Polylactic Acid Market Global Opportunity Analysis and Industry Forecast to 2023

Polylactic acid: increasing demand from automotive as well as consumer goods projected to boost the growth of the global market

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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Some of the prominent factors that positively influence the growth of polylactic acid market are increasing demand for household appliances, improving standard of living, and rising consumption of PLA in consumer goods. Additionally, increasing production & sales in the automotive industry and shifting manufacturers focus towards manufacturing light weight and fuel-efficient vehicles are anticipated to propel the growth of the market over the forecast period 2017-2023. Furthermore, booming textile sector and rising trend of sportswear & attractive clothing in developed and developing countries are predicted to fuel the demand for polylactic acid during the review period.

Competitive analysis

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

Market Segmentation

The global polylactic acid market is classified on the basis of type, application, and region. On the basis of 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. 

Regional Analysis

Europe is predicted to dominate the PLA market followed by North America and Asia Pacific due to increasing demand from electrical & electronics, textile, and consumer goods. In Europe, countries such as Germany, Spain, and the UK are expected to dominate the regional market share due to significant demand from prominent automobile manufacturers. North America PLA market is estimated to witness a moderate growth since the U.S, Canada, and Mexico are the major contributors due to improving health care sector and expanding automotive sector. Numerous countries of Asia Pacific such as India, China, Vietnam, Malaysia, and South Korea are the fastest growing PLA market across the globe and is estimated to grow with the same pace over the assessment period. Various factors that are attributed to the growth of the market in Asia Pacific are rising middle class population, increasing number of working professionals, competitive manufacturing costs, and ease in availability of raw material.

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Polylactic Acid Market Analysis by Product Types, Marketing Channel Development Trend forecast to 2023

Polylactic Acid Market is a type of thermoplastic polyester obtained from wide variety of renewable feedstock such as wheat, corn, sugarcane, starch, and tapioca roots. PLA is made through two different processes namely condensation and polymerization. It is biodegradable as well as biocompatible in nature. PLA is a thermoplastic material and find its utilization in numerous application such as automotive, packaging, textile, electrical & electronics, consumer goods, and others.

As per our analysis, some of the important market factors and trends identified in the Global Polylactic Acid Market include rapid urbanization, increasing demand for biodegradable plastic, and continuous growth of the automotive industry. Moreover, rising application of PLA in packaging sector is predicted to propel the growth of the market over the assessment period. The introduction of bio-based plastics and their increased usage in the electrical & electronics industry is predicted to extend growth opportunities for the Global PLA Market in the upcoming years. Additionally, increasing production of passenger cars as well as rising disposable income of consumer in developing economies is expected to drive the growth of the Polylactic Acid over the forecast period 2017-2023. 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. Moreover, depleting oil reserves coupled with increasing awareness regarding the benefits offer by the PLA is expected to drive the market growth. However, high cost associated with the production of PLA as compared to conventional plastics is anticipated to hamper the growth of the market during the review period.
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Key Players and Competition Analysis

Some of the prominent players operating in the Global 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.

Segmentation Analysis

The Global Polylactic Acid Market is categorized on the basis of type, application, and region. On the basis of type, the market is classified into PLLA (Poly-L-lactic Acid), PDLA (Poly-D-lactic Acid), and PDLLA (Poly-DL-lactic Acid). On the basis of application, the market is segmented into automotive, textile, packaging, consumer goods, electrical & electronics, and others. On the basis of regions, the market is categorized into Asia Pacific, Europe, Latin America, North America, and the Middle East & Africa.

Regional Analysis

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. The demand for Polylactic Acid is predicted to propel the market growth in the numerous countries of Asia Pacific such as Malaysia, China, India, Vietnam, Thailand, Singapore, South Korea, and Japan owing to high adoption rate by the automobile manufacturers. Moreover, increasing demand for packaged foods including frozen meals and ready-to-eat meals is predicted to raise flexible packaging requirements, which, in turn, is expected to fuel the demand for PLA. 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.
Europe emerged as the largest PLA market followed by North America and Asia Pacific. North America is estimated to witness a moderate growth in PLA market on account of recovery of industrial sector coupled with rising investments to revitalize electronics & consumer goods industry over the assessment period. North American countries such as the U.S and Canada are among the major contributors in the regional Polylactic Acid Market growth and are estimated to see a significant regional market growth over the forecast period due to strong consumer base for packaging as well as consumer goods sector.
Browse the market data and information spread across 138 pages with 35 data tables and 12 figures of the report “Polylactic Acid Market Research Report- Forecast to 2023” in-depth alongside table of content (TOC) at: https://www.marketresearchfuture.com/reports/polylactic-acid-market-4557