A study by Triton Market Research with the title ‘Global Polylactic Acid Market,’ covers the Global Analysis and Forecast for 2019-2028 by End-user (Packaging, Textiles, Electronics, Medical, Agriculture, Automotive, Other End-users), by Raw Material (Coatings, Sugar Cane & Sugar Beet, Cassava, Corn, Other Raw Material), by Form (Films & Sheets, Coatings, Fiber, Other Forms), and by Geographical Region (Middle East and Africa, Europe, North America, Latin America, Asia-Pacific).
Polylactic acid refers to a biodegradable polymer made up of starch that is obtained from renewable resources like corn and sugarcane. It is used in various verticals, including agriculture, packaging and medical device industry.
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As per the Triton report on the global polylactic acid market, the industry is likely to generate $2120.78 million by 2028, surging with a CAGR of 11.44% and 13.28% in terms of revenue and volume, respectively, during the projected period from 2019 to 2028. The rising environmental concerns among the people are driving the growth of the global polylactic acid market. Also, the increasing air pollution owing to the burning of fossil fuels is encouraging the government to promote the use of renewable energy sources. However, the huge production cost is restraining the global polylactic acid market growth.
The polylactic acid market is primarily segmented into three parts, end-user, raw material and form. The first segment, end-user, includes packaging, textiles, electronics, medical, agriculture, automotive and other end-users. The second segment, raw material is sub-segmented into coatings, sugar cane & sugar beet, cassava, corn and other raw material. The third segment, form, is sub-segmented into films & sheets, coatings, fiber and other forms.
According to the geographical landscape, North America will be the largest polylactic acid market in the projected years. The packaging industry is growing at a gradual rate in countries like Canada and the US. Polylactic acid is increasingly used in the packaging segment. Also, growing government regulations are favoring market growth. For instance, in the United States, the FDA (Food and Drug Administration) has raised the regulations on food packaging in order to ensure efficient food safety.
Some companies engaged in the polylactic acid market are Zhejiang Hisun Biomaterials Co Ltd, Thyssenkrupp AG, Mitsubishi Chemical Holding Corporation, Dow, Futerro SA, Teijin Limited, Green Dot Bioplastics, Total Corbion PLA, Innovia Films, Synbra Holding BV, Good Natured Products Inc, Danimer Scientific, Natureworks LLC and BASF SE.
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Question & Answer: Polylactic Acid Market
Question 1: What is majorly driving the global polylactic acid market?
Answer: The rising environmental concerns among the people are driving the growth of the global polylactic acid market. Also, the increasing air pollution owing to the burning of fossil fuels, is encouraging the government to promote the use of renewable energy sources.
Question 2: Which factor is restraining the the global polylactic acid market growth?
Answer: The huge production cost is restraining the global polylactic acid market growth.
Question 3: How is North America impacting the polylactic acid market outlook?
Answer: According to the geographical landscape, North America will be the largest polylactic acid market in the projected years. The packaging industry is growing at a gradual rate in countries like Canada and the US. Polylactic acid is increasingly used in the packaging segment. Also, growing government regulations are favoring market growth. For instance, in the United States, the FDA (Food and Drug Administration) has raised the regulations on food packaging in order to ensure efficient food safety.
Question 4: Which are the companies engaged in the polylactic acid market report?
Answer: Some companies engaged in the polylactic acid market are Zhejiang Hisun Biomaterials Co Ltd, Thyssenkrupp AG, Mitsubishi Chemical Holding Corporation, Dow, Futerro SA, Teijin Limited, Green Dot Bioplastics, Total Corbion PLA, Innovia Films, Synbra Holding BV, Good Natured Products Inc, Danimer Scientific, Natureworks LLC and BASF SE.
Related Report:
Global Biodegradable Plastics Market
The Global Biodegradable Plastics Market is estimated to progress at $6153.50 billion by the year 2027, with a CAGR of 10.84% over the projected period 2019-2027.
The governments of different countries are implementing several favorable policies to promote the usage of eco-friendly products. For instance, Green Government Procurement (GPP) is an initiative launched to fuel the adoption of biodegradable plastics. Moreover, plastics bags that are produced from petroleum products are banned in several countries. All these factors are likely to influence the growth of the biodegradable plastics market positively.
There is an increase in the production capacity of biodegradable plastics worldwide, owing to the escalating demand from different applications, including automotive, packaging and textiles. It is estimated that the production capacity will reach to 1086 kilotons by the year 2022.
The easy availability of low cost bio-based raw materials that are required for the biodegradable production is creating a lot of market opportunities. Raw materials needed are rice, corn, wheat and sugarcane. Since these materials are abundantly available, it is more cost-effective than the conventional plastics manufacturing cost. Therefore, cost-efficiency is estimated to drive the global market growth.
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