Global Polylactic Acid Market Industry Analysis and Forecast 2018-2026
Global Polylactic acid Market was valued US$ 702 Mn in 2017, and expected to reach US$ 2861.2 Mn by 2026, at CAGR of 19.2 % during forecast period.
Polylactic acid (PLA) is a bio-degradable and bioactive thermoplastic aliphatic polymer produced from lactic acid using various crops like corn, sugarcane, tapioca etc. as a raw material. Polylactic acid is prepared by direct condensation of lactic acid monomers. It can also be prepared by ring opening polymerization of lactide, with various metal catalysts in solution, melt, or suspension.
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Polylactic acid demand is expected to increase, due to the scarcity and volatility of prices of fossil fuels. Bio-based plastics have a potential to reduce consumption and dependence on petroleum-based feedstock, and lessen negative impact on environment, by reducing carbon footprints.
Based on the application, the market has been segmented into Packaging, Agriculture, Electronics, Textiles, and Bio-Medical. Packaging industry captures major share of the application. Polylactic acid is preferred in food packaging industry due to increasing awareness about environmental concerns possess by the use of conventional plastics packaging.
Textile industry is one of the important sectors with high growth and penetration rate of poly lactic acid as it offers smooth 7 pleasant fabrics. In addition, increased usage of plastic in cosmetic products and their packaging is fueling the market demand of Polylactic acid.
Factors majorly driving the global market demand are: Increasing use of Polylactic acid in personal care product (creams, shampoos and other body care products), and growing consumer awareness about sustainability, recyclability and green packaging is expected to drive the market.
The problems such as fluctuating crude oil prices and limited fossil fuel resources contribute to the rising demand as plastics are mostly manufactured using resources. Increasing consumer awareness, government incentives and easy availability of raw materials are the major factors driving market growth.
Market faces few challenges, such as price competitiveness and availability of cheaper alternatives, and difficulty in disposal of Polylactic acid.
North America is the largest consumer market for the Polylactic acid & expected to dominate the global Polylactic acid market in terms of the revenue generated. Asia Pacific will be the fastest growing market during this period. In China, raw materials are found in abundance, thus manufacturers can take advantage of this to make profit. Furthermore, Europe polylactic acid market is also expected to be the prospective growth market for the forecast period.
Key players operating in the global polylactic acid market are BASF SE, Bayer, Total-Corbion, Dow-DuPont, Eastman Chemicals, Henen Jindan Lactic Acid Technology, Mitsubishi Chemical, Nature Works, SULZER, Teijin, Wei Mon Industry, Corbion, and Danimer Scientific.
The report covers total market for polylactic acid market has been analyzed based on the Porter’s five forces model. The impact of the different market factors, such as drivers, restraints, and opportunities, challenges key issues SWOT analysis, and technology forecasting is also illustrated in the report. This gives an idea about the key drivers, such as high growth and demand in emerging economies countries.
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Scope of Polylactic Acid Market:
Global Polylactic Acid Market, by Application
Global Polylactic Acid Market, by Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
Key Players Operating in Polylactic Acid Market:
• BASF SE
• Eastman Chemicals
• Henen Jindan Lactic Acid Technology
• Mitsubishi Chemical
• Nature Works
• Wei Mon Industry
• Danimer Scientific
MAJOR TOC OF THE REPORT
Chapter One: Polylactic Acid Market Overview
Chapter Two: Manufacturers Profiles
Chapter Three: Global Polylactic Acid Market Competition, by Players
Chapter Four: Global Polylactic Acid Market Size by Regions
Chapter Five: North America Polylactic Acid Revenue by Countries
Chapter Six: Europe Polylactic Acid Revenue by Countries
Chapter Seven: Asia-Pacific Polylactic Acid Revenue by Countries
Chapter Eight: South America Polylactic Acid Revenue by Countries
Chapter Nine: Middle East and Africa Revenue Polylactic Acid by Countries
Chapter Ten: Global Polylactic Acid Market Segment by Type
Chapter Eleven: Global Polylactic Acid Market Segment by Application
Chapter Twelve: Global Polylactic Acid Market Size Forecast (2019-2026)
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