The global D-lactic acid market is estimated to grow at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. Lactic acid is an organic water-soluble acid, produced by the chemical breakdown of lactose. It has two enantiomers, L-lactic acid and D-lactic acid. D-lactic acid is a toxic compound produced by certain groups of bacteria, present generally in contaminated food and beverages. This enantiomer of lactic acid can disturb metabolism, and can cause bowel issues in humans, however, it is ideal for hampering the metabolism of insects and pests. Additionally, it can be mixed with water and ethanol. Owing to this property of d-lactic acid, it is used to manufacture pesticides and other cidal chemical substances. The growth of the market can be attributed to the increasing demand for d-lactic acid for manufacturing agricultural chemicals. Moreover, growing focus on specialty chemical to increase the yield amongst farmers is anticipated to boost the market growth. Further, the growing adoption of agrochemicals worldwide, is projected to boost the market growth. For instance, the market volume of agrochemicals amounted to approximately 285 million metric tons by the end of 2019, globally. Moreover, in 2019, over 4 million metric tons of pesticides were used for agriculture across the world. Furthermore, lactic acid has a negligible impact on the environment, making d-lactic acid an organic or biopesticide, which is further expected to boost the market growth.
The market is segmented by application into medicine, pesticide, chemicals, and other, out of which, the pesticides segment is anticipated to hold a substantial share in the global D-lactic acid market over the forecast period on account of growing demand for pesticides in the agriculture industry. Besides, d-lactic acid can hamper the metabolism of pests, leading to their elimination, which is a more organic approach than using atrazine, glyphosate, 1,3-D, paraquat, and neonicotinoids. CLICK TO DOWNLOAD SAMPLE REPORT
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global D-lactic acid market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of high usage of pesticides and other agrochemicals in the region. According to the data by the Food Agriculture Organization (FAO), Asia region accounted for more than 50% of the global pesticide consumption, in 2018. In the same year, China used a total of 1,774 thousand tons of pesticides.
The market in the North America region is anticipated to gain the notable market share throughout the forecast period owing to the increasing import and consumption of chemicals. Further, the United States is one of the largest consumers of agrochemicals. For instance, 408 thousand tons of pesticides were used in the U.S. in 2018, as per the report by FAO.
The global D-lactic acid market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global D-lactic acid market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Increasing demand for organic pesticides is estimated to primarily boost the market growth.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2031.
Lower cost of inorganic pesticides than organic lactic acid-based pesticides is estimated to hamper the market growth.
The Asia Pacific region is anticipated to provide more business opportunities over the forecast period owing to the increasing use of pesticides in the region.
The major players in the market are BASF SE, Corbion NV, Lallemand Inc., GALACTIC Group, Tate & Lyle PLC, Musashino Chemical Laboratory, Ltd., Juneng Golden Corn Co. Ltd., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by concentration, application, and by region.
The pesticide segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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