Lactide Market - Forecast(2024 - 2030)

Report Code: CMR 44407 Report Format: PDF + Excel

Lactide Market Overview

The lactide market size is forecasted to reach US$3.2 billion by 2027 after growing at a CAGR of 7.5% during the forecast period 2022-2027. Lactide is a type of lactone cyclic ester produced by the multiple esterification of lactic acid or hydroxy carboxylic acid. It is mainly produced by two different processes such as lactic acid polycondensation reaction into oligo and other one is oligo thermally depolymerized to form the cyclic lactide. It is commercially available in several isomeric forms such as L-lactide, D-lactide, and DL-lactide. It can be polymerized to polylactic acid which is further used in numerous applications. Polylactic acid is produced from the polymerization of lactide monomer. Polylactic acid is considered as renewable, biocompatible, and significant biodegradable polymer used in a wide range of applications such as medical and healthcare, packaging, and automotive including others.

COVID-19 Impact

Many industries across the globe have faced several challenges due to the COVID-19 pandemic. The industries such as packaging, electrical and electronics, textile, and agriculture including many others, have experienced pitfalls. Many projects in such industries have been halted due to an interrupted supply chain and employee shortages due to quarantines. Also, the production and demand in agriculture industry has declined due to an interrupted supply chain and cessation in transportation of agricultural goods and fertilizers. Thus, the global pause in industrial production and distribution, the demand and consumption of lactide has hampered to an extent in several industries. However, increase in adoption of lactide in medical and healthcare industry is expected to decrease the impact in coming months.

Report Coverage

The report: “Lactide Market Report – Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the lactide industry.

By Type: L-Lactide, D-Lactide, and D,L-Lactide.
By Purity: Below 90%, 90%, and Above 90%.
By End Use Industry: Packaging (Food Containers, Cups, Utensils, and Others), Electrical and Electronics, Medical and Healthcare (Drug Delivery, Medical Devices, Tissue Engineering, and Others), Agriculture, Textile, and Others.
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), and South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and Rest of the World (Middle East and Africa).

Key Takeaways

  • Asia Pacific is the dominating region in the global lactide market. This growth is mainly attributed to the increased demand for lactide in packaging, medical and healthcare, and agriculture application. 
  • The significant growth in global polylactic acid production is driving the growth of global Lactide market. 
  • Lactide plays an important role in several applications such as food packaging, drug delivery, and tissue engineering which is expected to provide significant growth opportunity for the global market.

Figure: Asia Pacific Lactide Market Revenue, 2021-2027 (US$ Billion)

Lactide Market

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Lactide Market Segment Analysis – By Type

The L-lactide segment held the largest lactide market share in 2021 and is projected to grow with a CAGR of 8.2% during the forecast period. The biosynthetic, natural, and synthetic polymers such as L-lactide and polyhydroxyalkanoate are considered environmentally friendly and biocompatible. L-lactide in widely used in the production of poly(L-lactide) which is further utilized in several applications such as controlled drug delivery, tissue engineering, surgical sutures, and other applications in biomedical field. L-lactide enable increasing glass transition temperature by copolymerization which further enhances the polymer biodegradation. Thus, beneficial properties of L-lactide and its wide range of applications boosting the demand for lactide market.

Lactide Market Segment Analysis – By End Use Industry

The medical and healthcare segment is expected to grow at a fastest CAGR of 9.2% during the forecast period in the global Lactide market. Lactide is mainly adopted in the production of polylactic acid which further use in wide range of applications. It is remarkably used in approved therapeutic devices and drug delivery. Polylactic acid is clinically approved structural material for bioresorbable vascular scaffold (BVS). It is considered as the suitable alternative for permanent metal stents for treatment for coronary heart disease. Further, it is used in dental niches, drug carriers, tendon healing, and other medical equipment. According to India Brand Equity Foundation (IBEF), surge in number of medical facilities is fueling the demand for medical devices. India’s medical technology sector is estimated to reach US$50 billion by 2025. Thus, the growth in medical and healthcare industry is propelling the growth of global lactide market. 

Lactide Market Segment Analysis – By Geography

Asia Pacific held the largest lactide market share in 2021, with a share of 35%. This growth is mainly attributed to the increase in demand for lactide in several end use industries in this region such as packaging, electrical and electronics, medical and healthcare, and agriculture including many other. The presence of numerous developing countries such as China, India, Indonesia, and Malaysia including others are the major countries supporting the growth of the market. According to India Brand Equity Foundation (IBEF), India is amongst the top 20 medical devices market globally and the market is expected to grow at a CAGR of 37% till 2025. Thus, increase in demand for lactide in several end use industries is driving the market growth.

Lactide Market Drivers

Surge in Medical and Healthcare Sector

Lactide is majorly used in the production of polylactic acid which is considered as significant material in the production of sustainable plastic. It is extensively used in range of medical applications such as drug delivery, drug carriers, orthopedics, and tissue engineering including many others. The increase in spending on healthcare infrastructure has positively impacted the usage of lactide. For instance, according to US Census Bureau, in November 2021, construction spending on healthcare was US$51.3 million showing 9% increase, compared to US$46.7 million in 2020 same month. Hence, such increase in medial and healthcare sector will create more demand for lactide. This will provide a positive impact on the growth of global lactide industry. 

Significant Growth in Packaging Industry

Over the years, packaging industry has evolved with the adoption of developed technologies, green practices, and sustainable production across the globe. Lactide is extensively used in the production of polylactic acid. Polylactide polymers are remarkably used as a replacement for the synthetic packaging material during the past few years. Environment regulation related to the use of sustainable material for packaging has further boosted the demand for polylactide in packaging. It is utilized as packaging material for food containers, utensils, bags and cups, trays, and disposable service ware. For instance, in May 2021, Amcor stated that it reported a net income of US$684 million, which is up by 58% year on year in the nine months ending March 2021. Thus, the growth in packaging industry is further propelling the growth of global lactide market.

Lactide Market Challenges

Low heat deflection temperature

Lactide is used in several industries such as medical and healthcare, agriculture, packaging, electrical and electronics, and textile including others. However, the adoption of lactide is aforementioned industry may hamper dur to its low heat deflection temperature. Low heat deflection temperature depicts the polymer’s resistance to distortion under given load at elevated temperature. However, significant research going on for the improvement heat deflection temperature of lactide which is expected to diminish the impact of this factor during the forecast period.

Lactide Industry Outlook

Lactide market top 10 companies include -

  1. Biosynth Carbosynth
  2. Polysciences Inc.
  3. Nanosoft Polymers
  4. Futerro
  5. Tokyo Chemical Industry Co., Ltd.
  6. Toyobo
  7. Toronto Research Chemicals
  8. Mitsui Chemicals
  9. Galactic
  10. Corbion N.V.

Recent Developments

  • In October 2020, Futerro has launched its first integrated PLA production unit in China in collaboration with BBCA biochemical. This plant has the PLA capacity of 30,000 tons/year and it is supplied by a lactic acid unit with a capacity of 80,000 tons.
  • In September 2020, Corbion and Total entered into a joint venture in the aim to set up PLA plant in Europe with a capacity if 100,000 tons per annum.
  • In September 2019, Corbion and Total entered into a joint venture to set up new bioplastic plant in Rayong which has a capacity of 75,000 tons per year poly lactic acid capacity. 

Relevant Reports

Lactic Acid Market - Forecast(2022 - 2027)
Report Code: FBR 0085

Organic Acids Market - Forecast(2022 - 2027)
Report Code: CMR 0508

Polylactic Acid Market - Forecast(2022 - 2027)
Report Code: CMR 0793 

For more Chemicals and Materials related reports, please click here

1. Lactide Market- Market Overview
    1.1 Definitions and Scope
2. Lactide Market - Executive Summary
    2.1 Key Trends by Type
    2.2 Key Trends by Purity
    2.3 Key Trends by End Use Industry
    2.4 Key Trends by Geography
3. Lactide Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Lactide Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Lactide Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Lactide Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Lactide Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Lactide Market – By Type (Market Size -$Million/Billion)
    8.1 L-Lactide
    8.2 D-Lactide
    8.3 D,L-Lactide 
9. Lactide Market – By Purity (Market Size -$Million/Billion)
    9.1 Below 90%
    9.2 90%
    9.3 Above 90%
10. Lactide Market – By End Use Industry (Market Size -$Million/Billion)
    10.1 Packaging 
        10.1.1 Food Containers
        10.1.2 Cups
        10.1.3 Utensils
        10.1.4 Others
    10.2 Electrical and Electronics
    10.3 Medical and Healthcare
        10.3.1 Drug Delivery
        10.3.2 Medical Devices
        10.3.3 Tissue Engineering
        10.3.4 Others
    10.4 Agriculture
    10.5 Textile
    10.6 Others
11. Lactide Market - By Geography (Market Size -$Million/Billion)
    11.1 North America
        11.1.1 USA
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Netherlands
        11.2.6 Spain
        11.2.7 Russia
        11.2.8 Belgium
        11.2.9 Rest of Europe
    11.3 Asia-Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zeeland
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia
        11.3.9 Rest of APAC
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Colombia
        11.4.4 Chile
        11.4.5 Rest of South America
    11.5 Rest of the World
        11.5.1 Middle East
        11.5.2 Africa
12. Lactide Market – Entropy
    12.1 New Product Launches
    12.2 M&As, Collaborations, JVs and Partnerships
13. Lactide Market – Industry/Competition Segment Analysis Premium
    13.1 Company Benchmarking Matrix – Major Companies
    13.2 Market Share at Global Level - Major companies
    13.3 Market Share by Key Region - Major companies
    13.4 Market Share by Key Country - Major companies
    13.5 Market Share by Key Product Type/Product category - Major companies
14. Lactide Market – Key Company List by Country Premium Premium
15. Lactide Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10 and more
"*Financials would be provided on a best effort basis for private companies"
LIST OF TABLES

LIST OF FIGURES

1.US Lactide Market Revenue, 2023-2030 ($M)
2.Canada Lactide Market Revenue, 2023-2030 ($M)
3.Mexico Lactide Market Revenue, 2023-2030 ($M)
4.Brazil Lactide Market Revenue, 2023-2030 ($M)
5.Argentina Lactide Market Revenue, 2023-2030 ($M)
6.Peru Lactide Market Revenue, 2023-2030 ($M)
7.Colombia Lactide Market Revenue, 2023-2030 ($M)
8.Chile Lactide Market Revenue, 2023-2030 ($M)
9.Rest of South America Lactide Market Revenue, 2023-2030 ($M)
10.UK Lactide Market Revenue, 2023-2030 ($M)
11.Germany Lactide Market Revenue, 2023-2030 ($M)
12.France Lactide Market Revenue, 2023-2030 ($M)
13.Italy Lactide Market Revenue, 2023-2030 ($M)
14.Spain Lactide Market Revenue, 2023-2030 ($M)
15.Rest of Europe Lactide Market Revenue, 2023-2030 ($M)
16.China Lactide Market Revenue, 2023-2030 ($M)
17.India Lactide Market Revenue, 2023-2030 ($M)
18.Japan Lactide Market Revenue, 2023-2030 ($M)
19.South Korea Lactide Market Revenue, 2023-2030 ($M)
20.South Africa Lactide Market Revenue, 2023-2030 ($M)
21.North America Lactide By Application
22.South America Lactide By Application
23.Europe Lactide By Application
24.APAC Lactide By Application
25.MENA Lactide By Application