The global polylactic acid market size is expected to reach USD 4.1 billion by 2025, according to a new report by Grand View Research, Inc., registering a revenue-based CAGR of 19.8% during the forecast period. Wide utilization of the product in various industries including packaging, agriculture, transport, electronics, and textiles in emerging economies such as China, India, and Indonesia is a key factor driving industry growth.
Polylactic acid (PLA) is used to produce engineering plastics and microwaveable containers, including food containers and disposable cutlery. Several beneficial properties, such as better aesthetic appeal, good resistance to oil and grease, and better printability, have resulted in significant use of PLA for manufacturing food packaging products.
The transport sector is likely to witness a steady decline in prices of automotive parts on account of increasing use of PLA in car interiors such as dashboards, seats, and bumpers, as it has the ability to reduce weight and increase toughness. The overall rising production of bioplastics and their increasing penetration in various applications in order to reduce greenhouse gases and decrease the dependence on petroleum sources is projected to have a positive impact on the market.
Polylactic acid packaging provides an environment-friendly solution and helps in enhancing the appearance of the final product. It has become an essential part of green packaging of various food products, which will help in improving its growth prospects over the forecast period. Growing usage of bioplastics in flexible packaging is expected to drive the market for polylactic acid.
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Further key findings from the report suggest:
The packaging application dominated the overall PLA market with a volume-based industry share of 36.6% in 2018
Polylactic acid has a high bio-based content and is biodegradable or compostable in nature. Emerging bioplastic applications, coupled with favorable regulations toward the use of bio-based materials, are expected to give an impetus to the market over the forecast period
The North America market is expected to be driven by growing demand for bioplastics and addition of new manufacturing facilities. Additionally, the regional market is characterized by high demand for sustainability, which has resulted in a quest for sustainability in packaging as well
The overall bioplastics demand in North America is also expected to be spurred by initiatives for promoting environment-friendly products by the U.S. Department of Agriculture
The global industry is characterized by accreditation of the product, mergers and acquisitions, distribution and branding, and product development and innovation to improve the polylactic acid (PLA) market share of manufacturers
Some of the key companies present in the industry are BASF SE, Danimer Scientific, Futerro, NatureWorks LLC, Synbra Technology BV, Hitachi Ltd., Sulzer Ltd., Zhejiang Hisun Biomaterials Co., Ltd., Thyssenkrupp AG, and Teijin Ltd.
Grand View Research has segmented the global polylactic acid (PLA) market on the basis of application and region:
PLA Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
PLA Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 - 2025)
Central & South America
Middle East & Africa
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