Mar 25, 2021: The global lactic acid & polylactic acid market is anticipated to reach USD 9.8 billion and USD 6.5 billion respectively by 2025. Growing demand for environmental friendly packaged products and awareness is expected to drive the market growth over the forecast period. Global lactic acid market is expected to grow at a CAGR of 16.2% from 2017 to 2025. Lactic acid is a colorless syrupy liquid with alcohol and water that is produced from raw materials including carbohydrates such as sugarcane, tapioca, corn and sugar beet. It involves fermentation of carbohydrates in presence of calcium carbonate. Lactic acid is also used to develop poly lactic acid(PLA). The production of PLA uses 68 percent less fossil fuel resources than traditional plastics and it is the world's first greenhouse-gas-neutral polymer. It is one of the major sources of bio-resins use in bioplastics.
PLA
has become a popular material due to it being economically produced from
renewable resources. In 2010, PLA had the second highest consumption volume of
any bioplastic of the world, although it is still not a commodity polymer. Its
widespread application has been hindered by numerous physical and processing
shortcomings.PLA is the most widely used plastic filament material in 3D
printing.
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PLA
is derived from renewable resources. This organic compound is easily
compostable and biodegradable, subsequently minimizing environmental hazards
including solid waste disposal. Growing demand for biodegradable products is also
expected to boost the market growth over the forecast period. However,
introduction of other renewable packaging alternatives in the market, for
example agricultural natural fiber products such as bagasse, bamboo, palm fiber
bulrush. These alternatives are expected to restraint the market growth since
all these natural fibers are degradable and low cost, it’s reinforcement with
PLA acts as an opportunity which is ecological as well as economical.
Rising
crude oil price are also estimated to drive the global PLA demand over the
forecast period, owing to reduced dependency on traditional petroleum based
products. Increasing adoption of bioplastics on account of changing consumer
preferences and need for sustainable products is also expected to positively impact
the global market in the coming years. However, PLA suffers from distortion at
fairly low temperatures hindering their performance compared to other
conventional plastics. This resulted in restrictive use of Poly lactic acid to
lower its applications in utility packaging. However, companies operating in
the market have been are innovation new processes to enhance heat resistance
power of polymers.
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Based
on application type the global market is segmented into industrial, personal
care, packaging, petroleum based products and textiles. The largest market
share is contributed by industrial applications owing to the extensive use in
development of lactate solvents and biodegradable polymers. They are also
expected to be the fastest growing segment. Personal care segment is expected
to be the fast growing segment, owing to its wide use in products for,
anti-acne, skin lightening, anti-aging, and anti-wrinkle. Packaging beverages
and food industry is also expected to remain the major application segment for
PLA, on account of increasing demand for PLA plastic bottles which are
disposable, durable and contain properties including gloss and transparency. In
additionally, these products and be easily composted compared to other petroleum
based products and also do not emit toxic gases on heating.
The
key global market participants are Purac, NatureWorks LLC, Galactic, BASF,
Pyramid Bioplastics and Synbra. Other players include Meredian Holdings Group,
Inc., Synbra Technology B.V., and Corbion N.V. growth in production capacity
and Product innovation are among the major initiatives adopted by industry
participants in order to gain market share. Favorable regulatory scenario for
the use of green packaging on a global level is expected to aid in market
expansion over the forecast period. Continuous development efforts to develop
higher heat resistant PLA are expected to play a key role overcoming barriers
to market growth.
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