The global market for lactic acid was valued USD 1,275.00 million In 2014, and is projected to reach USD 4,129.19 million by 2022 growing at a CAGR of 16.9% from 2015 to 2022. In terms of volume in 2014 the global market for lactic acid was 750.00 kilo tons and is projected to reach 1,844.56 kilo tons by 2022 growing at a CAGR of 12.9% from 2015 to 2022.
Browse Full Report at http://www.credenceresearch.com/report/lactic-acid-market
The global market for lactic acid is witnessing growth on the back of increasing applications of lactic acid for manufacturing of polylactic acid (PLA). In addition, rising demand from other end user industries such as personal care products and food and beverages are other factors contributing towards the market growth. However, volatility in the prices of raw material is the major factor restraining the market growth. Rising demand for eco-friendly packaging and increasing scope of applications of lactic acid in end user industries are the factors which will provide huge market potential.
In 2014, food and beverages application accounted for the largest share of the market pie followed by industrial applications. Food and beverages segment accounted for more than 40% share of the pie in 2014. But, industrial applications is projected to be the fastest growing application of lactic acid. It is projected to grow at a CAGR of 18.3% from 2015 to 2022.
North America is the largest market for lactic acid and is projected to grow at a CAGR of 13.1% from 2015 to 2022 in terms of volume. The market is driven by growing PLA market and rising demand from the other established end uses continues to increase. Asia Pacific market is projected to be the fastest growing market at a CAGR of 17.5% from 2015 to 2022 in terms of revenue. Japan and China will be the major contributor towards the market growth. European market is projected to grow at a moderate growth rate.
Request Free Sample : http://www.credenceresearch.com/sample-request/57759
Globally, Purac, Cargill and Henan Jindan Lactic Acid Technology Co., Ltd are the top three manufacturers of lactic acid. BASF SE, The DOW Chemical Company, Corbion N.V., and Synbra Technology B.V. are the other major players present in this market.
Credence Research is a worldwide industry research and counseling firm that serves driving organizations, governments, non-legislative associations, and not-for-benefits. We offer our customers some assistance with making enduring enhancements to their execution and understand their most imperative objectives. Over almost a century, we’ve manufactured a firm extraordinarily prepared to this task.
Who we are
Credence Research is a worldwide firm, containing more than 15 research consultants and almost 100 research and information professionals.
Our customers mirror our worldwide nature. Around 45% are in Europe, 30% in the Americas, 13% in Asia Pacific and 12% in the Middle East and Africa.
Our firm is intended to work as one. We are a solitary global research organization united by a solid arrangement of qualities, concentrated on customer effect.
Name: Chris Smith (Global Sales Manager)
Address: 105 N 1st ST #429, SAN JOSE,
CA 95103, United States