Polylactic acid (PLA) is a bio-degradable thermoplastic aliphatic polymer produced from lactic acid using various crops like corn, sugarcane, tapioca etc. as a raw material. Similar to other sustainable bioplastics, PLA has a huge market potential to be used in various packaging applications of food, beverages and other consumer product that have short shelf-life. Additionally, owing to its versatile characteristics, the material can be used in various high value applications in numerous end-user industries including textiles, constructions and automotive. Therefore, the production and consumption of the sustainable material is being facilitated by various governments around the world.
Increasing consumer awareness, government incentives and easy availability of raw materials are the major factors driving market growth. However, the cost of PLA is comparatively higher than synthetic plastics, thus becoming a primary restraining factor for the market growth.
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The global PLA market has been segmented based on applications as packaging, agriculture, electronics, textiles, bio-medical and others. In 2014, packaging application garners the highest share of 65.2% in the in global PLA market. This is principally due to the unique mechanical, thermal and barrier properties of PLA, which makes it a suitable material for packaging applications. Based on geography, the global polylactic acid market has been segmented into North America, Europe, Asia-Pacific and LAMEA regions. North America is the largest producer and consumer of PLA and accounted for about 49.6% of the global consumption in 2014. The North American region would continue to lead the market owing to large production capacity, feedstock abundancy, supportive legal framework, and rising consumer awareness for sustainability. However, the Asia Pacific market would grow at the highest rate due to upcoming production facilities in China and Thailand coupled with growing adoption of PLA in China, Thailand, Japan, South Korea and Taiwan.
The leading market players profiled in this report includes NatureWorks LLC, Synbra, Corbion Purac, Hisun Biomaterials, Nantong Jiuding Biological Engineering Co. Ltd, Chongqing bofei biochemical products co., ltd. and Futerro.
KEY MARKET BENEFITS:
- The study provides an in-depth market analysis with current and future trends to elucidate the imminent investment pockets in the market.
- Quantitative analysis of the current market and estimations during 2014-2020 (Volume and Revenue) are provided to highlight the financial caliber of the market.
- Drivers and restraints are evaluated to highlight the top factors responsible for market growth. Various segments are carefully evaluated to gauge the market potential.
- Porter’s five forces model of the industry illustrates the potency of the buyers and suppliers participating in the market.
- Value chain analysis in the report provides a clear understanding on the stakeholders involved in the market.
- Geographical analysis provides a detailed understanding on the market scenario across key regions.
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KEY MARKET SEGMENTS:
World Polylatic acid (PLA) market is segmented based on its applications and geography.
MARKET BY APPLICATION
MARKET BY GEOGRAPHY
- North America
- Rest of APAC
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