Polylactic Acid Market - Drivers and Forecasts by Technavio

Technavio analysts forecast the global polylactic acid (PLA) market to grow at a CAGR of almost 20% during the forecast period, according to their latest report.

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Technavio has published a new report on the global polylactic acid market from 2017-2021. (Graphic:  ...

Technavio has published a new report on the global polylactic acid market from 2017-2021. (Graphic: Business Wire)

The research study covers the present scenario and growth prospects of the global polylactic acid market for 2017-2021. The market is segmented based on end-user (packaging, textile, and electronics) and geography (Europe, the Americas, APAC, and ROW).

The global PLA market is expected to grow rapidly owing to the increasing environmental awareness and the use of this compound in various end-user industries. The global PLA market is expected to grow further during the forecast period due to the unique physical properties of PLA coupled with easy availability of raw materials.

Ajay Adhikari, a lead specialty chemicals research analyst at Technavio, says, “PLA is more recyclable and biodegradable compared to plastics derived from fossil fuel, and possesses a variety of characteristics with minimal or no effects on the environment. The sustainable nature of these bioplastics is urging environmental agencies and many governments to encourage the use of PLA.”

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Technavio chemicals and materials research analysts highlight the following three factors that are contributing to the growth of the global polylactic acid market:

  • Easy availability of raw materials
  • Superior and versatile characteristics of PLA
  • Growing environmental awareness

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Easy availability of raw materials

PLA is commonly produced from plant-based raw materials, which are easily available. The production process of PLA involves the use of corn-starch or sugarcane as raw materials. These are easily available in the market, thereby acting as a driver for the global PLA market during the forecast period. Lactic acid is obtained from the fermentation of starch or sugar, and then it is used in the production of PLA, which is more biodegradable than conventional plastic that is derived from petrochemicals.

Superior and versatile characteristics of PLA

PLA is a bioplastic that can be used in various end-user industries due to its versatile characteristics. This material is being used in numerous beverages, consumer products, and in packaging applications for food, flexible film packaging, injection molded products, apparel, and staple fibers. In addition to these applications, it is widely used in medical applications.

“Processability, renewability, energy saving, and biocompatibility are some of the characteristics of PLA that distinguish it from the other polymers. PLA is derived from renewable sources such as corn or sugarcane, thus increasing its strength and reducing the dependence on fossil fuels. The polymer possesses thermal properties that are greater than other bio-based materials; therefore, PLA can be processed by injection molding, fiber spinning, extrusion, film casting, and blow molding,” adds Ajay.

Growing environmental awareness

Increasing environmental awareness in various countries around the world is driving the global PLA market. PLAs are eco-friendly products, and because of stringent environmental legislations and regulations by the government in different countries, the demand for such products is on the rise. PLA is a bioplastic that has a short life shell and is biodegradable in nature.

Biodegradability is measured by the amount of CO2 produced by the biodegradable plastic. Government measures toward purchasing sustainable and eco-friendly products are the factors driving the market for PLA. Also, manufacturers are also increasingly striving toward developing sustainable solutions, which have minimum environmental hazards for their customers.

Top vendors:

  • BASF
  • Corbion
  • NatureWorks
  • Synbra Technology bv

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