Global Lactic Acid Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Lactic Acid Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Lactic Acid is a kind of carboxylic acid, its molecular formula is C3H6O3. Lactic acid can be produced from corn, sugarcane, cassava and other crops. Lactic acid is widely used in industrial, food and beverage, pharmaceuticals, personal care and polylactic acid field.

Market Overview:

The latest research study on the global Lactic Acid market finds that the global Lactic Acid market reached a value of USD 1075.18 million in 2022. It’s expected that the market will achieve USD 2131.34 million by 2028, exhibiting a CAGR of 12.08% during the forecast period.

The COVID-19 epidemic has had a widespread impact on the daily lives of ordinary people. Due to the severe shortage of medical equipment and hospital beds, it also affects small to large enterprises, especially the health care sector. The country lacks key medical equipment to deal with the epidemic, including face masks, face masks, personal protective equipment kits and hoods for non-invasive ventilation /PEEP respiratory support.

Some companies share multiple compatible 3D models that can be printed at any time, including masks with different designs and features. The most common 3D printing techniques used to print medical devices such as masks, masks, and PPE kits are Stereolithography (SLA) and Melt Deposition Modeling (FDM). The main reasons for using these technologies are SLA, popularity of FDM 3D printers and low printing cost. The most common material used for 3D printing masks and PPE kits is polylactic acid (PLA), as PLA requires lower printing temperatures and warpage than ABS or PET. The need for high-speed and low-cost printing, accessibility and ease of use encourages the use of PLA. In addition, PLA has good printing performance with minimal or no contamination, which enables FDM printers to print at very high speeds. In addition, 3D printed PLA products can be sterilized and reused, making them cost-effective. The wide application of 3D printing in epidemic situation has increased the demand for polylactic acid materials. Polylactic acid is a kind of polyester polymer polymerized from lactic acid as the main raw material. It is a new type of biodegradable material. The increase in demand for polylactic acid under the epidemic situation may promote the increase in demand for lactic acid.
In the long term, COVID-19's pneumonia may cause more factories to use more automated production lines to prevent the epidemic from affecting the industry. In addition, the application of Internet of Things technology may also bring more opportunities for industry participants.

Industrial demand

Lactic acid is used in the fermentation industry to control the pH value and improve the purity of the fermented product; in the textile industry, it is used to process the fiber, which can make the fiber easy to color, increase the luster, and make the touch soft; in the coating and ink industry, it is used as a pH regulator and synthesis in the tanning industry, lactic acid can remove lime and calcium from the leather, making the leather soft and dense, thereby making high-quality leather. Lactic acid is often used in the nickel plating process because of its unique complex constant for a nickel. It can also be used as an acid-base buffer and stabilizer in the electroplating bath. In the microelectronics industry, its unique high purity and low metal content meet the semiconductor industry high-quality requirements, and it can be used as a safe organic solvent to clean photosensitive materials. Lactic acid is widely used in industry, and the continuous development of the industry will promote the growth of demand for lactic acid.

Small and medium-sized enterprises lack the resources or technology and equipment needed to extract and ferment high-quality lactic acid

Due to the lack of resources or technology and equipment needed to extract and ferment high-quality lactic acid, the use of lactic acid in small and medium-sized enterprises has been a challenge. In addition, choosing the right lactic acid composition is a key aspect that many companies have not yet calculated accurately. This choice plays a critical role in maintaining the flavor and texture of food and beverage applications. Selecting the appropriate lactic acid composition is a complex process that requires verification at the laboratory and factory scale levels. Experts' lack of understanding on the extraction of polylactic acid from lactic acid may lead to high production losses. These factors will bring challenges to the lactic acid market.

Region Overview:

In 2021, the share of the Lactic Acid market in North Americastood at 49.41%.

Company Overview:

Corbion is one of the major players operating in the Lactic Acid market, holding a share of 33.81% in 2022.

Corbion

Corbion is the global market leader in lactic acid and its derivatives, and a leading supplier of emulsifiers, functional enzyme blends, minerals, vitamins, and algae ingredients. Corbion Purac focuses on bio-based food ingredients, bio-based chemicals, bio-plastics, biomedicine, ingredient solutions, sustainability and innovation.

Cargill

Cargill team of 160,000 professionals in 70 countries draws together the worlds of food, agriculture, nutrition and risk management.

Segmentation Overview:

By type, Corn segment accounted for the largest share of market in 2021.

Application Overview:

By application, the Food & Beverages segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Lactic Acid market covered in Chapter 3:

Baisheng
Henan Jindan Lactic Acid Technology
Galactic
Zhengzhou Tianrun
Shangdong Fullsail
Tripura Bio Tech Limited
Cargill
Yancheng Haijianuo
Corbion
Wuhan Sanjiang Space Good Biotech
Musashino Chemical
Jungbunzlauer

In Chapter 4 and Chapter 14.2, on the basis of types, the Lactic Acid market from 2018 to 2029 is primarily split into:

Corn
Sugarcane
Cassava
Other Crops

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Lactic Acid market from 2018 to 2029 covers:

Industrial
Food & Beverages
Pharmaceuticals
Personal Care
Polylactic Acid

Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)