Global Lactic Acid Market
By Application (Food & Beverages, Pharmaceutical, Personal Care,
Industrial, Other) and Region - Global Forecast to 2024
Lactic Acid Market Overview
Lactic acid is an organic water
soluble compound produced by the chemical breakdown of carbohydrates such as
lactose or glucose. Lactic acids are mainly used for the preservation and
flavoring. Moreover, it is also used in the manufacturing of several other
chemicals such as acrylic acid, dilactide and glycol.
Market Size and Forecast
Global lactic acid market is
anticipated to flourish at a CAGR of 15.6% over the forecast period. In 2012,
lactic acid market was estimated at USD 1.0 Billion. Further, the market of
lactic acid was held at USD 2.2 Billion in 2016 and is expected to reach USD
9.8 Billion by the end of 2024. The market is expected to be driven by the
rising manufacturing base of cosmetic industries across the globe. Apart from
this, increasing medical expenditure coupled with the growth of pharmaceutical
industries is anticipated to trigger the growth of the lactic acid market across the globe.
In the regional platform, North
America dominated the overall lactic acid market, with more than 42% market
share in 2016. Further, North America is projected to continue its dominance
over the forecast period on the account of the wide adoption of personal care
products. Additionally, robust growth of pharmaceutical industry in the region
is expected to swell the demand for the lactic acid in the region. In North
America region, U.S. accounted for the largest market share of lactic acid
owing to the favorable government regulations boosting the growth of various
end use industries. Further, Canada is expected to witness significant growth
during the forecast period due to rising demand for premium personal care
products.
For Sample Pages please go through link below:
Asia Pacific is expected to witness
lucrative growth over the forecast period. Growth and expansion of food &
beverage sector in the region is expected to be the dynamic factor behind the
growth of the lactic acid market during the forecast period. In addition to
this, rising disposable income and increasing population in the Asia pacific
region is expected to swell the demand for the lactic acid over the forecast
period. India, China and Japan lactic acid market is expected to grow over the
forecast period. Further, Latin America lactic acid market is projected to grow
at a significant pace on the account of the increasing cosmetic manufacturing
industry in the region.
On the basis of application, global
lactic acid market is segmented into food & beverage, pharmaceutical,
personal care, industrial and other application. Out of these segments,
industrial segment accounted for highest market share and is projected to grow
at high pace during the forecast period due to their rising utilization in
chemical sector. Furthermore, personal care segment is forecasted to expand at
highest CAGR during the forecast period on the account of the heavy demand for
cosmetics all over the globe.
Market Segmentation
Our in-depth analysis has segmented
global lactic acid market into the following segments:
By Application
·
Food & Beverages
·
Pharmaceutical
·
Personal Care
·
Industrial
·
Other
By Region
Global lactic acid market is further
classified on the basis of region as follows:
·
North America (U.S. & Canada)
Market size, Y-O-Y growth & Opportunity Analysis
·
Latin America (Brazil, Mexico, Rest
of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
·
Europe (U.K., Germany, France,
Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Europe)
Market size, Y-O-Y growth & Opportunity Analysis
·
Asia-Pacific (China, India, Japan,
Singapore, Australia, New Zealand, South Korea & Rest of Asia-Pacific)
Market size, Y-O-Y growth & Opportunity Analysis
·
Middle East and North Africa (GCC,
North Africa, South Africa & Rest of Middle East and Africa) Market Size
and Y-O-Y Growth Analysis
Growth Drivers & Challenges
The market of lactic acid is riding
on the back of the increasing demand for personal care products such as soap,
shampoo and other body care products. Additionally, rising demand for premium
skin care products is expected to swell the growth of the lactic acid market
during the forecast period. Moreover, rising disposable income coupled with
changing lifestyle and increasing spending on healthcare is envisioned to
bolster the growth of the lactic acid market globally.
Furthermore, lactic acid has very
less to no impact on the environment. The rising encouragement by the
government for the sustainable products is expected to garner the growth of the
lactic acid market. Apart from this, rising research & development
expenditure to develop gypsum free lactic acid is likely to expand the growth
of the lactic acid market.
In contrast, volatility in the raw
material price is believed to dampen the growth of the global lactic acid
market. Further, availability of low cost alternatives such as polystyrene and
polypropylene is expected to limit the growth of the lactic acid market globally.
Key Players
·
BASF SE
o
Company Overview
o
Key Product Offerings
o
Business Strategy
o
SWOT Analysis
o
Financials
·
NatureWorks LLC
·
Hitachi Ltd.
·
Futerro
·
Corbion Purac
·
Sulzer Ltd.
·
Synbra Technology BV
·
Vaishnavi Biotech Ltd.
·
Henan Jindan Lactic Acid Technology
Co. Ltd
·
Musashino Chemical (China) Co. Ltd
Scope and Context
Overview of the Parent Market
Analyst View
Segmentation
The global lactic acid market is
segmented as follows:
·
By Application Market Size &
Y-O-Y Growth Analysis
·
By Region Market Size & Y-O-Y
Growth Analysis
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT
Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and
Challenges
Key Information for Players to
establish themselves in current dynamic environment
To know more about this research,
kindly visit: http://www.researchnester.com/reports/lactic-acid-market-global-historical-growth-2012-2016-future-outlook-2017-2024-demand-analysis-opportunity-evaluation/484
Article Source:- http://www.researchnester.com/blog/global-lactic-acid-market-2016-2024-research-nester/
For Table
of Content & Free Sample Report Contact:
Name:- Ajay Daniel
Email: ajay.daniel@researchnester.com
U.S.
+1 646 586 9123
U.K. +44
203 608 5919
No comments:
Post a Comment