Polylactic Acid Market to Witness a Modest Growth in the Forthcoming Years :
Market Overview
Global Polylactic Acid or PLA demand is expected to remain moderate over the next couple of years. Market Research Future (MRFR) projects that the global polylactic acid market will witness a steady growth during the review period (2017-2023). The majority of the polylactic acid produced is derived from renewable feedstock such as corn, wheat, sugarcane, tapioca roots and starch. Production procedures may vary; however, polymerization and condensation remain the two core techniques.
PLA find numerous industrial applications across textile, packaging, automobile, consumer goods, electrical & electronics, among others. PLA demand is somewhat driven by rapid urbanization, growth of the automotive industry and rising preference for biodegradable plastic. Production of passenger cars is on the rise the number of new car owners grow in fast-developing countries. Bio-based plastics are quickly gaining traction as an industrial material in various industry verticals. Increased application of PLA in packaging is also supporting the market growth. Moreover, stringent regulation and bans implemented by government bodies on synthetic plastics is influencing the market for PLA. Rising level of awareness about the ecological benefits of PLA is reflecting favorably on its sales. On the flip side, high cost of PLA continues to have a considerable impact on its penetration.
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Competitive Landscape
The DOW Chemical Company (U.S.), BASF SE (Germany), TEIJIN LIMITED. (Japan), Synbra Technology bv (the Netherlands), Sulzer Ltd (Switzerland), Musashino Chemical Laboratory, Ltd. (Japan), Corbion (the Netherlands), NatureWorks LLC (U.S.), Galactic (Belgium), and Hitachi, Ltd. (Japan), are among the top companies covered in MRFR’s news.
Segmental Overview
MRFR’s report includes a thorough segmental analysis of the global polylactic acid market based on application, type, and region.
Based on application, the market has been segmented into electrical & electronics, textile, consumer goods, automotive, packaging, and others. Based on type, the market has been segmented into PDLLA (Poly-DL-lactic Acid), PDLA (Poly-D-lactic Acid), and PLLA (Poly-L-lactic Acid).
Global Polylactic Acid Market: Regional Segmentation
Europe, Asia Pacific (APAC), Latin America, the Middle East & Africa (MEA), and North America are five key regions covered in MRFR’s report. Off these regions, the market is likely to remain most attractive in APAC. It is projected that the APAC global polylactic market will exhibit the highest CAGR during the forecast period. APAC is home to a number of major economies of the world, which makes it a key investment destination. Sectors such as automotive, healthcare, electronics, among others have witnessed relentless growth in APAC. China, Vietnam, Taiwan, South Korea, Japan, and India are among the countries spearheading the exuberant industrial growth in the region. The expanding consumer base, rising per-capita income, improving living standards, and changing lifestyles are other factors influencing the market growth in APAC. There is a sharp rise in demand for ready-to-eat meals, frozen meals, and other packaged food items, which is a positive indicator for the polylactic acid market. At the same time, China’s growing dominance in automotive manufacturing is auguring well for domestic suppliers. Other factors include rising sales of household appliances and increased demand for consumer goods; mainly due to rising disposable income in APAC countries.
The market is expected to remain somewhat profitable in regions such as North America and Europe. Unlike APAC, market opportunities will remain slim in the West. The rapid shift of manufacturing to developing countries owing higher cost-benefits may have its ramifications on the market scope in advanced countries. In North America, a majority of the contribution in terms of revenue comes from the U.S. and this trend is expected to continue throughout the forecast period. Meanwhile, Mexico is likely to gain a healthy ground owing to the fast expansion of the manufacturing sector in the country.
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