TAGS: Skin Care
According to a new report by Transparency Market Research, the global lactic acid & polylactic acid market is estimated to reach a valuation of USD 16.21 Bn at a CAGR of 13.7% and a CAGR of 15.8%, respectively, during the 2031 forecast period.
The global lactic acid & polylactic acid market is broadly affected by several factors, including increase in usage of lactic acid and polylactic acid in various end-use industries such as food & beverages, personal care, pharmaceutical, packaging, textile, automobile, electrical & electronics, agriculture, and construction.
The rise in the global demand for calcium lactic acid and polylactic acid, and sodium lactic acid and polylactic acid have boosted the usage of lactic acid and polylactic acid. The increase in production and demand for dust control agents is expected to be the primary driver of the global lactic acid & polylactic acid market. The growth of the polymer and packaging industries is also propelling the demand for lactic acid and polylactic acid.
Rise in Personal Care Products to Boost Lactic Acid Demand
Lactic acid is an organic acid. It is white in solid-state. It is miscible with water. When in the dissolved state, it forms a colorless solution. The production includes artificial synthesis as well as natural sources. Lactic acid is an alpha-hydroxy acid (AHA) due to the presence of a hydroxyl group adjacent to the carboxyl group. It is used as a synthetic intermediate in organic synthesis and biochemical industries. The conjugate base of lactic acid is called lactate.
Polylactic acid is a thermoplastic polyester obtained by the condensation of lactic with loss of water. Polylactic acid has become a popular material, as it is economically produced from renewable resources. Its widespread application has been hindered by numerous physical and processing shortcomings. Polylactic acid is widely used as a plastic filament material in 3D printing.
Lactic acid is used in polymer, food & beverage, personal care, and pharmaceutical industries. The global polymer sector is expected to expand considerably during the forecast period. Thus, the rise in the production of polymer, food & beverages, and personal care products is projected to boost the demand for lactic acid during the forecast period.
Polylactic acid is used in packaging, textile, automobile, electrical & electronics, agriculture, and construction industries. The global packaging sector is expected to expand considerably during the forecast period. Thus, the rise in production of textile, automobile, electrical & electronics products is anticipated to boost the demand for polylactic acid during the forecast period.
Manufacturers are focusing on the polymer industry, as the share held by this segment is likely to increase during the forecast period.
North America & Europe Holds Major Shares
North America holds major share of global lactic acid. The lactic acid market in the region is anticipated to expand at a CAGR of more than 13.2% during the forecast period. The increase in the demand for lactic acid and polylactic acid in various end-use industries such as polymer, food & beverages, and pharmaceuticals is driving the lactic acid & polylactic acid market in North America. The U.S. is a key country in the lactic acid & polylactic acid market in North America.
Europe holds the major share of global polylactic acid. The polylactic acid market in the region is anticipated to expand at a CAGR of more than 14.1% during the forecast period. The increase in demand for lactic acid and polylactic acid in various end-use industries such as packaging, textile, and automobile is driving the lactic acid & polylactic acid market in Europe.
Source: Transparency Market Research