According to study, “World Polylactice Acid (PLA) Market Research Report 2024(Covering USA, EU, China, South East Asia, Japan and etc)” the key companies operating in the world polylactice acid market areNatureWorks LLC, BASF SE, Teijin Ltd., Thyssenkrupp AG, Synbra Technology B.V, Zhejiang Hisun Biomaterials Co., Ltd., Uhde Inventa-Fischer, Danimer Scientific, Sulzer Ltd., Yangtzelabre, Jiuding Biological Engineering, Shenzhen Esun Industrial, Corbion, Hitachi Ltd., Futerro, Shanghai Tongjieliang. Key companies are undertaking many initiatives for instance product accreditation and strengthening product length to increase its performance over the coming years.
Polylactic acid or PLA is a type of thermoplastic aliphatic polyester produced from wide variety of renewable feedstock for instance wheat, corn, starch, sugarcane and tapioca roots. It is made through two different processes such as condensation and polymerization. It is soluble in solvents, tetrahydrofuran, hot benzene, and dioxane. It is eco-friendly as well as biocompatible in nature. It is used to produce microwaveable containers and engineering plastics such as food containers and disposable cutlery. The key properties are better aesthetic appeal, better printability and good resistance to oil & grease.
Based on type, polylactice acid market is segmented into PLLA (Poly-L-lactic Acid), PDLLA (Poly-DL-lactic Acid) and PDLA (Poly-D-lactic Acid). Based on raw material, market is segmented into sugarcane, cassava, corn, and other crops (wheat, potato, rice, and sweet sorghum). Sugarcane segment is estimated to witness a high demand during the forecast years owing to various research & development (R&D) initiatives conducted in order to extend innovative manufacturing processes to support the manufacture of bioplastics & biochemical made from sustainable feedstock. In addition, based on application, market is segmented into transport, packaging (food & beverages), textile, electrical & electronics, consumer goods, and others. Packaging segment holds major share due to increase in consumer awareness regarding the need to decrease dependency of fossil fuel reserves.
The polylactice acid market is driven by growth in demand for flexible packaging market, followed byincrease in demand for bioplastics packaging, rise in demand for cellulose derived fibers in textile industry, easy availability of raw materials, increase in personal or skin care industry, rise in drug manufacturing, introduction of innovative products, increase in consumption of biodegradable polymers, presence of leading manufacturing companies, rise in use of the product in shopping bags & disposable cutlery, growth in composting infrastructure, inherent features such as flavor and odor barrier characteristics, increase in technological advancement, government incentives and rise in consumer preference towards green packaging& recyclability. However, inferior performance compared to conventional plastics and price competitiveness may impact the market. Moreover, rise in usage D printing and growth in production of genetically modified corn are key opportunities for market.
Based on geography, EU holds major share in polylactice acid market owing to implementation of strict regulations by government body for instance REACH and continuous growth in transportation sector in the region. China, Japan and USA countries are expected to witness higher growth rate due to rise in production facilities, large production capacity, supportive legal framework, feedstock abundancy, and rise in consumer awareness for sustainability over the forecast period. It is anticipated that future of the market will be bright on account of rise in demand for packaged foods including ready-to-eat meals and frozen meals.
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Ankur Gupta, Head Marketing & Communications