Global Polylactic Acid (PLA) Market: Overview
Polylacticacid (PLA) is a biodegradable as well as bioactive thermoplastic aliphatic polyester derived from renewable resources such as corn starch, cassava roots, chips, or starch (mostly in Asia), or sugarcane (in the rest of the world). In 2010, PLA had the second highest consumption volume of any bioplastic of the world.
Global Polylactic Acid (PLA) Market: Growth Factors
Massive use of PLA in creams, shampoos, and body care products on account of its various properties, including enhancing skin lightening effects as well as accelerating exfoliation and cell renewal will drive the Polylacticacid (PLA) market trends over the years ahead. Furthermore, the odor barrier features and flavor will steer the growth of the Polylacticacid (PLA) market in the years to come. In addition, the use of the product in manufacturing plastic bottles and films and medical implants such as screws, plates, pins, and rods will further boost the business scope over the coming years. Massive use of the product in shopping bags and disposable cutlery will further boost the Polylacticacid (PLA) market size in the coming years.
Rising consumer awareness with respect to the need for recyclability, green packaging, and sustainability is likely to drive consumption of PLA over the next few years, thereby enlarging the scope of the business in the near future.
Global Polylactic Acid (PLA) Market: Segmentation
The global Polylacticacid (PLA) market can be classified into raw material, form, and application. Application wise, the market is sectored into packaging, agriculture, transport, electronics, and textiles.
Global Polylactic Acid (PLA) Market: Regional Analysis
Based on regions, the global Polylacticacid (PLA) market can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
North America is projected to dominate the global Polylacticacid (PLA) market over the foreseeable future. Presence of leading manufacturing companies in the region, including Danimer Scientific LLC, Nature Works LLC, Total Corbion PLA, Hitachi, Ltd., Ralik, and BASF SE, is anticipated to have a positive impact on the regional market growth. In addition, there has been rising consumption of biodegradable polymers compared to petroleum-based alternatives as the former is eco-friendly. This will open new avenues for PLA manufacturers in the future. In addition, growing composting infrastructure in the U.S. is projected to promote industry development.
The Asia Pacific is likely to exhibit the fastest growth in the global market over the coming years. Key companies manufacturing PLA in the region such as Teijin Aramid B.V., Innovia Films, Mitsubishi Chemical Holding Corporation, Dow Chemicals, Biobent Polymers, and Zhejiang Hisun Biomaterials Co. Ltd are projected to drive the regional growth.
China is considered to be one of the largest textile producers in the market. The Government of China has established several beneficial initiatives for the textile sector, such as the “Going Out” strategy, in its 12th five-year plan and offers subsidies to textile manufacturers. This scenario is anticipated to boost domestic consumption of PLA in the textile industry over the next few years.
Global Polylactic Acid (PLA) Market: Competitive Players
Some of the key players in Polylacticacid (PLA) market are BASF SE, Danimer Scientific, Futerro, NatureWorks LLC, Synbra Technology BV, Hitachi Ltd., Sulzer Ltd., Zhejiang Hisun Biomaterials Co., Ltd., Thyssenkrupp AG, and Teijin Ltd.
Global Polylactic Acid (PLA) Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- The UK
- France
- Germany
- The Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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- Assessment of niche industry developments
- Market share analysis
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- Emerging segments and regional markets
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