Polylactic Acid Market Worldwide Growth Production Status, Manufacturing Cost Forecast Till 2023

Posted July 16, 2019 by nikhilkhadilkar

Global Polylactic Acid (PLA) Market Information: by Type [PLLA (Poly-L-lactic Acid), PDLA (Poly-D-lactic Acid), PDLLA (Poly-DL-lactic Acid)], Application and by Region, Forecast
Global polylactic acid or PLA demand is expected to remain moderate over the next couple of years. Market Research Future (MRFR) projects that the global polylactic acid market will witness a steady growth during the review period (2017-2023). The majority of the polylactic acid produced is derived from renewable feedstock such as corn, wheat, sugarcane, tapioca roots and starch. Production procedures may vary; however, polymerization and condensation remain the two core techniques.

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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.

Market Segmentation

The global polylactic acid market is classified based on type, application, and region. Based on 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.

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

Regional Analysis

Europe, Asia Pacific (APAC), Latin America, the Middle East & Africa (MEA) and North America are five key regions covered in MRFR’s report. Off these regions, the market is likely to remain most attractive in APAC. It is projected that the APAC global polylactic market will exhibit the highest CAGR during the forecast period. APAC is home to a number of major economies of the world, which makes it key investment destination. Sectors such as automotive, healthcare, electronics, among others have witnessed relentless growth in APAC.

China, Vietnam, Taiwan, South Korea, Japan and India are among the countries spearheading the exuberant industrial growth in the region. The expanding consumer base, rising per-capita income, improving living standard, and changing lifestyle are other factors influencing the market growth in APAC. There is a sharp rise in demand for ready-to-eat meals, frozen meals and other packaged food items, which is a positive indicator for the polylactic acid market. At the same time, China’s growing dominance in automotive manufacturing is auguring well for domestic suppliers.

The market is expected to remain somewhat profitable in regions such as North America and Europe. Unlike APAC, market opportunities will remain slim in the West. The rapid shift of manufacturing to developing countries owing higher cost-benefits may have its ramifications on the market scope in advanced countries. In North America, a majority of the contribution in terms of revenue comes from the U.S. and this trend is expected to continue throughout the forecast period. Meanwhile, Mexico is likely to gain a healthy ground owing to the fast expansion of the manufacturing sector in the country.

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Categories Automotive , Consumer , Electronics
Tags global polylactic acid market , polylactic acid industry , polylactic acid market , polylactic acid market share , polylactic acid market size , polylactic acid market trends
Last Updated July 16, 2019