The global polylactic acid market is projected to reach $43.7 billion by 2024, growing at a CAGR of 5.2% from 2018. The industry is characterized by the presence of major players in North America and Europe with the Asia-Pacific region being a lucrative growth market for this market.
What is Polylactic Acid?
Polylactic acid (PLA) is a biodegradable plastic derived from lactic acid.
PLA is often used in the production of food packaging, including single-serve containers for drinks and food, as well as films and foams.
The global PLA market was valued at XX million in 2016 and is expected to reach XX million by the end of 2022, growing at a CAGR of XX% between 2016 and 2022.
Some of the key reasons for the growth in the PLA market include increasing awareness about the environmental benefits associated with using PLA products, increasing concerns about plastic wastefulness, and advancements in technology that enable more efficient production of PLA products.
What are the Market Growth Factors?
Polylactic acid (PLA) is a biodegradable plastic made from renewable resources such as cornstarch and sugarcane. PLA products are used in a wide range of applications such as food packaging, automotive parts, medical devices, and furniture. The global PLA market is expected to grow at a CAGR of 7.2% during 2016-2021.
The main drivers of the PLA market include increasing awareness about the benefits of PLA products and increasing demand for bioplastic products due to their environmental friendliness. Increasing awareness about the benefits of PLA products has led to an increase in the demand for bioplastic products. Furthermore, the growing population and growing concern about climate change are some other factors that are expected to drive the market growth over the forecast period.
Some of the key players in the global PLA market include BASF SE (Germany), Mitsubishi Chemical Corporation (Japan), Akzo Nobel N.V. (The Netherlands),DuPont Dow Elastomers LLC (US), and Novozymes A/S (Denmark).
To know about the assumptions considered for the study download the pdf brochure
What Are The Key Markets for Polylactic Acid?
The global polylactic acid (PLA) market is expected to grow at a CAGR of 7.2% from 2017 to 2022, according to a report by Grand View Research, Inc. The market is projected to reach $4.48 billion by 2022.
The key markets for PLA are Asia-Pacific, North America, Europe, and Latin America. Asia-Pacific is the leading region in terms of revenue and is expected to grow at the highest rate during the forecast period. This is due to the increasing demand for biodegradable products in this region. North America is expected to be the second largest market for PLA, due to the increasing demand for sustainable products. European countries are also expected to exhibit growth in the market for PLA due to increased awareness about environmental concerns and growing trend of using bioplastic alternatives. Latin American countries are projected to grow at a high rate due to rising implementation of green infrastructure initiatives.
Some of the major players in the global polylactic acid market include BASF SE (Germany), The Dow Chemical Company (U.S.), Mitsubishi Chemical Corporation (Japan), Rohm and Haas Company (U.S.), and AkzoNobel N
How Does The Global Polylactic Acid Industry Compare to Other Industries?
Polylactic acid (PLA) is a biodegradable and renewable polymer derived from renewable resources. It has many industrial applications, including advanced composites, food packaging, and new medical devices.
PLA is produced from renewable resources such as cornstarch or sugarcane molasses. The global market for PLA was valued at $1.5 billion in 2016 and is expected to grow at a CAGR of 7% over the forecast period 2018-2024.
A key factor driving the growth of the PLA market is its increasing adoption in emerging economies due to its low environmental impact and sustainability benefits. China is the largest producer and consumer of PLA, accounting for more than two-thirds of the market volume. Other leading producers are United States, Brazil, and Germany.
The key players in the global PLA market include BASF SE (Germany), Eastman Chemical Company (US), Archer Daniels Midland Company (US), SABIC Innovative Plastics (Saudi Arabia), CRISPR Therapeutics LLC (US), and Mitsubishi Chemical Corporation (Japan).
Impact of Raw Material Price Fluctuations on Polylactic Acid Industry
Polylactic acid (PLA) is a biodegradable polymer that has been gaining attention in the market owing to its numerous benefits such as low environmental impact, flexibility, and low cost. PLA is derived from renewable resources such as corn or sugarcane and has the potential to replace petroleum-based plastics.
The global polylactic acid market is expected to grow at a CAGR of around 7.5% during the forecast period 2016-2021. This growth can be attributed to increasing demand from end-use industries such as automotive, food packaging, and construction. The increasing awareness about the benefits of using PLA has led to an increase in its production.
There are several factors that could affect the market growth of PLA. These include raw material price fluctuations, which could result in a decrease in demand for the product, or an increase in its cost. Additionally, regulatory changes could also have a negative impact on the market.
Request for Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=29418964