Market Synopsis
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 flipside, high cost of PLA continues to have considerable impact on its penetration.
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.
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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Competitive Landscape
The noteworthy players operating in the global polylactic acid market are Corbion (the Netherlands), BASF SE (Germany), the DOW Chemical Company (U.S.), TEIJIN LIMITED. (Japan), NatureWorks LLC (U.S.), Musashino Chemical Laboratory Ltd. (Japan), and many more.
Corbion has bought Bunge’s stake in Brazil algae feed venture, it now fully owns a joint venture with Bunge. As part of this move, Corbion will purchase Bunge’s $15 million of external debt in the project and repay a working capital loan of $8mn.
The Dow Chemical Co. is expanding into eastern Canada with its first new sales center with the new Toronto office allowing the company 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).
Segmentation
The global polylactic acid market is segmented on the basis of type and application.
On the basis of type, the market is segmented into PLLA (poly-L-lactic acid), PDLA (poly-D-lactic acid), and PDLLA (poly-DL-lactic acid).
On the basis of 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.
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. Other factors include rising sales of household appliances and increased demand for consumer goods; mainly due to rising disposable income in APAC countries.
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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.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
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To view the original version on ABNewswire visit: Polylactic Acid Market 2019 | Global Industry Analysis, Size, Share, Growth Opportunities, Development Trends and Key Players Analysis by 2019 to 2023
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