Polylactic Acid Market: Size, Share, Growth, Trends, Global Industry Analysis, Forecast To 2023
Added: (Tue Apr 02 2019)
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Polylactic acid (PLA) can be synthesized by condensation as well as polymerization process. Polymerization technique is also known as ring-opening polymerization. It belongs to the family of aliphatic polyester commonly made from alpha-hydroxy acids and is considered as thermoplastic polyester. It possesses superior characteristics such as biodegradability and recyclability, which make it suitable for the various end use applications such as consumer goods, electrical & electronics, automotive, textile, packaging, and others.
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Furthermore, increasing environmental concerns regarding the dumping of plastics in landfills is promoting the use of Polylactic Acid based products. Stringent regulations implemented by various government bodies regarding the use of non-biodegradable plastic is estimated to propel the growth of the market.
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.
The global polylactic acid market is classified on the basis of 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.
The Global Polylactic Acid Market consists of five regions: Asia Pacific, Europe, Latin America, North America, and the Middle East and Africa. Among these, the Asia Pacific region is anticipated to grow at the highest CAGR over the estimated period 2017-2023 due to stable economy and continuous growth of the automotive as well as packaging industry.
Additionally, rising automotive production and sales as well as growing demand for household appliances in developing economies along with increasing disposable income of consumer is estimated to propel the growth of the market. Furthermore, economic development in Asia Pacific, particularly China, India, and Vietnam, has presented opportunities for PLA in the transportation sector.
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