Polylactic acid has risen in industry attention on the back of growing popularity of bioplastics. Vast range of use of PLA plastics in commercial and industrial applications are key to increasing investments in the PLA market. polylactic acid is derived from renewable resources such as sugarcane and corn starch. PLA has been used in the production of plastic films, plastic bottles, automotive parts, and most prominently food packaging and medical devices. The biodegradability is a key proposition in the polylactic acid market. In addition, PLA has marked aesthetics, remarkable resistance to oil, grease, and UV rays, and better printability, spurring its demand in food packaging applications.
Some of the key industries where research analysts have been evaluating the growth prospects in the polylactic acid market are agriculture, electronics, transport, and textiles.
Rising demand for PLA in production of bio-based, biodegradable plastics is a key trend bolstering prospects in the PLA market. Over the past years, developing and developed world have witnessed companies increasing their production of bioplastics, thus boosting the market growth. Rising demand for PLA in the manufacturing of stents and sutures is attributed to the strides being made by the medical industry around the world.
In recent years, on account of remarkable biodegradability and biocompatibility, PLA is being utilized in making personal care products. However, several countries lack an adequate infrastructure for composting PLA-based products. Oftentimes, they need to be taken to industrial plants. This has raised huge concern for stakeholders the entire value, with growing number of skeptics challenging the hype around PLA-based plastics.
Volatility in raw material prices is another concern. Nevertheless, governments are working out to address such issues and promote the production of PLA. One of the foremost trends that will spur growth momentum in the PLA market is the growing demand for eco-friendly plastics in commercial applications in wide spectrum of sectors.
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Over the past few years, lignocellulose feedstock are increasingly being preferred in the production of polylactic acid market. They are spending sizably on setting up sustainable infrastructure for ensuring a steady supply of bio-based ingredients. Moreover, product, mergers and acquisitions, and distribution and branding are key strategies for new product development. Several players are tapping into rising revenue potential on the back of growing niche applications, such as in medical device manufacturing. Top players are keen on meeting the demands in bioresource-based implants. Most players are leaning on reducing the overall cost of plastics where PLA is used, spurring competition in the polylactic acid market.
Some of the key players in the polylactic acid market are Galactic S.A, WEI MON Industry Co., Ltd., Synbra Technology B.V., Henan Jindan Lactic Acid Technology Co. Ltd., Natureworks LLC, Meredian Holdings Group, Inc., Corbion N.V, The DOW Chemical Company, and Teijin Ltd.
On the regional front, Europe is a promising regional market. The region has been highly lucrative avenues on the back of regulatory support. The vast appetite for eco-friendly products in commercial applications has spurred prospects in the regional market. North America also holds vast revenue potential due to increasing efforts by governments and industry players toward the commodification of PLA, just as Polyethylene and PP.
However, Asia Pacific polylactic acid market is expected to see remarkable rise in revenues during the forecast period of 2020 - 2030. Strides being made in food packaging industry has fueled the prospects of biodegradable plastics. The region has seen rise in mergers and acquisitions by globally prominent players. They are also witnessing rise in investments by personal care and medical sectors. The developing world has seen increasing inclination of end-use industries spending on consolidating composting infrastructure.
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