Polylactic Acid Market to Witness a Modest Growth in the Forthcoming Years :
Market Synopsis
A steady growth of polylactic acid market is projected in the forecast period 2017-2023, asserts Market Research Future (MRFR). Some of the important market factors and trends identified in the Global Polylactic Acid Market include continuous growth of the automotive industry, rapid urbanization, and increasing demand for biodegradable plastic. Furthermore, polylactic acid 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.
Increasing environmental concerns regarding plastics and its adverse effects on the environment fuels the market growth. Strict regulations implemented by various government bodies regarding the use of non-biodegradable plastic also prove to be positive for the market growth.
However, high cost associated with the production of PLA as compared to conventional plastics undermines the growth of the market during the review period. Nevertheless, depletion of oil reserves coupled with increasing awareness regarding the benefits offered by polylactic acid along with various other factors will provide ample push to the market to a higher level.
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Competitive Landscape
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)
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).
Regional Analysis
Regionally, the global market for the polylactic acid market is segmented into the Asia Pacific, Europe, Latin America, North America, and the Middle East and Africa.
The Asia Pacific region is expected to rise to the highest CAGR in the projected period 2017-2023 owing to a stable economy and continuous growth of both the automotive and packaging industries. The demand for polylactic acid is expected to boost the market growth in a number of Asian Pacific countries, such as Malaysia, China, India, Vietnam, Thailand, Singapore, South Korea, and Japan, due to the high rate of adoption by automotive manufacturers. In addition, rising demand for packaged food, including frozen food and ready-to-eat food, is projected to increase flexible packaging requirements, which, in turn, is anticipated to drive the PLA's demand. Furthermore, increasing automotive production and sales and growing demand for household appliances in emerging economies, along with rising disposable consumer income, are expected to fuel market growth. Moreover, economic developments in Asia-Pacific, especially in China, India, and Vietnam, have created opportunities for PLAs in the transport sector.
Europe emerged as a significant PLA market, followed by North America and Asia-Pacific. It is estimated that North America will experience moderate growth in the PLA market due to the recovery of the industrial sector, coupled with increasing investments to modernize the electronics and consumer goods industry over the assessment period. North American countries such as the United States and Canada are among the major contributors to the polylactic acid industry's regional growth. They are projected to see substantial regional market growth over the forecast period due to a large consumer base for packaging as well as consumer goods. Mexico is expected to see a dramatic rise in automobile production and sales. It is also projected that Latin American countries such as Colombia, Brazil, and Venezuela are undergoing moderate growth due to increased consumer spending on electronic products and the booming automotive sector. European countries such as Poland, Russia, France, Spain, the United Kingdom, and Germany have emerged as a leading consumer market player due to the advent of strict regulations by government agencies such as REACH and steady growth in the transport sector. In addition, it is projected that the Middle East and Africa will witness substantial growth over the evaluation period due to a significant increase in the textile industry.
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