Lactic Acid Market Overview
Lactic acid is an organic compound. In its solid state, it is white and water-soluble. In its liquid state, it is colorless. Lactic acid is produced by fermentation by lactic acid bacteria which convert carbohydrates like glucose, galactose and sucrose into lactic acid. It is produced both naturally and synthetically. It is a colourless syrupy organic acid formed in sour milk, and produced in the muscle tissues during strenuous exercise.
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Lactic acid are broadly utilized in refined dairy products, preservative, flavoring, leather-based processing, fabric dyeing, manufacturing of biodegradable polymers which include poly lactic acid, in plastics manufacturing, solvents, inks, and as a source of calcium lactate in prescription drugs industry. The Global Lactic Acid market is driven by factors such as rising 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 bio plastic applications among others.
Lactic Acid Market Forecast Report (2018-2023)
The Global Lactic Acid Market is worth USD 3.56 billion in 2018 and estimated to grow at a CAGR of 16.28%, to reach USD 7.57 billion by 2023.
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Lactic Acid Market Segmentation
The Global market for Lactic Acid is segmented on the basis of application and region. Based on application, the global lactic acid market is categorized into electronics, agriculture, packaging, textile, biomedical and others. Personal care segment is expected to grow at a significant rate in regions like Middle East, Latin America and Western parts of Africa. In the marine sector, lactic acid is used as a descaling agent which is resulting in increasing use expected to drive the market.
Geographically, the Lactic Acid market is fragmented into Asia-Pacific, North America, Europe, Latin America and Middle East Asia. North America is estimated to constitute the largest share in this market, while the Asia Pacific region is expected to witness the fastest growth and overtake North America, being the second largest shareholder for the market during the forecast period.
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The major companies dominating this market for its products and services are
BASF SE (Germany)
CSM N.V. (The Netherlands)
The Dow Chemical Company (U.S.)
Teijin Ltd. (Japan)
NatureWorks LLC (U.S)
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