In 2014, North America is the largest market for lactic acid Market and accounted for more than 40% share of the market pie in terms of revenue and volume. Globally, the U.S. is the largest market for lactic acid and is driven by the growing PLA market. Rising demand for PLA in food packaging applications and other industrial application continues to increase. Moreover, new applications such as three-dimensional printing filament are emerging. European market is driven by food and beverages application. Currently, the region is mainly dependent on imports to meet the rising demand as it has limited production capacity of PLA. The market for lactic acid is projected to grow moderately from 2015 to 2022. Germany and France are the two major contributors towards the market growth. In future, Eastern Europe will offer huge growth potential.
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Asia Pacific is projected to be the fastest growing market in terms of volume and revenue, at an estimated CAGR of 17.5% in terms of revenue from 2015 to 2022. China is projected to surpass the Western European lactic acid market in the near future. In China, food and beverages is the largest applications, lactic acid and its salts serve as preservatives and acidulants respectively. Lactic acid for PLA will increase significantly during the forecast period. In Japan, the food and beverage sector is the largest application for lactic acid, followed by industrial applications and personal care & pharmaceuticals products. Japan mainly depends on domestic lactic acid as well as imports from Thailand, China, and other Asian countries.
The overall market for lactic acid is projected to increase significantly at a CAGR of 12.9% from 2015 to 2022 in terms of volume. Robust growth is projected in the U.S., Western Europe, China and in some Asian countries due to increase in PLA production. Moreover, in regions where lactic acid demand is driven by food and beverages applications will grow at a moderate growth rate.
Cargill, BASF SE, The DOW Chemical Company and Corbion N.V. are some of the major players present in this market.