DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Global Lactic Acid Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2015 to 2022" report to their offering.
The global market for lactic acid was 750.00 kilo tons and is projected to reach 1,844.56 kilo tons by 2022 growing at a CAGR of 12.9% from 2015 to 2022.
The global market for lactic acid is witnessing growth on the back of increasing applications of lactic acid for manufacturing of polylactic acid (PLA). In addition, rising demand from other end user industries such as personal care products and food and beverages are other factors contributing towards the market growth. However, volatility in the prices of raw material is the major factor restraining the market growth. Rising demand for eco-friendly packaging and increasing scope of applications of lactic acid in end user industries are the factors which will provide huge market potential.
In 2014, food and beverages application accounted for the largest share of the market pie followed by industrial applications. Food and beverages segment accounted for more than 40% share of the pie in 2014. But, industrial applications is projected to be the fastest growing application of lactic acid. It is projected to grow at a CAGR of 18.3% from 2015 to 2022.
North America is the largest market for lactic acid and is projected to grow at a CAGR of 13.1% from 2015 to 2022 in terms of volume. The market is driven by growing PLA market and rising demand from the other established end uses continues to increase. Asia Pacific market is projected to be the fastest growing market at a CAGR of 17.5% from 2015 to 2022 in terms of revenue. Japan and China will be the major contributor towards the market growth. European market is projected to grow at a moderate growth rate.
Key Topics Covered:
Chapter 1 Preface
Chapter 2 Executive Summary
Chapter 3 Introduction
Chapter 4 Global Lactic Acid Market, Application Analysis
Chapter 5 Global Lactic Acid Market, Regional Analysis
Chapter 6 Competitive Analysis
- Natureworks Llc
- Archer Daniels Midland Company
- Galactic S.A
- Synbra Technology B.V
- The Dow Chemical Company
- Corbion N.V
- Teijin Ltd
For more information about this report visit https://www.researchandmarkets.com/research/3n8b8s/global_lactic