The global lactic acid market is slated to experience tremendous growth in coming years as its demand across industries such as food & beverages, personal care, and pharmaceuticals keeps increasing. Lactic Acid is classified as a type of organic acid, and is also known commonly as milk acid. This is because lactic acid is obtained when lactose (milk sugar) undergoes fermentation.
The material is found in leban, cottage cheese, yogurt, sour milk, as well as koumiss. Lactic acid is typically used as a moisturizer, or a humectant inside a number of different cosmetics. The material is also used as a mordant, which is a chemical that allows fabrics accept different dyes. Owing to this, the product is used extensively in the textiles industry. additionally, It is also commonly used for the tanning of leather.
In the personal care industry, lactic acid is also used specifically to treat age spots, hyperpigmentation, as well as other factors that cause the skin to develop an uneven and dull complexion. Some other benefits of the material includes enhanced skin tone as well as reduced pore appearance.
The overall lactic acid market is divided in terms of application, and region.
In terms of application, the market is divided into industrial, food & beverage, pharmaceuticals, personal care, and others. Among these, the others application segment includes textile industry, lacquers & inks. This segment comprised 4.3% of overall market share in 2019 and is likely to witness considerable growth over the forecast timeframe.
Geographically, the LATAM region has a share of over 4% in the overall market. The MEA lactic acid market is likely to witness tremendous growth over the coming years. Significant expansion of the frozen food sector in the region will foster product demand. The region will witness around 11.7% CAGR over the coming years.
The polylactic acid market is projected to register tremendous growth over the coming years as demand for the produce from the food packaging industry keeps growing at a substantial pace. Polylactic acid is a kind of thermoplastic aliphatic polyester that is derived from renewable resources like corn starch, tapioca chips, roots, or starch, or sugarcane. In 2010, the product was considered to be the worlda??s second most important bioplastic with regards to overall consumption volume.
There are a number of different applications of polylactic acid, with some of the most prevalent product uses being bottles, plastic films, as well as biodegradable medical devices such as rods, pins, screws, and plates which are expected to effectively biodegrade within a period of 6 to 12 months.
The overall polylactic acid market is divided on the basis of application, and regional landscape.
Among these, the application segment is bifurcated into packaging, agriculture, transport, electronics, textiles, and others. The others application segment is projected to witness tremendous demand in coming years. It covers different polylactic acid products including medical devices and is also used in the construction sector. This segment is expected to grow with an impressive CAGR of more than 9.8% over the forecast timeframe.
From a regional reference frame, the MEA polylactic acid market is projected to grow at a tremendous rate over the coming years. This region has a share of over 2.5% in the global market.