San Francisco, 28 January 2019; The
global polylacticacid (PLA) market size is expected to reach USD 4.25 billion by
2025, according to a new report by Grand View Research, Inc., registering a
20.6% CAGR 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 are is a
key factor driving industry growth.
Polylactic acid 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 polylactic acid market.
PLA 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 fuel industry expansion.
Browse Research
Report on Polylactic Acid (PLA) Market:
Further
key findings from the report suggest:
·
The packaging application dominated the
overall polylactic acid (PLA) market with a volume-based industry share of
35.71% in 2017; by revenue, the segment is anticipated to account for a share
of over 35.0% the same year
·
PLA 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 global PLA market over the forecast period
·
The North America PLA 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 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.
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials, and healthcare.
