Owing to the increasing demand for lactic acid especially from their end user applications, it is anticipated that the overall demand for lactic acid in global market is going to be very high over the coming years. The major uses of lactic acid are in the development of PLA plastics which are most widely employed in the packaging of various objects which works fine with all the regulations and policies associated to the environment. Polylactic acid products comprise of bio related renewable sources. Lactic acid is generally a yellowish or colorless, odorless and hygroscopic, very thick and sugary chemical fluid and is most often soluble in other fluids such as water and ethanol. Lactic acid is most broadly used in the dairy goods, leather processing, refined preservative, development of biodegradable polymers, solvents, textile dyeing and flavoring such as PLA along with plastics manufacturers, inks and is considered as a rich source of calcium lactate in various pharmaceuticals companies.
It is basically analyzed that the global market of lactic acid is propelled by the growth in the overall demand for PLA among medical and healthcare sector. Rapid increase in demand for bio plastics which are very often mixed with growing acceptation of PLA for products associated with packaging is anticipated to bring surge in the overall growth of the global lactic acid market in the upcoming years. Required regulatory norms for ecofriendly products is also projected to impact the global market over the forecast period.
The global lactic acid market can be segmented on the basis of application and region. On the basis of application, the global lactic acid market can be divided into food & beverages, biodegradable polymers, personal care products, pharmaceuticals, agriculture, packaging, electronics, automobiles, textiles and others. On the basis of region, the global lactic acid market can be segmented into Europe, Latin America, Middle East & Africa, North America and Asia Pacific. The robust demand especially in the Asia Pacific region is anticipated to be one of the key driving factors for the overall growth of the global market. Moreover, China is further projected to account for the highest share in the global market and is anticipated to maintain its lead in the overall demand during the forecast period. This can be attributed to quick industrialization and growing urbanization during the past few years. The markets in various developing economies such as Russia, Argentina, Brazil, Indonesia, New Zealand, Poland, Korea and India among others are also probable to see a rapid growth throughout the forecast period. In addition to this, rising per capita disposable revenue and rush in the global economy is another key factor which is expected to bring impulse in the growth of the global market during the forecast period.
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Key players operating in the global market are concentrating on some of the major market strategies such as mergers, collaborations, partnerships and acquisitions in order to keep grip in the constantly competitive global market. Furthermore, they are aiming on gaining grip on the local players to brace their goodwill as well as to increase their market reach in the global market. Some of the key players involved in the supply of lactic acid are focusing on key market strategies such as mergers and acquisitions along with improvement in old products and innovations in new product development. They are also focused on bringing up new products to meet the demands in the constantly competitive market. Some of the major players in the global lactic acid market include Galactic, Pyramid Bioplastics, Nature Works LLC, Purac, BASF SE and Synbra among others.
The global lactic acid market can be segmented
• Food & beverages
• Biodegradable polymers
• Personal care products
• Latin America
• Middle East & Africa
• North America
• Asia Pacific
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