Lactic Acid Market: Overview
Plastic is one of the most versatile materials available universally. It integrates an extensive radius of exertion in the consumer and the industrial sector. However, the same plastic has proved to be a scourge for the environment because of the fact that it is not bio-degradable. Owing to its usability and yet severe implications, innovators have paved the way to polylactic acid (PLA), which is a bioactive thermoplastic polymer derived from renewable resources. This polymer is bio-degradable and is being strongly contemplated as a substitute for plastic. This material could conceivably eradicate the plights that the world is experiencing from the extensive use of plastics. The polylactic acid is one of the compounds of lactic acid. This acid is extracted from the bacterial fermentation of starch, which comes from the sugarcane fields. The plastics produced from this acid is completely bio-degradable and takes around 6 to 24 months to degrade.
Evidently, the use of polylactic acid instead of conventional plastic is the most significant growth driver of the lactic acid market. Organizations pledged to create a sustainable future of the world are giving high importance to the severe influences of plastic. The introduction of 3D printing technology is also a third level segmented application of lactic acid. Furthermore, the generous response from 3D printing market is estimated to boost the usage of polylactic, consequently fueling the lactic acid market.
Other than its application in the polylactic acid, the lactic acid market gains consistent demand from the pharmaceutical, medical, personal care, and F&B industries. The pharmaceutical and cosmetics industries employ lactic acids to produce various water-soluble lactates, owing to its disinfectant and keratolytic properties. In the F&B industry, lactic acid is used as a catalyst for solidifying milk, which is ultimately used in the production of sour milk products such as yogurt, kefir, and cottage cheese. Additionally, lactic acid market players are catering to the producers of breads and beer for the fermentation process. The global consumption of these two products is constantly propelling annually. A recent report from IndustryARC analysts suggests via their report, entitled “Lactic acid market by source (natural, synthetic) by function (preservatives, ph regulators, anti-microbial agent) by application (chemicals, food and beverages, pharmaceuticals, biodegradable products, others) – forecast (2018 - 2023),” that the demand will continue coming in profitably during in the near future.
Lactic Acid Competitive Landscape
Corbion N.V. from Netherlands claims to be the global market leader in the production of lactic acid and its derivatives. This company recently acquired the lactic acid business from Archer Daniels Midland Company and is showing active participation in the production of polylactic acid based polymers. Polymers from the company are expected to replace the applications of traditional plastic across the automotive and packaging industries.
Galacid is a separate chain of lactic acid from the company Galactic, headquartered in Belgium. The Galacid covers a broad range of applications including the antimicrobial agent, moisturizer, flavor enhancer, mild exfoliant, cleaning agent, and degreasing agent for chemical synthesis. This company has production facilities in the U.S., China, and Europe. Another key player in the lactic acid market, FDC Ltd. Is ahead of the curve in the Asia-Pacific region. This company is fulfilling the requirements of countries such as Australia, New Zealand, Hong Kong, Vietnam, and so on by supplying an abundant amount of lactic acid for the end-user industries.
Lactic acid is a chemical which can be used to form multiple compounds. One of these compounds is polylactic acid, which is used to manufacture polymers which are bio-degradable. This polymer is believed to replace the existing market of traditional plastics. Innovations that indulge more and more polylactic acid applications will be the prime factor for growth in the lactic acid market.
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