Lactic Acid Market size was valued at US$ 2.75 Bn. in 2022 and the sugarcane raw material is the dominating segment in the Lactic Acid Market.
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Lactic Acid Market Report Scope and Research Methodology
The Lactic Acid Market report includes the comprehensive analysis of the industry in a simple language. A detailed analysis of Lactic Acid Market dynamics has been included in the report. The past, present and the expected trends in the forecast period has also been provided in the report. For understanding the global factors affecting the industry, the report presents drivers, challenges, restraints and opportunities prevailing in the Lactic Acid market. Detailed analysis of external & internal factors impacting the market is covered through PESTEL & PORTER analysis.
Dedicated study of the rivalry in the industry is covered, which includes market leaders, followers, and new entrants. Extensive primary research was conducted to acquire information and verify and confirm the crucial numbers arrived at after comprehensive Lactic Acid market engineering and calculations for market statistics; market size estimations, market forecasts, market breakdown and data triangulation. The secondary data was collected from the company’s annual reports, articles, paid and free databases, etc. To estimate the regional and global market size, the bottom-up approach was used.
Lactic Acid Market Overview
The industry overview gives thorough details about the size of the market all the market dynamics including strategies, market revenue, pricing analysis, micro and macro market trends and scenarios & Industry benchmarks. Region wise market opportunities & barriers are also studied in detail.
Market Segmentation
The Lactic Acid Market is divided into Corn, Sugar, Cassava, and Other Crops based on the Raw Material. With a revenue share of more than 39.0% in 2022, the sugarcane segment has become the dominating raw material category. The demand for this type of product is fueled by the vast supply of sugarcane in nature, its affordability, and its environmental friendliness. Brazil was the world’s greatest sugar producer in 2022, accounting for 42 million metric tonnes of the total 179 million metric tonnes of sugar produced worldwide.
The lactic acid market is divided into industrial, food and beverage, pharmaceuticals, personal care, and others based on the application.
In 2022, the application category for food and drink accounted for 40% of the market. The market for this sector is expanding due to the increasing use of lactic acid as a preservative in the food and beverage industry. Lactic acid is typically recognised as a safe (GRAS) additive for general purpose purposes, which increases demand for the product around the world, according to a research from the U.S. Food and Drug Administration (FDA).
The market for lactic acid is anticipated to grow most quickly in the industrial application sector. During the forecast period, a CAGR of 8.1% is expected to be achieved. The excellent durability, mechanical robustness, and transparency of the product are credited with allowing for industrial application of lactic acid growth. The primary drivers influencing the growth of this application category are the automobile industry’s ongoing expansion and rising end-user demand.
Market Key Players
1. BASF
2. Galactic
3. Nature Works
4. Corbion Purac
5. Pyramid Bioplastics
6. Danimer Scientific
7. Dow Chemical
8. Synbra
9. Henan Jindan Lactic Acid Technology
10.Musashino Chemical
11.Futerro
12.Teijin
13.Wei Mon Industry
14.Thyssenkrupp AG
15.Vaishnavi Bio-Tech Ltd.
16.ADM
17.Cargill
18.Cellulac
19.Corbion
20.NingXia Hypow Bio-Technology
21.PURAC
Market Regional Insights
The regional analytics cover North America, South America, Asia Pacific, Europe & Middle East and Africa. The report includes a detailed explanation of market size, market drivers, barriers, CAGR, and import and export in all the regions.
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Key questions answered in the Lactic Acid Market are:
- What is Lactic Acid?
- What are the global trends in the Lactic Acid Market?
- What was the Lactic Acid Total Market size in 2022?
- What is expected Lactic Acid Market size by 2029?
- Who held the largest market share in Market?
- Who are the leading companies and what are their portfolios in Market?
- What are the major challenges that the Lactic Acid Industry could face in the future?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2021)
- Past Pricing and price curve by region (2018 to 2021)
- Industrial Manipulator Market Size, Share, Size & Forecast by different segment | 2022−2029
- Industrial Manipulator Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
- Industrial Manipulator Market Segmentation – A detailed analysis by Type, Application and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of business by region
- Lucrative business opportunities with SWOT analysis
About Maximize Market Research:
Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.
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