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Lactic Acid Market size worth over $6bn by 2024

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Lactic Acid Market size is expected to reach USD 6.2 billion by 2024. Polylactic Acid Market size is expected to reach USD 4.3 billion by 2024; according to a new research report by Global Market Insights, Inc.

Strong outlook towards bioplastics usage owing to environmental awareness and packaging application should fuel PLA market size. Increasing consumer awareness for biobased content in personal care product formulations should drive lactic acid market size.

U.S. lactic acid market size may generate over USD 1.5 billion business by 2024. Growing number of manufacturing facilities along with increased focus on sustainability is likely to have a positive influence for regional growth. In addition, initiatives from the Obama Administration and bioplastics market should fuel product demand.

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Germany PLA market size may witness gains at close to 16%. Strict environmental regulations imposed on biobased plastic materials usage for packaging materials may drive regional industry growth.

Lactic acid market size in food & beverage applications may show gains at 14%. It is used as emulsifying agents in baking food. It is used as acidulant, flavoring and pH buffering agent or inhibitor of bacterial spoilage various processed foods. PLA market demand in packaging application may witness growth at over 18% and register close to 1.3 kilo tons by 2024. It is used for applications in fruit & vegetable packaging and in disposable products such as cups and cutlery. Bioplastic packaging such as rigid packaging and loose fill packaging has witnessed considerable regulatory support, with the pressing need for reducing GHG emissions.

Fluctuating raw materials prices including sugar and tapioca starch has affected

production cost and put pressure on lactic acid price trend. PLA market price trend follows premium pricing compared to conventional polymers such as polystyrene and polypropylene (PP).

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U.S. Polylactic Acid (PLA) Market size, by application, 2013-2024 (USD Million)

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Latest Research Report @ https://www.gminsights.com/industry-analysis/lactic-acid-and-polylactic-acid-market

Download Latest Report PDF @ https://www.gminsights.com/request-sample/detail/821

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Application Analysis

PLA market size in packaging applications generated close to USD 300 million sales in 2015. It is used in bottles, jars, containers, labels for fresh food packaging. These plastic bottles are disposable and durable, transparency and gloss. In addition, is composted easily as compared to petroleum based products and does not release poisonous gases on incineration. Regional Analysis

Germany lactic acid market size generated over USD 100 million sales in 2015. Growing number of manufacturing facilities along with increased focus on sustainability is likely to have a positive influence in industry growth in the region. China lactic acid market may witness gains at over 15%. Upstream raw material includes corn starch and downstream includes medicine, food and beverage, cosmetics, electronics and chemical engineering industry. Strong regulatory framework promoting usage of biobased materials in should drive industry growth in the region. Competitive Market Share

Global polylactic acid market share is consolidated. Key industry participants include Pyramid Bioplastics, NatureWorks and Purac. Other prominent companies include BASF, Danimer Scientific, Galactic, Futerro, Synbra Technology and Musashino Chemical.

360° Analysis

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