The l-lactide global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
L-lactide Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The l-lactide market size has grown rapidly in recent years. It will grow from $1.28 billion in 2023 to $1.45 billion in 2024 at a compound annual growth rate (CAGR) of 13.6%. The growth in the historic period can be attributed to increasing governmental regulations, growing consumer awareness and preference for sustainable and eco-friendly products, variability in oil prices has influenced the cost-competitiveness of bioplastics, the need for safe and non-toxic packaging in the food and beverage industry, the medical and healthcare industry’s requirement for biocompatible and biodegradable materials.
The l-lactide market size is expected to see rapid growth in the next few years. It will grow to $2.44 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to sub substitution of traditional plastics, rising disposable income, increased investment in research and development, increasing demand for biodegradable plastics, corporate sustainability initiatives. Major trends in the forecast period include integration of l-lactide in smart packaging technologies, nanotechnology integration, innovations in recycling technologies to improve the reprocessing of l-lactide, development of new medical devices and drug delivery systems, expansion of l-lactide use in 3d printing technologies.
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Scope Of L-lactide Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
L-lactide Market Overview
Market Drivers –
The increasing demand for biodegradable plastics is expected to propel the growth of the L-lactide market going forward. Biodegradable plastics are a type of plastic that can decompose naturally in the environment, breaking down into water, carbon dioxide, and biomass with the help of microorganisms. The demand for biodegradable plastics is increasing due to growing environmental concerns, stricter regulations on plastic waste, and consumer preference for sustainable and eco-friendly products. L-lactide is essential in producing PLA, a versatile and biodegradable plastic. L-lactide plays a crucial role in minimizing the environmental impact of plastic products by transforming renewable resources into sustainable materials. For instance, in 2023, according to European Bioplastics EV, a Germany-based, non-profit association, the utilization rate of bioplastics increased from 1,507 metric tons in 2022 to 1,799 metric tons in 2023. Therefore, increasing demand for biodegradable plastics is driving the growth of the L-lactide market.
Market Trends –
Major companies operating in the l-lactide market are developing innovative solutions, such as lactide technologies, to gain a competitive edge in the market. Lactide technologies refer to the processes and innovations involved in producing and utilizing lactide, a key monomer derived from lactic acid, to create biodegradable polymers such as polylactic acid (PLA). These technologies are essential for developing sustainable materials used in various applications, from packaging to medical devices. For instance, in December 2023, Sulzer AG, a Switzerland-based industrial machinery and equipment manufacturer, launched SULAC, a technology for lactide production. It enhances its leadership in biopolymers and circularity. This technology supports the conversion of lactic acid into lactide, which is essential for producing polylactic acid (PLA), an eco-friendly bioplastic. The licensed technology seamlessly allows PLA producers to incorporate new lactic acid into lactide capabilities. It also supports producing a wide range of high-quality, cost-effective biopolymer grades and enhances operational efficiencies.
The l-lactide market covered in this report is segmented –
1) By Type: Purity Above 98%, Purity Above 99%, Other Types
2) By Application: Polylactic Acid, Medical Intermediate, Other Applications
3) By End user: Food And Beverage Packaging, Electrical And Electronics, Medical And Health Care, Other End-Users
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Regional Insights –
North America was the largest region in the l-lactide market in 2023. The regions covered in the l-lactide market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the l-lactide market are <b>Mitsui Chemicals Inc., BASF SE, Teijin Limited, Biomer Inc., Toyobo Co. Ltd., Zhejiang Hisun Biomaterials Co. Ltd., Corbion NV, Unitika Ltd., Jindan Lactic Acid Technology Co. Ltd., Danimer Scientific Inc., Synbra Technology BV, NatureWorks LLC, Polysciences Inc., Musashino Chemical Laboratory Ltd., Futerro SA, Chang Chun Group, Shenzhen Esun Industrial Co. Ltd., NaturePlast Pvt. Ltd., Virgin Galactic Holdings Inc. , Wei Mon Industry Co. Ltd., Shanghai Tong-Jie-Liang Biomaterials Co. Ltd., Nantong Jiuding Biological Engineering Co. Ltd.</b>
Table of Contents
1. Executive Summary
2. L-lactide Market characterstics
3. L-lactide Market Trends And Strategies
4. L-lactide Market – Macro Economic Scenario
5. Global L-lactide Market Size And Growth
…..
32. Global L-lactide Market Competitive Benchmarking
33. Global L-lactide Market Competitive Dashboard
34. Key Mergers And Acquisitions In The L-lactide Market
35. L-lactide Market Future Outlook and Potential Analysis
36. Appendix
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