Lactic Acid and Polylactic Acid Market to Expand at a CAGR of 13.0% and 14.6% respectively: Transparency Market Research
By Business Wire News
Transparency Market Research released a report titled “Lactic Acid Market (Food and Beverage, Personal Care, Pharmaceutical, Biodegradable Plastics and Other End-users) and Polylactic Acid Market (Packaging, Textile, Electronics, Automotive, Biomedical and Other End-users) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023”.
Browse Research Report:http://www.transparencymarketresearch.com/lactic-poly-lactic-acid.html
The report states that the global lactic acid market was valued at US$1,130.4 million in 2014 and is expected to reach US$3,381.8 million by 2023, developing at a CAGR of 13.0% from 2015 to 2023. In the same period, the global polylactic acid market will reach a value of US$1,358.1 million in 2023 from US$ 400.1 million in 2014, exhibiting a CAGR of 14.6%.
The global lactic acid market is growing at a fast pace due to the expansion of several downstream markets such as bio-based plastics. Lactic acid is also demanded in segments such as the food and beverage industry as it is a crucial carboxlic acid. On the other hand, the global polyactic acid market is expected to grow due its burgeoning demand in the packaging industry.
Browse Press Release:http://www.transparencymarketresearch.com/pressrelease/lactic-poly-lactic-acid.htm
Both these markets are segmented on the basis of end users and geography. The end users of the global lactic acid market are personal care, food and beverage, pharmaceutical, biodegradable plastics, and others such as detergents. The end users of the global polylactic acid market are textile, packaging, electronics, automotive, biomedical, and other such as printing. Geographically, these markets are divided into Europe, Asia Pacific, North America, Latin America, and Middle East and Africa.
The key players in the global lactic acid and polylactic acid markets are Teijin Ltd., Galactic, NatureWorks LLC, Corbion NV, Archer Daniels Midland Company, Henan Jindan Lactic Acid Technology Co., Ltd., and Zhejiang Hisun Biomaterials Co., Ltd.
Transparency Market Research (TMR) is a market intelligence company driven by high-pedigree consultants and researchers. TMR leverages its Syndicated Research, Custom Research, and Market Consulting expertise to help businesses make accurate decisions. TMR’s exclusive blend of quantitative forecasting and trends analysis draws on proprietary data sources and techniques, while their data repository is continuously updated to reflect the latest trends.