Global lactic acid market and polylactic acid market to grow by almost 20% until 2020

04-Dec-15

The global Lactic Acid market is projected to reach US$3.82 bln by 2020, growing at a CAGR of 18.6%, while the Polylactic Acid market is projected to reach US$5.16 bln by 2020, growing at a CAGR of 20.9% during the forecast period, as per MarketsandMarkets. The increasing demand for environment-friendly products and the high cost of products that are derived from petrochemical feed stocks are estimated to drive the demand for lactic acid. Lactic acid is used in the production of PLA plastics, which are mainly used in packaging products that comply with the environmental norms. Expansion of the PLA market is projected to fuel the growth of the Lactic Acid Market. The lactic and poly Lactic Acid Market is one of the major markets and is estimated to dominate the chemical industry from 2015 to 2020. Rising petrochemical prices and limited fossil fuel resources are the key drivers of this market. Government regulations and growing environmental concerns are further fueling the adoption of PLA by the end users of the final products and manufacturers in industries such as packaging, textile, electronics, and transportation. The global Lactic Acid Market is projected to reach US$3.82 bln by 2020, growing at a CAGR of 18.6% during the forecast period. In 2015, North America is estimated to be the largest market for lactic acid. Asia-Pacific is projected to be the fastest-growing market for lactic acid during the forecast period. This market is driven by increasing demands for environment-friendly products and the high cost of products that are derived from petrochemical feed stocks spurs the growth of the Lactic Acid Market. The global Polylactic Acid Market is projected to reach US$5.16 bln by 2020, growing at a CAGR of 20.9% during the forecast period. In 2015, Europe is estimated to be the largest market for polylactic acid. Asia-Pacific is projected to be the fastest-growing market for polylactic acid during the forecast period. Government regulations and growing environmental concerns are the key drivers of the PLA market.