Rising recyclability concerns and increasing government initiatives towards promoting sustainable living are expected to drive growth of global polylactic acid market during forecast period

According to TechSci Research report, “Global Polylactic Acid Market By Raw Material, By Form, By Application, By Region, Competition, Forecast & Opportunities, 2024”, global polylactic acid market is expected to register CAGR to close to 17% over the forecast period on account of rising demand for flexible packaging, growing consumption of shopping bags and disposable cutlery and rising recyclability concerns. Additionally, environmental safety and pollution control are the key reasons for diverting major stakeholders towards bio plastic usage other than using conventional plastic which is synthesized from petroleum. Furthermore, technological advancements coupled with government initiatives by providing subsidies and support for enhancing usage of biodegradable products is further expected to aid the growth of global polylactic acid market. However, the cost of polylactic acid is higher when compared to synthetic plastics, thus acting as a primary restraining factor for the growth of global polylactic acid market.

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Global polylactic acid market can be segmented based on raw material, form, application, region and company. Considering the applications, the market can be segmented into packaging, agriculture, electronics, textiles, bio-medical. Out of which, the packaging segment held the majority share in terms of revenue of the global polylactic acid market until 2018. This growth is attributable to the increasing demand from biomedical, electronics, textiles and automotive industries.

Corbion N.V., Galactic S.A., Henan Jindan Lactic Acid Co., Ltd., Jungbunzlauer AG, Musashino Chemical Laboratory, Ltd., BASF SE, NatureWorks, Henan Jindan Lactic Acid Technology, Mitsubishi Chemical Holdings Corporation, Synbra Technology BV among others are the leading players operating in the global polylactic acid market.

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“Regionally, the polylactic acid market is gaining traction and expanding to Asia-Pacific, North America, South America, Europe, and Middle East & Africa. Among these regions, North America dominated the market until 2018, which can be mainly attributed to growing biodegradable polymer consumption and increasing composting infrastructure. In addition to this, high growth in drug manufacturing is supplementing the demand for polylactic acid products in developed countries like U.S, which is further anticipated to propel the growth of polylactic acid market over the next 5 years. Asia-Pacific is also forecasted to register tremendous growth through 2024 owing to rising focus on product developments, rising investments in research & development activities, and increasing production capacities. Furthermore, expanding consumer base of FMCG companies in developing economies such as China and India are anticipated to further augment the overall market growth over the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Polylactic Acid Market By Raw Material, By Form, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global polylactic acid market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global polylactic acid market.

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Polylactic Acid 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.  

The Global Polylactic Acid Market include continuous growth of the automotive industry, rapid urbanization, and increasing demand for biodegradable plastic. Furthermore, polylactic acid Market is being applied in packaging industry which propels the growth of the market over the forecast period. The introduction of bio-based plastics and their increased usage in the electrical & electronics industry, increasing production of passenger cars and rising disposable income of consumer in developing economies drives the growth of the polylactic acid market.

Competitive Landscape:

Some of the prominent players operating in the Global Polylactic Acid Market are BASF SE (Germany), The DOW Chemical Company (U.S.), Corbion (the Netherlands), TEIJIN LIMITED. (Japan), NatureWorks LLC (U.S.), Synbra Technology bv (the Netherlands), Galactic (Belgium), Sulzer Ltd (Switzerland), Hitachi, Ltd. (Japan), Musashino Chemical Laboratory, Ltd. (Japan), and others.

Market Segmentation:

The global polylactic acid market is segmented based on type and application.

Based on type, the market is segmented into PLLA (poly-L-lactic acid), PDLA (poly-D-lactic acid), and PDLLA (poly-DL-lactic acid).

Based on application, the market is segmented into automotive, textile, packaging, consumer goods, electrical & electronics, and others. Because of better wicking, drape and excellent crease resistance polylactic can be used in various applications like wipes, and geotextiles, etc. It has a good UV resistance and superior resilience which brings its application in furnishing like carpet tiles, industrial wall panels, automotive furnishing.

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Industry Overview:

The Dow Chemical Co. is expanding into eastern Canada with its first new sales center with the new Toronto office allowing the company to get closer to its customers and collaborate better as it gears up for growth after its planned spin-off from Midland-based DowDuPont Inc. early next year (2019).

Regional Analysis:

The global polylactic acid market consists of five regions which are Asia Pacific, Europe, Latin America, North America, and the Middle East and Africa. Among these regions, the Asia Pacific region is estimated to surge at the highest CAGR over the estimated period 2019-2023 attributed to stable economy and continuous growth of the automotive as well as packaging industry.

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, most 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.

List Of Tables:

Table 1 World Population By Major Regions (2016 To 2023)

Table 2 Global Polylactic Acid Market: By Region, 2016-2023

Table 3 North America Polylactic Acid Market: By Country, 2016-2023

Table 4 Europe Polylactic Acid Market: By Country, 2016-2023

Table 5 Asia-Pacific Polylactic Acid Market: By Country, 2016-2023

To Be Continue………

List Of Figures:

FIGURE 1 Global Polylactic Acid Market Segmentation

FIGURE 2 Forecast Methodology

FIGURE 3 Five Forces Analysis Of Global Polylactic Acid Market

FIGURE 4 Value Chain Of Global Polylactic Acid Market

To Be Continue………

About Market Research Future:

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.  

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Some of the prominent factors that positively influence the growth of polylactic acid market are increasing demand for household appliances, improving standard of living, and rising consumption of PLA in consumer goods. Additionally, increasing production & sales in the automotive industry and shifting manufacturers focus towards manufacturing light weight and fuel-efficient vehicles are anticipated to propel the growth of the market over the forecast period 2017-2023. Furthermore, booming textile sector and rising trend of sportswear & attractive clothing in developed and developing countries are predicted to fuel the demand for polylactic acid during the review period.

Market Segmentation

The global polylactic acid market is classified based on type, application, and region. Based on type, the market is categorized into PLLA (Poly-L-lactic Acid), PDLA (Poly-D-lactic Acid), PDLLA (Poly-DL-lactic Acid). All of them possess slightly different characteristics but are produced from renewable resource. Based on application, the market is categorized into automotive, textile, packaging, consumer goods, electrical & electronics, and others. Other applications include agriculture and pharmaceutical.  Among these, packaging holds the maximum share ~ 35% and is expected to continue its dominance over the forecast period on account of increasing awareness among consumers and plastic manufacturers regarding the environment.

Growth in the production of passenger vehicles and heavy-duty vehicles are expected to propel the lightweight automobile parts, likely to propel the polylactic acid market growth. Additionally, the robust growth of the electrical & electronics industry in developing countries is estimated to fuel the growth of the market. Moreover, technological transfer from developed countries along with high consumer demand in emerging economies are responsible for upcoming new set ups in the packaging, automotive, textiles and electronics industries.

Competitive analysis

The major players operating in the polylactic acid market are BASF SE (Germany), The DOW Chemical Company (U.S.), Corbion (the Netherlands), TEIJIN LIMITED. (Japan), NatureWorks LLC (U.S.), Synbra Technology bv (the Netherlands), Galactic (Belgium), Sulzer Ltd (Switzerland), Hitachi, Ltd. (Japan), Musashino Chemical Laboratory, Ltd. (Japan), and others

Regional Analysis

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 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 standard, and changing lifestyle 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.

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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