Lactic acid has gained importance over the years as it is used in poly lactic acid (PLA) production. The lactic acid market was approximated to be over 714 kilo tons in 2013, and is estimated to reach 1,960.1 kilo tons by 2020, growing at CAGR of 15.5% over the forecast period. The lactic acid market was valued at USD 1,285.6 million in 2013, which is estimated to be USD 4,312.2 million by 2020, growing at CAGR of 18.3% over the next six years.
The PLA market is driven by its numerous benefits and applications. PLA is environment friendly and compostable; therefore, it is used for consumer products and food packaging, and also reduces waste disposal. Frequent rise in crude oil rates are expected to drive the market as PLA helps reduce dependency on plastic, which is a byproduct of petroleum. Additionally, with growing environmental awareness customers have been changing their preferences to bioplastics, driving the global PLA market. The PLA market was estimated to be 360.8 kilo tons in 2013, and is expected exceed 1,200 kilo tons by 2020.
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In terms of volume, the PLA market is estimated to grow at CAGR of 18.8% over the next six years. The market was valued at USD 793.9 million in 2013 and is expected to reach USD 2,169.6 million by 2020, growing at a CAGR of 15.8% from 2014 to 2020. PLA has low performance characteristics as compared to conventional plastics; it is also vulnerable at relatively low temperatures. This results in limiting PLA usage to lower utility applications. However, market participants have been trying to develop processes to enhance its heat resistance. Market participants have focused on increasing productivity and innovating products to gain market share.
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