D-lactic Acid Market Segmentation:
Concentration Segment Analysis
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 Segment Analysis
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:
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