Poly-lactic acid is a type of renewable plastic sourced from biodegradable raw materials such as corn, sugarcane, sugar beet and cassava. This bioplastic is produced from crystallization of lactic acid found in various plant sources. Poly-lactic acid finds its application in a number of end-use industries such as packaging, cosmetics & personal care, agriculture, textiles, medical, automotive and electronics among others.
Global Poly-lactic Acid (PLA) is expected to rise to an estimated value of USD 4283.25 million by 2026, registering a healthy CAGR in the forecast period of 2019-2026.
This rise in market value can be attributed to the increasing demand for bio-degradable packaging alternatives as well as the growing advancements in technologies increasing the overall demand for bio-plastics.
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Global poly-lactic acid (PLA) market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of poly-lactic acid (PLA) market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Key Market Competitors:
Few of the major competitors currently working in the global polylactic acid (PLA) market are BASF SE; Danimer Scientific; Futerro SA; NatureWorks LLC; Total Corbion PLA; Synbra Technology bv; Hitachi, Ltd.; Sulzer Ltd; TOYOBO CO., LTD.; Mitsubishi Chemical Corporation; Dow; TORAY INDUSTRIES, INC.; weforyou GmbH; Merck KGaA; Musashino Chemical Laboratory, Ltd.; The Chemical Company and Reliance Life Sciences among others.
High demand from the industries for the consumption of green, eco-friendly packaging alternatives; this factor is expected to augment growth of the market
Rising demand for bioplastics due to a growth of concern regarding the environment is also expected to have a positive effect on the market
Initiatives taken by various governments to promote the use of bioplastics is also expected to drive the growth of the market
Increasing demand for the product from personal care & cosmetics good is also expected to drive the market value
High costs associated with the advancements in research and production process of the product; this factor is expected to restrict the growth of the market
Requirement of specific conditions and requirements for the complete biodegradation of these products is also expected to restrict the growth of the market
Availability of fiber-based alternatives of the product is also expected to restrict the growth of the market
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Segmentation: Poly-lactic Acid (PLA) Market
By Raw Material (Corn, Cassava, Sugarcane & Sugar Beet, Others)
By Form (Fiber, Films & Sheets, Coatings, Others)
By Application (Packaging, Agriculture, Transport, Medical, Electronics, Textiles, Others)
By Geography (North America, Europe, Asia-Pacific, South America, Middle East and Africa)
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