Lactic Acid Market Trends, Growth, Demand, Revenue, Size, Forecast and COVID-19 Impacts to 2022-2026

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Lactic Acid Market 2022 Growth Analysis by
Manufacturers, Size, Historic Growth, Trends,
Strategies, Forecast By 2026
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Global Market Scenario of Lactic Acid Industry
Recent lactic acid polylactic acid market
trends are being propelled by an escalation in
investment and capacity expansion initiatives
such as mergers, acquisitions, and product
launches by major industry participants. While
the market has been temporarily impacted due to
disruptions in supply chain and production on
account of COVID-19 restrictions, the rising
efforts by market players are expected to drive
the business landscape amid attempts for economic
revival. Citing an instance, in September 2021,
NatureWorks parent companies Cargill Inc., and
GC authorized an investment of over 600 million
for the development of a new fully integrated
polylactic acid manufacturing complex in
Thailand. On the whole, the rising demand for
bioplastics, rapid urbanization, and the
appreciable expansion of the automotive sector
are expected to boost polylactic acid market size
through the forthcoming years.
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Driven by similar developments, the lactic acid
market size is anticipated to surpass USD 1.8
billion, with the polylactic acid market value
set to exceed USD 790 million through 2026. The
industry growth is further being fueled by the
surging usage of lactic acid across numerous
industrial applications in the textile, leather,
medical, chemical, and other sectors. This is
mainly due to the robust abilities of the product
to ensure easy and fast lime removal through
leather processing while effectively penetrating
via the hide tissue, in turn creating a thicker
hide. Rising consumer preference for aesthetic
products is propelling the demand for premium
footwear, wallets, and leather handbags. Owing to
these factors, the lactic acid market share from
industrial applications was recorded at more than
USD 460 million in 2019 and is expected to
register commendable growth over the forecast
period.
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Why is the lactic acid market growing in
Europe? The Europe market is characterized by
the formulation of favorable government policies
for the promotion of lactic acid consumption.
Regulation (EU) No 101/2013 allows the usage of
the product across the meat processing sector for
the prevention of microbial contamination of
bovine carcasses. Likewise, regulation (EU)
2017/56 states that the product can be used as a
permitted feed additive for all species of
animals. Considering these aspects, Europe lactic
acid market value surpassed USD 365 million in
2019 and is slated to observe substantial
expansion through the assessment period. Rising
polylactic demand in agricultural
applications Polylactic acid is extensively
deployed in the production of nonwoven fabrics
that are ideal for nursery bags, weed control,
agricultural mulch, and greenhouses. The product
is biodegradable as it does not need disposal in
landfills and unveils more nutrients in the soil
upon decomposition.
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Competitive Analysis
Moreover, surging preference for organic
agriculture and increasing food requirement for
feeding the expanding population are expected to
bolster the industry outlook in the ensuing
years. In light of these advancements, the global
polylactic acid market is estimated to register a
consumption of more than 30 kilo tons from
agricultural applications through 2026. Asia
Pacific polylactic acid market A look at the
regional growth drivers Increasing environmental
concerns, surging investments by bioplast
manufacturers, and the escalating number of
government policies for supporting
environment-friendly products are expected to
drive the market growth across the APAC. On this
note, the regional polylactic acid market is
estimated to exceed USD 210 million up to 2026.
This rise is also attributed to the increasing
crude oil prices and the growing demand for
flexible packaging from the consumer goods sector
across the Asia Pacific region.
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