D-Lactic Acid Market size is set to reach USD 900 Million by the end of 2035, witnessing a around 7% CAGR during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of D-lactic acid was USD 235 Million. The growth of the market can be attributed to the globally increasing utilization of agrochemicals and the rising demand for D-lactic acid in the manufacture of agricultural chemicals. For instance, the value of the worldwide agrochemical market, which was predicted to be around 234 billion dollars in 2019, is expected to surpass 300 billion dollars by 2025.
Further, the D-lactic acid market is anticipated to grow as farmers increase their reliance on specialty chemicals for higher production. According to the World Health Organization, more than a thousand different types of pesticides are used worldwide to keep pests from damaging or destroying crops. Furthermore, D-lactic acid is primarily utilized in the manufacture of PLA, a biodegradable thermoplastic manufactured from renewable sources like lactic acid produced through fermentation processes. The United States Food & Drug Administration has designated PLA as generally recognized as safe (GRAS), giving it a large market potential in the food business.
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
~7 % |
|
Base Year Market Size (2022) |
~ USD 235 Million |
|
Forecast Year Market Size (2035) |
~ USD 900 Million |
|
Regional Scope |
|
Growth Drivers
Challenges-
Concentration (Below 90%, Above 90%)
The above 90% segment is estimated to hold 60% share of the global D-lactic acid market during the forecast period owing to its use in the tanning, leather, and textile industries, pesticides, agrochemicals, production of biodegradable plastic, and others. The growth of the segment can be attributed to the increasing demand for biodegradable plastics produced from above 90% concentrated D-lactic acid which has high strength, and transparency, and use heat resistance, suitable for the utilization of applications such as packaging, disposable products, and much more. Upsurging demand for environmentally friendly and sustainable products, combined with government initiatives encouraging the use of biodegradable plastics, is expected to propel high demand for biodegradable plastics during the forecast period.
Application (Medicine, Pesticide, Chemicals)
D-lactic acid market from the pesticide segment is predicted to hold a tremendous share in the near future. As per the report by FAO, in 2018, globally around 4.12 million tonnes of pesticides were used in agriculture. Moreover, the use of pesticides has huge economic benefits for the farmer, as well as, the overall food & beverages industry. For instance, as per the study by World Health Organization (WHO), every USD 1 spent on pesticides for crops can result in up to USD 4 saved in crops. This indicates that for every USD 10 billion spent on pesticides, an additional USD 40 billion can be saved in crop losses owing to insect and weed damage.
Our in-depth analysis of the global market includes the following segments:
|
Concentration |
|
|
Application |
|
APAC Market Statistics
The market share of D-lactic acid in Asia Pacific is poised to be the largest with a share of 35 % by the end of 2035. The market is expanding owing to the area's large population and rapidly growing and evolving middle class, which is driving demand for products that are environmentally friendly and sustainable. The increasing industrial activity and urbanization in the Asia Pacific additionally fuel the need for D-lactic acid in sectors including industrial packaging, textiles, and plastics. As many local governments and organizations are supporting green initiatives along with more people becoming aware of the benefits of using bio-based materials, the market for D-lactic acid is growing. Furthermore, increased agricultural activity in the area, backed by rising pesticide use, can be credited to the market's expansion. In 2018, the Food and Agriculture Organization (FAO) reported that Asia accounted for more than 50% of all worldwide pesticide consumption. China utilized a total of 1,774 thousand tonnes of insecticides in the same year. Apart from this, a large section of the population in the APAC region is involved in agriculture. According to a World Bank estimate, 60.4% of land, and 56.1% of land in China in India were used for agricultural purposes in 2018.
North American Market Forecast
The market in North America, is projected to hold a majority of the share by the end of 2035. The demand for D-lactic acid for a variety of applications, including pharmaceuticals, and industrial applications, is driven by the region's significant presence of key companies in the chemical and biotechnology industries. Additionally, owing to increasing chemical imports and consumption in the region, the market in North America is expected to increase its market share over the forecast period.
Author Credits: Smruti Ranjan, Rajrani Baghel
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?