24-Jun-2020 | Zion Market Research
According to the analysts at Zion Market Research, the valuation of the global polylactic acid (PLA) market in 2019 was around USD 1.31 billion and is projected to expand at about 19.7% CAGR from 2020 to 2026. Few of the prominent players active in the global polylactic acid (PLA) market are Danimer Scientific, BASF SE, NatureWorks LLC, Futerro, Hitachi Ltd., Synbra Technology BV, Zhejiang Hisun Biomaterials Co., Ltd., Sulzer Ltd., and ThyssenKrupp AG.
Rising Use Of Polylactic Acid In Several Products Likely To Boost The Market Growth
There has been a rise in the use of polylactic acid in shampoos, creams, and body care products owing to its several traits, comprising improving skin lightening effects, cell renewal, and speeding up exfoliation. This is estimated to drive the growth of the global polylactic acid (PLA) market during the forecast period. Polylactic acid is biodegradable and is composed of renewable resources. It presents traits that are similar to or superior compared to petroleum-based plastics. During the coming period, its demand is expected to witness surge owing to inherent features like odor barrier and flavor. Further, the rising use of processed and packaged foods like ready-to-eat meals & frozen, cake mixes, and snack foods is expected to increase the need for flexible packaging solutions, thus propelling the packaging industry. Also, the rising use of polylactic acid in disposable cutlery and shopping bags is also projected to drive the growth of the market over the coming period.
Packaging Expected To Grab The Maximum Share Within The Global Market In Coming Period
The global polylactic acid (PLA) market is bifurcated based on application and region. Based on application, the market is divided into packaging, transport, agriculture, textiles, and electronics. Packaging is expected to be the segment with the biggest share in the global market. PLA is extensively utilized for manufacturing jars, bottles, labels, fresh food, and container packaging. PLA plastic bottles are disposable, durable, and have characteristics like gloss and transparency. It can be composted simply in comparison to petroleum-based products and doesn’t release toxic gases on burning. Thereby, its stipulation in this application area is projected to stay strong during the years to come.
North America Anticipated To Retain Its Dominance In Market During Forecast Period
Regionally, in 2018, the polylactic acid (PLA) market was dominated by North America and is projected to continue its supremacy during the forecast period as well. The market expansion in this region can be credited to the existence of prominent manufacturing firms in North America, comprising Nature Works LLC, Danimer Scientific LLC, Hitachi, Ltd., Total Corbion PLA, BASF SE, and Ralik. There has been growing use of biodegradable polymers, owing to its eco-friendly nature, in comparison to petroleum-based substitutes. This is expected to bring up new opportunities for PLA manufacturers during the coming period. Also, Asia Pacific is projected to witness growth at a rapid pace in the polylactic acid (PLA) market. The prominent firm manufacturing PLA in this region comprises Mitsubishi Chemical Holding Corporation, Innovia Films, Biobent Polymers, Dow Chemicals, and Zhejiang Hisun Biomaterials Co. Ltd.
Browse the full “Global Polylactic Acid (PLA) Market -By Application (Packaging, Agriculture, Transport, Electronics, Textiles, and others) and By Region - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026.” Report at https://www.zionmarketresearch.com/report/polylactic-acid-market
The global polylactic acid (PLA) market is segmented as follows:
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