Market Overview
Market Research Future (MRFR) envisions strong growth prospects for the polylactic acid PLA market 2020 over the evaluation period (from 2017 to 2023). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Main Boosters and Deterrents
The demand for polylactic acid has been booming across industries such as agriculture, packaging, electronics, textiles and transport, especially in emerging countries like India, Indonesia and China. Polylactic acid is an extensively sought-after polymer, as industries focus largely on its biodegradable property. To elaborate, it finds a range of applications in long-term and temporary implantable devices, drug delivery systems, tissue engineering, and various other emerging areas. Since it can easily be customized and synthesized according to the requirement, it is increasingly finding rising utilization in various therapeutic applications.
Several benefits including higher aesthetic appeal, better printability and excellent resistance to grease and oil have made PLA the ideal choice for producing packaging products in the food industry. Apart from this, polylactic acid is also extensively used in the manufacturing of bottles, films, rigid containers, coated paper, to name a few. Thermoplastic polyester is increasingly being deployed in several products like apparel, nonwoven fiberfill and carpet, given its impressive features that include ultra-violet resistance and more.
Over the years, the world has been observing environmental damage on account of the large-scale plastic dumping in landfills; a growing concern that has highlighted the importance of polylactic acid. Adding on to that, government’s strict regulations and policies against the utilization of non-biodegradable plastic boosts the product demand. The PLA market can witness further advancement, thanks to the rapid decline in oil reserves worldwide, paired with the increasing knowledge about PLA’s benefits among various industries.
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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)
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
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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