Scienza e Tecnologia
Lactic Acid Market Size to be Worth $5.8 Billion by 2030 at CAGR: 8.0%: Grand View Research, Inc.
Due to the fact, that is widely used more often in the production of pharmaceuticals and as a vital ingredient in alkali formulations that are used to augment a human body's fluid needs, the pharmaceutical sector has played an integral role in the market expansion over the last few years. An increase in disposable income coupled with the discovery of many diseases has pushed the scope of pharmaceutical industry over time supporting the use of lactic acid. According to reliable sources, the pharmaceutical industry is expected to reach USD 65 billion in terms of value by 2024 and USD 120 billion by the end of 2030.
Coronavirus has had a considerable impact on the growth and dynamics of several industries. With consumers becoming more concerned regarding their immunity to safeguard themselves from exposure to the current pandemic. This, to a large extent, has influenced the choice of products among consumers for packaged items that are sought to offer protective benefits. Owing to the restrictions on public movements across regions to control the spread of the lethal virus, the bulk purchase of food products and their stockpiling became inevitable.
In addition to above, the outbreak led to a positive impact on the growth of the packaging sector. However, it has steered the demand for plastic packaging solutions. Food and beverage packaging has witnessed extensive demand during the coronavirus pandemic, as consumers have been more inclined towards packaged food items due to factors like maintaining hygiene and safety. Due to the rise in sustainability in the food sector to maintain the quality of the product, the use of biopolymer packaging materials has emerged as an attractive and eco-friendly alternative to synthetic polymers due to its easy availability, low cost, and renewable raw materials, and the use of agro-industrial waste.
Lactic acid has witnessed robust application in agricultural sector as it is used in the integration of timed-release fertilizer in polylactic acid sheets, molded forms and biodegradable plant clips. In recent times, the agriculture sector has accounted for a low market share for polylactic acid-based products, but applications in polylactic acid-based mulch films is expected to witness an increase in the agriculture industry. Mulch films are widely used in the cultivation of fruits and vegetables. The mechanical characteristics of PLA are comparable to the existing mulch film items and have the benefit of being biodegradable through a single growing season.
Regionally speaking, North America has emerged as a profitable revenue pocket for lactic acid over time led by the U.S. The North American market is regulated by the US Environmental Protection Agency (EPA) playing a crucial role in the monitoring and commercialization of chemicals. In recent times, the rise in environmental concerns and waste management issues have led to a shift in the focus of consumers towards greener alternatives, mainly for packaging. Due to the aforementioned factors, recognized regulatory authorities like EPA, are opting for biodegradable plastics along with focusing on increasing consumer awareness regarding the use of biodegradable items.
The expansion in lactic acid market is supported by efforts taken by industry players to expand their production capacities over time. For instance, in September 2021 , South Korean chemical giant- LG Chem inked a Head of Agreement (HOA) with ADM- an American multinational food processing company to establish a Lactic Acid (LA) and Poly Lactic Acid (PLA) joint venture in Chicago .
Similar efforts taken by other notable entities in this market will continue to outline the business growth in the times to come. Some of the prominent Lactic Acid companies include Galactic, Henan Jindan Lacic Acid Technology, Vigon International, Cargill, and Corbion among various others.
Grand View Research has segmented the global lactic acid market on the basis of raw material, application, and region:
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Sherry James
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Grand View Research, Inc.
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