Polylactic acid market is projected in the forecast period 2019-2023, 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.
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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.
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)
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 to 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).
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The global polylactic acid market is segmented based on type and application.
Based on type, the market is segmented into PLLA (poly-L-lactic acid), PDLA (poly-D-lactic acid), and PDLLA (poly-DL-lactic acid).
Based on 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.
The global polylactic acid market consists of five regions which are Asia Pacific, Europe, Latin America, North America, and the Middle East and Africa. Among these regions, the Asia Pacific region is estimated to surge at the highest CAGR over the estimated period 2019-2023 attributed to stable economy and continuous growth of the automotive as well as packaging industry.
The popular demand for polylactic acid is predicted to propel the market growth in the numerous countries of Asia Pacific such as Malaysia, China, India, Vietnam, Thailand, Singapore, South Korea, and Japan. High adoption rate by the automobile manufacturers and increasing demand for packaged foods including frozen meals and ready-to-eat meals that raises flexible packaging requirements, are expected to fuel the demand for PLA. Moreover, economic development in Asia Pacific, particularly China, India, and Vietnam, has helped the market gain momentum in the transportation sector.
On the other hand, Europe has transpired to be the largest PLA market trailed by North America and Asia Pacific, whereas North America is estimated to experience modest growth in PLA market on account of recovery of industrial sector along with rising investments to revitalize electronics & consumer goods industry during the forecast period. U.S and Canada are among the major contributors to the market growth and significant market growth over the forecast period can be expected from these countries due to strong consumer base for packaging as well as consumer goods sector.
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