D-lactic Acid Market - Regional Analysis
APAC Market Insights
Asia Pacific industry is anticipated to dominate majority revenue share of 35% by 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 Insights
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.
