The global lactic acid market size is estimated to be valued at USD 1.6 billion in 2023 and is projected to reach USD 2.8 billion by 2028, recording a CAGR of 12.4%, in terms of value. The global polylactic acid market size is estimated to be valued at USD 1.3 billion in 2020 and is projected to reach USD 2.9 billion by 2028, recording a CAGR of 17.7%, in terms of value.
The surging concerns over global warming and plastic pollution have led to significant attention being directed towards bio-plastics. One standout option among these alternatives is polylactic acid (PLA), which possesses the dual advantages of being derived from renewable sources and is biodegradable. Its applications in disposable packaging have proliferated extensively. Jem’s law estimates that the demand for PLA in the global market doubles every 3 to 4 years. However, when compared to traditional petroleum-based plastics, PLA is generally more expensive and often exhibits subpar mechanical and physical properties. Nevertheless, recent progress in compounding techniques and the successful commercialization of D(-) lactic acid and its polymer PDLA present promising opportunities for augmenting the mechanical and thermal characteristics of PLA. For instance, the development of stereocomplex PLA shows potential for high-end market utilization, effectively addressing the performance limitations of PLA and broadening its prospects across diverse industries.
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Packaging in the polylactic acid application segment accounted for the largest share of the lactic acid market in 2023 in terms of value.
The market for polylactic acid (PLA) packaging is poised for rapid growth due to several pivotal factors. There is an escalating global emphasis on sustainable packaging solutions, prompted by mounting environmental concerns and stricter regulations. PLA packaging, derived from renewable sources is biodegradable, and presents a compelling substitute for conventional plastics, effectively meeting the demand for eco-friendly materials. The surging consumer demand for sustainable packaging options serves as a significant catalyst driving the swift expansion of the PLA packaging market. Moreover, PLA packaging offers versatility and functionality comparable to conventional plastics. It can be molded into various shapes, sizes, and forms, making it suitable for a wide range of packaging applications across industries such as food and beverages, personal care, and e-commerce. The adaptability of PLA packaging to meet diverse packaging needs further contributes to its market growth.
The North America region accounted for the largest share, in terms of value, of the global lactic acid market in 2023.
North America has a strong presence of industries that utilize lactic acid, such as food and beverages, personal care, pharmaceuticals, and bioplastics. The region’s robust manufacturing and consumer markets provide a favorable environment for the growth of the lactic acid market.
Additionally, advancements in production technologies and the availability of raw materials, including corn-based feedstocks, contribute to the expansion of the lactic acid market in North America. The region’s well-established infrastructure and supportive government policies further promote market growth and innovation.
Moreover, increasing investments in research and development activities, as well as collaborations between industry players and research institutions, drive advancements in lactic acid applications and production processes, fueling market growth in North America.
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Major key players operating in the lactic acid market Corbion (Netherlands), Cargill, Incorporated (US), Galactic (Belgium), Unitika Ltd (Japan), Henan Jindan lactic acid Technology Co., Ltd. (China), TORAY INDUSTRIES, INC. (Japan), and Sulzer Ltd (China).