. The Industry is driven by growing PLA Industry and rising demand from the other established end uses continues to increase. Asia Pacific Industry is projected to be the fastest growing Industry at a CAGR of 17.5% from 2015 to 2022 in terms of revenue. Japan and China will be the major contributor towards the Industry growth. European Industry is projected to grow at a moderate growth rate.
Globally, Purac, Cargill and Henan Jindan Lactic Acid Technology Co., Ltd are the top three manufacturers of lactic acid. BASF SE, The DOW Chemical Company, Corbion N.V., and Synbra Technology B.V. are the other major players present in this Industry.
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