The lactic acid market is estimated at USD 1.6 billion in 2023 and is projected to reach USD 2.8 billion by 2028, at a CAGR of 12.4% from 2023 to 2028. The global polylactic acid market is anticipated to be valued at USD 1.3 billion in 2023 and escalate to USD 2.9 billion in 2028 by growing at a CAGR of 17.7%
The global lactic acid market is experiencing a remarkable growth trajectory driven by several factors. The increasing demand for lactic acid in the food and beverage industry, fueled by changing consumer preferences for natural and healthy products, has been a significant driver. Additionally, the expanding applications of lactic acid in bioplastics, driven by the need for eco-friendly alternatives to traditional plastics, have contributed to its market growth. Furthermore, the rising demand for lactic acid in personal care products, coupled with favorable government regulations and initiatives promoting sustainable practices, has created a conducive environment for market expansion. The industry is also witnessing increased investments and research activities, leading to advancements in production processes and the exploration of new applications. With these factors in play, the global lactic acid market is poised for further growth in the coming years.
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Corbion is a global player in the bioscience industry. The company was initially established through a merger between American Ingredients Company and Caravan Products in 2006 as Caravan Ingredients, which was renamed to Corbion in 2012. It develops products and solutions for various industries, such as food, biochemical, biomedical, and bioplastics. The company is engaged in the lactic acid and lactic acid derivatives businesses through its brand, Purac, through which it caters to industrial demands for bio-based ingredients and bio-based innovations.
The company has its business operations across regions, such as North America, South America, Europe, and Asia Pacific, through its global network of sales offices and local application centers. Corbion has 13 production divisions globally. The company has been involved in the production and supply of lactic acid and its derivatives and uses strategic partnerships to retain its dominance in the market.
TotalEnergies Corbion is a joint venture between TotalEnergies, a major global energy company, and Corbion, a leading provider of sustainable ingredient solutions. The company specializes in the production of Poly Lactic Acid (PLA), a biobased and biodegradable polymer derived from renewable resources such as corn and sugar beet.
Cargill, Incorporated (US)
Cargill is a global conglomerate that caters to the demands in various industries, such as food ingredients & bio-industrial, animal nutrition, protein & salt, agriculture supply chain, and metal & shipping. It offers lactic acid through its subsidiary, NatureWorks, which is jointly owned by Cargill and PTT Global Chemical Company (Thailand). NatureWorks focuses on manufacturing bioplastics-polymers, consumer goods, and fiber products. Biodegradable polylactic acid polymer-based plastics offered by NatureWorks are marketed under the brand name Ingeo, which is produced by using starch from field corn as the source material.
Cargill controls the business operations of NatureWorks, which is related to polylactic acid and lactic acid, with a production capacity of 150,000 metric tons. Ingeo, a biopolymer series, has been currently used to design more than 20 different types of lifestyle products. The products are mainly designed for diverse applications, such as packaging, durable plastics, and fibers. The company operates and has its presence in regions such as North America, Europe, and Asia Pacific.
Galactic focuses on investing in biotechnological developments in various applications, such as food, feed, personal & home care, and industrial applications, which include bio-plastics, bio-solvents, and chemical synthesis. Galactic operates in the lactic acid industry through its subsidiary Futerro to develop technology solutions for polylactic acid (PLA) production from renewable vegetable resources. The company focuses on improvising in lactic acid fermentation and the development of many other derivatives to create sustainable, innovative, and health-enhancing solutions in the field of food safety, nutrition, and green chemistry. The company manufactures biodegradable lactic acid and lactates made from the natural fermentation of sugar. The company’s products are competing with oil-based plastics and fibers in terms of performance in increased production. The company has an extensive distribution channel, which strengthens its business in regions such as North America, Europe, Asia Pacific, and South America.
Unitika Ltd (Japan)
Unitika Ltd was initially an integrated textile company, which diversified its business later and became a global producer of polymers (including films, plastics, nonwoven fabrics, biodegradable plastic materials), advanced materials (including glass fibers, glass beads, and activated carbon fibers), industrial fibers & textiles fibers, and others. The company offers polylactic acid through its brand ‘terramac,’ the bio-based material sourced from corn. Unitika has a robust distribution network that strengthens its business for lactic acid in regions such as Asia Pacific, Europe, and North America.
Henan Jindan Lactic Acid Technology Co. Ltd. (China)
Henan Jindan Lactic Acid Technology Co. Ltd. is majorly engaged in the production of lactic acid and lactate. It is a national high-tech enterprise and offers its products for business segments such as acidulates, pH control, antimicrobial agents, confectionery ingredients, emulsifiers, surfactants, and non-GMO based products. Henan Jindan increasingly focuses on investing in research & development activities with their divisions such as State Enterprise Technology Center, Doctoral Scientific Research Working Station, and Lactic Acid Engineering & Technology Research Center. These three research centers support the development of lactic acid technology and related products. The company has an annual production capacity of 100,000 tons of lactic acid and lactate and the largest production base for lactic acid production and lactic acid exportation in China. The company maintains its presence in the North American and European regions and the Rest of the World through a network of distributors and agents.
Sulzer Ltd (Switzerland)
Sulzer engages in investments for innovations in component & equipment engineering that focuses on applications, such as construction, facilities management, food & beverages, bio-based products, healthcare & cosmetics, mining & metals, oil, gas & chemicals, polymer, power generation, pulp, paper & board, transportation, and water & wastewater. The company is engaged in the development of polylactic acid from sources, such as corn, sugar beet, and sugar cane through its bio-based products segment. It is involved in continuous R&D activities for innovations and offering improved products and natural solutions that can enhance the quality of products and solutions. Sulzer has 180 production divisions globally and a strong presence in regions such as Europe, Asia Pacific, North America, and South America.
Lactic Acid and Polylactic Acid Market by Application (Biodegradable Polymers, Food & Beverages, Pharmaceutical Products), Raw Material, Form (Dry, Liquid), and Region (North America, Europe, Asia Pacific, Rest of the World) - Global Forecast to 2028
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