Market Overview:
Market Research Future (MRFR) envisions strong growth prospects for the Polylactic Acid (PLA) Market 2020 over the evaluation period (from 2017 to 2023). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Main Boosters and Deterrents:
The demand for Polylactic Acid has been booming across industries such as agriculture, packaging, electronics, textiles and transport, especially in emerging countries like India, Indonesia and China. Polylactic Acid is an extensively sought-after polymer, as industries focus largely on its biodegradable property. To elaborate, it finds a range of applications in long-term and temporary implantable devices, drug delivery systems, tissue engineering, and various other emerging areas. Since it can easily be customized and synthesized according to the requirement, it is increasingly finding rising utilization in various therapeutic applications.
Several benefits including higher aesthetic appeal, better printability and excellent resistance to grease and oil have made PLA the ideal choice for producing packaging products in the food industry. Apart from this, Polylactic Acid is also extensively used in the manufacturing of bottles, films, rigid containers, coated paper, to name a few. Thermoplastic polyester is increasingly being deployed in several products like apparel, nonwoven fiberfill and carpet, given its impressive features that include ultra-violet resistance and more.
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Over the years, the world has been observing environmental damage on account of the large-scale plastic dumping in landfills; a growing concern that has highlighted the importance of Polylactic Acid. Adding on to that, government’s strict regulations and policies against the utilization of non-biodegradable plastic boosts the product demand. The PLA Market can witness further advancement, thanks to the rapid decline in oil reserves worldwide, paired with the increasing knowledge about PLA’s benefits among various industries.
Leading Market Players:
Some of the well-known firms listed in the MRFR market study include Hitachi, Ltd. (Japan), Sulzer Ltd (Switzerland), Corbion (the Netherlands), Synbra Technology bv (the Netherlands), The DOW Chemical Company (U.S.), BASF SE (Germany), Musashino Chemical Laboratory Ltd. (Japan), Galactic (Belgium), TEIJIN LIMITED (Japan), NatureWorks LLC (U.S.), among others.
Latest Update:
July 2020
Total-Corbion, a leading Poly Lactic Acid vendor, has collaborated with Artist Ioan Florea to develop 3D printed face shields, which are made by mixing Luminy PLA plastic pellets with pigments. These are then turned into filament rolls with the use of multiple extruders. These face shields will be donated to hospitals worldwide.
Segmental Outlook:
The Polylactic Acid Industry has been categorized in terms of Type and Application.
The various Types of PLA are PDLLA (Poly-DL-lactic Acid), PDLA (Poly-D-lactic Acid), PLLA (Poly-L-lactic Acid), and more.
Consumer goods, electrical & electronics, packaging, textile, automotive, and others are the primary application areas of Polylactic Acid.
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Regional Insight:
The Polylactic Acid Industry has been geographically considered for Asia Pacific/APAC, Latin America, the Middle East and Africa/MEA, North America and Europe,
Over the coming years, the APAC market can most likely obtain the fastest CAGR, given it improving economic status and the rapid expansion of industries like packaging and automotive. Polylactic acid’s demand is expected to be significant in APAC’s fast developing countries like South Korea, Malaysia, India, Vietnam, Thailand, China, Singapore and Japan, in line with the escalating consumption rate by automakers. The APAC market’s growth can also be boosted by the heightened sales of packaged food items such as ready-to-eat and frozen meals, which require flexible packaging. The brisk growth in automotive production as well as sales coupled with the mounting demand for household appliances in light of the rising disposable income of people in the region also adds to the market strength.
However, Europe is currently the market leader, thanks to the booming industrial sector and the humungous investments going into development of the consumer goods and electronics industries.
North America is a financial stable region, with a widespread presence of world-renowned PLA vendors such as The DOW Chemical Company (U.S.), NatureWorks LLC (U.S.), to mention a few. The growing preference for PLA polymers instead of petroleum-based products is projected to offer lucrative opportunities to the North American players in the forthcoming years. The strong consumer base for electronic products and automotive also adds to the market attractiveness in the region.
COVID-19 Study in Detail:
COVID-19 Impact Analysis on Bio-Based Chemicals Market @ https://www.marketresearchfuture.com/report/covid-19-impact-bio-based-chemicals-market
COVID-19 Impact Analysis on Surfactant Market @ https://www.marketresearchfuture.com/report/covid-19-impact-surfactant-market
NOTE: Our team of researchers is studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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