According to by Inkwood Research, the Global Polylactic Acid Market
is predicted to register a CAGR of 12.20% in terms of revenue, and a CAGR of
14.12% in terms of volume during the forecasting years of 2019-2028.
“Browse 60 market Data Tables and 50 Figures spread over 229
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Polylactic
acid is a synthetic biodegradable polymer made from lactic acid, and is used in
the food industry for packaging sensitive food products. Polylactic acid is a
bioplastic derived from renewable sources such as wheat, corn starch, sugar
cane, etc. Polymers have been in use from ancient times, and natural plant gums
polymer was used as a waterproofing coating in boats. A large number of
polymers such as PVC, propylene, polyethylene, and polystyrene are used for
disposable packaging. The usage of PLA has increased, owing to its
environment-friendly property. The rising concerns about global warming and
environmental degradation have created opportunities for manufacturers to
produce biodegradable polymers.
Unpredictable
Petroleum Prices and Lack of Enough Sources Drives Market Growth
The unstable petroleum prices are encouraging users to switch
to affordable and eco-friendly forms of polymer, such as polylactic acid,
thereby stimulating market growth. Conventional plastic is a petroleum-based
product, and the unstable price of petroleum influences the price of plastics.
Fossil fuels are limited in nature, and the high demand for petroleum results
in a further rise in petroleum-based products. Hence, people are encouraged to
look for alternatives like bioplastics made from polylactic acid. PLA products
are biodegradable, derived from renewable sources, and the recycling of PLA
products is possible at industrial recycling units.
Packaging
is the Largest Application Segment in terms of Revenue and Volume
The growth of the packaging industry is due to the increased
consumption of packaged foods, such as food & beverage. The speedy growth
of packaging applications in the developed economies has promoted the
consumption of PLA in these regions. Nearly 30% of the global demand for
packaging materials is supplied jointly by BRIC, Brazil, Russia, India, and
China. The demand for packaged food is anticipated to grow further, due to
improved standards of living, a rise in disposable income, and also surge in
demand for consumer goods. More than 60% of the global PLA produced is used in
the packaging sector, due to the versatile properties of the material.
PLA-based packaging has been very popular among consumers globally, due to its
eco-friendly attributes and sustainabilities.
North
America Region Dominated the Global Market in 2019 terms of Revenue
The North America region captured the largest market share
in 2019, which is expected to continue throughout the forecast period, owing to
growth in the food & beverage market and healthcare infrastructure in the
region.
There are a few companies that manufacture PLA in the
market. The majority of players are fervently involved in R&D activities
and innovation to gain a competitive edge in the global market. These players
are emphasizing on developing cost-effective methods of producing PLA. Some of
the well-known companies trying to consolidate their position in the market are
BASF, NatureWorks LLC, Mitsubishi Chemical Holding Corporation, Innovia Films,
Futerro SA, etc.
About Inkwood Research
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fact-based research are customized across industry verticals such as
technology, automotive, chemicals, materials, healthcare, and energy, with an
objective comprehension that acknowledges the business environments. Our
geographical analysis comprises of North & South America, CEE, CIS, Middle
East, Europe, Asia, and Africa.
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