Polylactic Acid Industry is projected to be worth USD 1623 million by 2030, registering a CAGR of 16.3% during the forecast period (2022 - 2030).
A steady growth of Polylactic Acid Industry is projected in the forecast period 2022 - 2030, asserts Market Research Future (MRFR). Some of the important market factors and trends identified in the Global Polylactic Acid Industry 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 Industry.
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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The global Polylactic Acid Industry 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.
The global Polylactic Acid Industry Recession Impact 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 2017-2023 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. Also, progressing automotive production and sales along with growing demand for household appliances in developing economies, and increasing disposable income of consumer makes a positive impact on the market. 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.
Furthermore, as per analysis, Mexico is estimated to witness a remarkable growth owing to rising automotive production and sales. Latin American countries such as Colombia, Brazil, and Venezuela will also witness a healthy growth, reasons being increasing consumer spending on electronic products and growing automotive sector. European countries such as Russia, Poland, France, Spain, the UK, and Germany have emerged as the prominent consumer market player owing to implementation of stringent regulations by government body such as REACH coupled with rapid growth in transportation sector. Finally, the Middle East and Africa region is expected to experience a notable growth over the forecast period owing to tremendous growth in the textile industry.
The noteworthy players operating in the global Polylactic Acid Industry 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).
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