Lactic acid has gained importance over the years as it is used in poly lactic acid (PLA) production. The lactic acid market was approximated to be over 714 kilo tons in 2013, and is estimated to reach 1,960.1 kilo tons by 2020, growing at CAGR of 15.5% over the forecast period. The lactic acid market was valued at USD 1,285.6 million in 2013, which is estimated to be USD 4,312.2 million by 2020, growing at CAGR of 18.3% over the next six years.
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The PLA market is driven by its numerous benefits and applications. PLA is environment friendly and compostable; therefore, it is used for consumer products and food packaging, and also reduces waste disposal. Frequent rise in crude oil rates are expected to drive the market as PLA helps reduce dependency on plastic, which is a byproduct of petroleum. Additionally, with growing environmental awareness customers have been changing their preferences to bioplastics, driving the global PLA market. The PLA market was estimated to be 360.8 kilo tons in 2013, and is expected exceed 1,200 kilo tons by 2020.
Lactic acid and PLA are widely used in segments such as personal care, pharmaceutical, food & beverage, agriculture, transport, packaging, textile, industrial and electronics. In terms of revenue, the industrial segment is expected to grow at a CAGR of over 19% over the forecast period. Personal care is estimated to be a key segment due to the increasing use of lactic acid anti-acne, anti-aging, skin lightening and anti-wrinkle products. Packaging dominated the PLA market in 2013. PLA bottles are transparent, durable, glossy and easily disposable. The PLA market in textiles is expected to grow at a rate of over 17% in terms of revenue over the forecast period.
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North America dominated the lactic acid market with more than 30% of the overall market volume in 2013. Increasing demand in application segments is expected to drive the market in the region. Asia Pacific is expected to grow significantly in terms of volume as well as revenue over the forecast period. Europe dominated the PLA market with over 35% of the global share in 2013. Strict government regulations on usage of plastics are expected to drive the market in the region over the forecast period.
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