Polylactic Acid (PLA) Market: Overview
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.
Polylactic Acid Market: Key Trends
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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Polylactic Acid Market: Competitive Analysis and Key Developments
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.
Polylactic Acid Market: Regional Assessment
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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This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.