Asia Pacific Lactic Acid Market was worth USD 1.46 billion in 2021 and estimated to be growing at a CAGR of 18.12%, to reach USD 1.99 billion by 2026. Lactic Acid is a white compound which is water soluble in solid state and colourless in liquid state. In the industry, lactic acid is produced by fermentation by lactic acid bacteria which converts carbohydrates like glucose, galactose and sucrose into lactic acid.
Lactic Acid has a wide range of applications. It is used in the dairy industry to make yoghurt and cheese. It is used as a humectant in textile industry to enhance the moisture in fabric so that dyes can attach to them. It is used in leather tanning process. It is used in preparing lacquers and inks. In the pharmaceutical industry, it is used as a starting substance to prepare other substances. It’s variants are approved as food additives in various countries. It is widely used in preparing foods of various kinds.
The Asia Pacific Lactic Acid market is driven by factors such as rising use of shampoos, creams and body care products, growing pharmaceutical industry, growing petrochemical products, rising awareness among people regarding recyclability and sustainability and increasing number of bioplastic applications among others. However, the chief constraint which is faced by this market are high price of PLA over other conventional polymers and volatility of prices of raw materials like corn and sugar.
The Asia Pacific Lactic Acid market is divided on the basis of application into electronics, agriculture, packaging, textile, biomedical and others. In the marine sector, lactic acid is used as a descaling agent which is resulting in increasing use expected to drive the market in regions like Australia, UK and UAE. Personal care segment is expected to grow at a significant rate in regions like Middle East, Latin America and Western parts of Africa.
The Asia Pacific Lactic Acid market is divided based on geography into India, China, Australia and other parts of region. Asia Pacific is the fastest growing region in the world and is the third largest market after North America and Europe regions. Factors such as rising awareness about recyclability and growing personal care industry is expected to propel the market growth in the region.
Some of the major players in the market include BASF SE (Germany), CSM N.V. (The Netherlands), The Dow Chemical Company (U.S.), Teijin Ltd. (Japan), and NatureWorks LLC (U.S)
1.Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Application
5.1.1 Electronics
5.1.2 Agriculture
5.1.3 Packaging
5.1.4 Textile
5.1.5 Biomedical
5.1.6 Other Applications
5.1.7 Y-o-Y Growth Analysis, By Application
5.1.8 Market Attractiveness Analysis, By Application
5.1.9 Market Share Analysis, By Application
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Application
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Application
6.1.5 Market Share Analysis
6.1.5.1 By Application
6.2 China
6.3 India
6.4 Japan
6.5 South Korea
6.6 Australia
7.Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 BASF SE
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 CSM N.V.
8.3 The Dow Chemical Company
8.4 Teijin Ltd.
8.5 NatureWorks LLC
9.Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
