The global lactic acid market is estimated to witness high growth, due to rising demand from its end-use applications. It is used in the production of PLA plastics that are mainly used in packaging products that comply with environmental norms. Polylactic acid is a thermoplastic polyester. It is derived from renewable feedstock such as sugarcane, corn starch, wheat, and tapioca roots. PLA products contain bio-based renewable constituents.
The global Lactic acid and polylactic acid market has been segmented on the basis of application and region. On the basis of application, the market has been segmented into biodegradable polymers, food & beverages, pharmaceuticals, personal care products, and others. The polylactic acid market has been segmented into packaging, agriculture, automobile, electronics, textiles, and others.
The polylactic acid market is projected to reach USD 5.16 Billion by 2020, growing at a CAGR of 20.9% during the forecast period. In 2015, the market is estimated to be dominated by Europe, followed by North America. The Asia-Pacific market is projected to grow at the highest CAGR, owing to the increasing demand for polylactic acid in this region.
The top-down and bottom-up approaches have been used to arrive at the market sizes and obtain the market forecast. Data triangulation methods have been used to perform market estimation and projection for the entire market, along with sub-segments listed in this report. Extensive secondary research was conducted to understand the market insights and trends, which was further validated through primary interviews. The report provides both qualitative and quantitative analysis of the global lactic acid and polylactic acid market, the competitive landscape, and the preferred development strategies of the key players.
The key players were observed to prefer mergers & acquisitions, expansions, agreements, and new product launches as strategies to garner a larger share in this market. This report also analyzes the market dynamics.
Food&farming 