North America Lactic Acid Market By Application (Electronics, Agriculture, Packaging, Textile, Biomedical And Others) And By Region (Industry Analysis, Size, Share, Growth, Trends, And Forecasts 2024 to 2029

Updated On: January, 2024
ID: 7216
Pages: 145

North America Lactic Acid Market Size, Share, Growth (2023-2028)

North America Lactic Acid Market was worth USD 1.35 billion in 2023 and estimated to be growing at a CAGR of 16.03%, to reach USD 2.85 billion by 2028

North America Lactic Acid Market Overview

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 North America 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.

North America Lactic Acid Market Segmentation:

on the basis of application

  • electronics

  • agriculture

  • packaging

  • textile

  • biomedical

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.

North America Lactic Acid Market Regional Analysis

  • United States

  • Canada

  • Mexico

North America has the largest market in the world for lactic acid in terms of share. Within North America, United States is expected to have the largest share and is also expected to be the fastest growing. Factors such as rising awareness about recyclability and growing personal care industry is expected to propel the market growth in the region.

North America Lactic Acid Market Key Companies

  1. BASF SE (Germany)

  2. CSM N.V. (The Netherlands)

  3. The Dow Chemical Company (U.S.)

  4. Teijin Ltd. (Japan)

  5. NatureWorks LLC (U.S)

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