#polylacticacidmarketanalysis

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Polylactic Acid Market is Anticipated to Grow at a CAGR of 14.50% by 2035 | ChemAnalyst

According to ChemAnalyst report, “Polylactic Acid (PLA) Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2035”, The Polylactic Acid (PLA) market is expected to witness considerable growth by reaching 2070 thousand tonnes in 2035, at a healthy CAGR of 14.50% in the span of the next ten years. The surging demand for Polylactic Acid (PLA) from packaging, biomedical sector and agriculture/ horticulture and other end-use industries, is likely to boost the Polylactic Acid (PLA)market in the upcoming years. Polylactic Acid (PLA) stands as a promising, sustainable, and eco-friendly biopolymer to conventional plastic, which will further drive its market over the next few years.

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Polylactic acid, also known as polylactide, is a biodegradable and bioactive polyester composed of lactic acid building blocks. Polylactic acid (PLA) is one of the most promising biodegradable polymers (biopolymer) now, and it has been the topic of a lot of research in the previous decade. It is a thermoplastic aliphatic polymer with good mechanical properties and a semi-crystalline, biodegradable hydrophobic nature. The most crucial aspect is Polylactic acid is compostable, which means it may break down into biodegradable components under certain conditions, making it a popular material for packaging in industries including food and beverage and consumer goods.

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The majority of economically viable bioplastics are made of polylactic acid. Due to rising demand and pricing for petroleum and petroleum-based products such as synthetic plastics, the industry prefers Polylactic acid to conventional plastic. Rather of petroleum, bioplastics are made from organic biomass sources such as corn, sugarcane, and other plants. Subsidies and other incentives are being offered by the government to encourage individuals to use biodegradable products. Bioplastics are replacing petroleum-based plastics among stakeholders for a variety of reasons, including pollution control and environmental safety. New manufacturing facilities are being created in the packaging, textiles, and electronics industries as a result of technology advancements, technological transfer from wealthy countries, and increased consumer demand.

The government is taking steps to increase the use of biodegradable products by offering subsidies and support. Pollution control and environmental safety are two of the main reasons why more and more stakeholders are turning to bioplastics instead of petroleum-based plastics.

New manufacturing facilities in the packaging, textiles, and electronics industries are being created because of technology advancements, technological transfer from rich countries, and increasing consumer demand in developing countries. Polylactic acid demand from these industries is a key market growth driver in developing countries.

Packaging industry, Biomedical field, Textile/ sanitary product/ fibre & fabrics, Agriculture/horticulture, Construction materials, and Fishing materials are the end use industries in which the polylactic acid (PLA) market is categorised. Polylactic acid has the biggest market share in the packaging business, followed by the biomedical field and agriculture/horticulture. The packaging sector and the biomedical field accounts for more than 60% of the total PLA market in 2021. During the forecasted period, polylactic acid demand will be driven exclusively by the packaging and biomedical industries.

North America (US, Canada), Latin America (Mexico, Brazil), Western Europe (Germany, Italy, France, UK, Spain, Nordic countries, Belgium, Netherlands, Luxembourg), Eastern Europe (Poland, Russia), Asia Pacific (China, India, ASEAN, Australia & New Zealand), Japan, Middle East, and Africa) are among the regional study of market. Polylactic acid is not produced in many places due to a lack of natural resources. Corn's use in the production of Polylactic acid would have an impact on its contribution to the food sector, producing food security issues in developing countries. Bioplastics have a minimum production cost that is at least two to three times that of synthetic plastics. For cheaper Polylactic acid synthesis, further technical and resource management research is needed. PLA is biodegradable; however, it requires a certain composting technique to degrade completely

Polylactic Acid (PLA)Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2035”, some of the major players operating in Polylactic Acid (PLA)market include are BASF SE, Indian Farmer Fertilizer Cooperative Limited, Hindustan Insecticide Limited, Fertilizers and Chemical Travancore, Rastriya Chemical & Fertilizers, National Fertilizers Limited, Organization of Brazilian Cooperatives, Cooperative federation of Argentina and Others.

“The rapidly increasing demand for renewable plastic from the packaging, agriculture, and biomedical industry is expected to boost the Polylactic Acid (PLA) market in the forecast period until 2035. increased consumer awareness of environmentally friendly plastic products, increased government focus on biodegradable plastic, and increased government rules and regulations prohibiting the use of plastic bags and other plastic items, is likely to augment its market in the next few years. However, with the gradual reopening of the market, the demand for Polylactic Acid (PLA) is anticipated to surge in the near term. “Said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.

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Asia-Pacific To Register Highest CAGR in Global Polylactic Acid Market During Forecast Period – TechSci Research

Rising recyclability concerns and increasing government initiatives towards promoting sustainable living are expected to drive growth of global polylactic acid market during forecast period

According to TechSci Research report, “Global Polylactic Acid Market By Raw Material, By Form, By Application, By Region, Competition, Forecast & Opportunities, 2024”, global polylactic acid market is expected to register CAGR to close to 17% over the forecast period on account of rising demand for flexible packaging, growing consumption of shopping bags and disposable cutlery and rising recyclability concerns. Additionally, environmental safety and pollution control are the key reasons for diverting major stakeholders towards bio plastic usage other than using conventional plastic which is synthesized from petroleum. Furthermore, technological advancements coupled with government initiatives by providing subsidies and support for enhancing usage of biodegradable products is further expected to aid the growth of global polylactic acid market. However, the cost of polylactic acid is higher when compared to synthetic plastics, thus acting as a primary restraining factor for the growth of global polylactic acid market.

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Global polylactic acid market can be segmented based on raw material, form, application, region and company. Considering the applications, the market can be segmented into packaging, agriculture, electronics, textiles, bio-medical. Out of which, the packaging segment held the majority share in terms of revenue of the global polylactic acid market until 2018. This growth is attributable to the increasing demand from biomedical, electronics, textiles and automotive industries.

Corbion N.V., Galactic S.A., Henan Jindan Lactic Acid Co., Ltd., Jungbunzlauer AG, Musashino Chemical Laboratory, Ltd., BASF SE, NatureWorks, Henan Jindan Lactic Acid Technology, Mitsubishi Chemical Holdings Corporation, Synbra Technology BV among others are the leading players operating in the global polylactic acid market.

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“Regionally, the polylactic acid market is gaining traction and expanding to Asia-Pacific, North America, South America, Europe, and Middle East & Africa. Among these regions, North America dominated the market until 2018, which can be mainly attributed to growing biodegradable polymer consumption and increasing composting infrastructure. In addition to this, high growth in drug manufacturing is supplementing the demand for polylactic acid products in developed countries like U.S, which is further anticipated to propel the growth of polylactic acid market over the next 5 years. Asia-Pacific is also forecasted to register tremendous growth through 2024 owing to rising focus on product developments, rising investments in research & development activities, and increasing production capacities. Furthermore, expanding consumer base of FMCG companies in developing economies such as China and India are anticipated to further augment the overall market growth over the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Global Polylactic Acid Market By Raw Material, By Form, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global polylactic acid market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global polylactic acid market.

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Polylactic Acid Market Segmented by Type, Size, Share, Function, Formulation, Application, Forecast To 2023

Global polylactic acid or PLA demand is expected to remain moderate over the next couple of years. Market Research Future (MRFR) projects that the global polylactic acid market will witness a steady growth during the review period (2017-2023). The majority of the polylactic acid produced is derived from renewable feedstock such as corn, wheat, sugarcane, tapioca roots and starch. Production procedures may vary; however, polymerization and condensation remain the two core techniques.  

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Some of the prominent factors that positively influence the growth of polylactic acid market are increasing demand for household appliances, improving standard of living, and rising consumption of PLA in consumer goods. Additionally, increasing production & sales in the automotive industry and shifting manufacturers focus towards manufacturing light weight and fuel-efficient vehicles are anticipated to propel the growth of the market over the forecast period 2017-2023. Furthermore, booming textile sector and rising trend of sportswear & attractive clothing in developed and developing countries are predicted to fuel the demand for polylactic acid during the review period.

Market Segmentation

The global polylactic acid market is classified based on type, application, and region. Based on type, the market is categorized into PLLA (Poly-L-lactic Acid), PDLA (Poly-D-lactic Acid), PDLLA (Poly-DL-lactic Acid). All of them possess slightly different characteristics but are produced from renewable resource. Based on application, the market is categorized into automotive, textile, packaging, consumer goods, electrical & electronics, and others. Other applications include agriculture and pharmaceutical.  Among these, packaging holds the maximum share ~ 35% and is expected to continue its dominance over the forecast period on account of increasing awareness among consumers and plastic manufacturers regarding the environment.

Growth in the production of passenger vehicles and heavy-duty vehicles are expected to propel the lightweight automobile parts, likely to propel the polylactic acid market growth. Additionally, the robust growth of the electrical & electronics industry in developing countries is estimated to fuel the growth of the market. Moreover, technological transfer from developed countries along with high consumer demand in emerging economies are responsible for upcoming new set ups in the packaging, automotive, textiles and electronics industries.

Competitive analysis

The major players operating in the polylactic acid market are BASF SE (Germany), The DOW Chemical Company (U.S.), Corbion (the Netherlands), TEIJIN LIMITED. (Japan), NatureWorks LLC (U.S.), Synbra Technology bv (the Netherlands), Galactic (Belgium), Sulzer Ltd (Switzerland), Hitachi, Ltd. (Japan), Musashino Chemical Laboratory, Ltd. (Japan), and others

Regional Analysis

Europe, Asia Pacific (APAC), Latin America, the Middle East & Africa (MEA) and North America are five key regions covered in MRFR’s report. Off these regions, the market is likely to remain most attractive in APAC. It is projected that the APAC global polylactic market will exhibit the highest CAGR during the forecast period. APAC is home to a number of major economies of the world, which makes it key investment destination. Sectors such as automotive, healthcare, electronics, among others have witnessed relentless growth in APAC.

China, Vietnam, Taiwan, South Korea, Japan and India are among the countries spearheading the exuberant industrial growth in the region. The expanding consumer base, rising per-capita income, improving living standard, and changing lifestyle are other factors influencing the market growth in APAC. There is a sharp rise in demand for ready-to-eat meals, frozen meals and other packaged food items, which is a positive indicator for the polylactic acid market. At the same time, China’s growing dominance in automotive manufacturing is auguring well for domestic suppliers.

The market is expected to remain somewhat profitable in regions such as North America and Europe. Unlike APAC, market opportunities will remain slim in the West. The rapid shift of manufacturing to developing countries owing higher cost-benefits may have its ramifications on the market scope in advanced countries. In North America, a majority of the contribution in terms of revenue comes from the U.S. and this trend is expected to continue throughout the forecast period. Meanwhile, Mexico is likely to gain a healthy ground owing to the fast expansion of the manufacturing sector in the country.

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