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Market Size – USD 1,504.0 Million in 2019, Market Growth - CAGR of 18.5%, Market Trends –Growing preference for bio-plastics

VANCOUVER, BC, CANADA, May 4, 2022 /EINPresswire.com/ -- According to a new report by Emergen Research , the global polylactic acid (PLA) Market is projected to be worth USD 5,944.9 Million by 2027. The market for polylactic acid (PLA), a bioplastic, is experiencing rapid growth attributed to its widespread application in packaging, textile, transport, agriculture, medical, and electronics, among others. Besides, supportive government initiatives and offering subsidies to promote the growth of bioplastics are driving the growth of the market. In 2018, the Japanese Ministry of Environment made an announcement for the inclusion of USD 45.0 million/JPY 5.0 Billion in the FY2019 budget for developing products manufactured from bio-plastics and provide subsidies to firms that make paper substitutes to plastic.

As per the predictors of Emergen Research, the polylactic acid (PLA) is a major functional ingredient in many food stuffs and thus there is an increasing demand for polylactic acid (PLA) from food & beverage sector. Besides, awareness is growing among people about health and nutritional products. All these factors are projected to bolster the growth of the global polylactic acid (PLA) market in the analysis period. Moreover, the increase in number of R&D activities for the development of novel products coupled with favorable government initiatives to promote healthy diet are expected to make huge growth opportunities for the global market. 

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Major Players/Manufacturers profiled in the report are:

Teijin Ltd., Thyssenkrupp AG, Synbra Technology BV, Hitachi Ltd., BASF SE, Futerro, Sulzer Ltd., NatureWorks LLC, Zheijiang Hisun Biomaterials Co., Ltd., and Total Corbion PLA, among others.

The increasing demand for polylactic acid (PLA) in the packaging sector is one of the significant factors influencing the market growth.  It finds usage in numerous purposes comprising deli/ delicatessen and takeout containers, straws, cold drink cups, and cutlery, among others. Polylactic acid (PLA) is widely deployed for packaging applications attributed to its physical and mechanical characteristics. Commercially polylactic acid (PLA) packages possess features similar to Polyethylene terephthalate (PET) and offer improved mechanical features than polystyrene (PS). Recently, polylactic acid (PLA) finds application in food packaging for products, including fruit and vegetables, which have short shelf-life.

Some Key Highlights from the Report

Production of polylactic acid (PLA) consumes about 35.0% of energy than required for conventional plastics and causes 68.0% fewer GHG emissions. Besides, on incineration, it does not produce toxic volatile organic compounds (VOCs).

Poly-L-lactic acid possesses a much slower absorption rate compared to PGA in orthopedic implants. The L (Levo) form of this bioplastic is highly crystalline, takes as much as 5 to 7 years for absorption.

Fabrics produced from polylactic acid (PLA) fibers possess a better fire-resistant property and are appropriate to cater to the fire safety standards required for textiles deployed in public occupancy buildings’ interior furnishings. Typical textile products comprise cubicle curtains, drapery, wall coverings, and outdoor coverings like tents and tarpaulins.

The polylactic acid (PLA) market in the Asia Pacific region, led by China, is estimated to grow at the fastest rate of 19.7% in the forecast period, due to the spiraling consumption of bio-polylactic acid in the packaging and medical applications, which are being boosted by the demand in emerging economies in the region.

In February 2018, Teijin Ltd. made an announcement about the development of a formable film, which is resistant to gasoline and produced from PLA NEXT^® bio-plastic to substitute chrome plating, adopted by Honda Lock Mfg. Co., Ltd. for use in the nonconductive door handles having smart-entry systems.

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Emergen Research has segmented the global polylactic acid (PLA) on the basis of product type, distribution channel, application, and region:

Product Type Outlook (Revenue, USD Billion; 2017-2027)

Racemic PLLA (Poly-L-lactic Acid)

Regular PLLA (Poly-L-lactic Acid)

PDLA (Poly-D-lactic Acid)

PDLLA (Poly-DL-lactic Acid)

Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)

Online

Offline

Application Outlook (Revenue, USD Billion; 2017-2027)

Packaging

Textile

Transport

Agriculture

Electronics

Medical

Others

Regional Analysis:

The report sheds light on the region expected to dominate the Polylactic Acid market in the coming years. The report estimates the market size in terms of volume and value and offers an accurate estimate of the market share each region is anticipated to hold during the forecast period. The report analyzes the spread of the Polylactic Acid market in key geographies covering North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The regional analysis offers an idea about the production and consumption pattern, import/export, supply and demand ratio, revenue contribution, market share and size, and the presence of prominent players in each region.

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The report further sheds light on the strength, weaknesses, opportunities, and threats faced by the companies in the global Polylactic Acid market and additionally measures the feasibility and investment return analysis in the report. Furthermore, the report is furnished with the latest impact of the COVID-19 pandemic on the market and covers the initial and future assessment of the COVID-19 impact on the market. The report is a qualitative and quantitative assessment of the global Polylactic Acid market that has been formulated by extensive primary and secondary research with the data further validated from industry experts and professionals.

Key Benefits of the Report:

Comprehensive analysis of the competitive scenario and its changing dynamics

Analytical data with detailed SWOT analysis and Porter’s Five Forces analysis

In-depth 8 year analysis of the Global Polylactic Acid Market

Critical assessment of the key market segments

Comprehensive analysis of the drivers, restraints, trends, and opportunities

Detailed regional analysis and extensive company profiling

Extensive assessment of current and emerging trends of the market

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Thank you for reading our report. The report can be customized according to the requirements of the clients. Please get in touch with and our team will ensure the customization is as per your needs.

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