Polylactic acid market is projected in the forecast period 2019-2023, asserts Market Research Future (MRFR). Some of the important market factors and trends identified in the Global Polylactic Acid Market include continuous growth of the automotive industry, rapid urbanization, and increasing demand for biodegradable plastic. Furthermore, polylactic acid Market is being applied in packaging industry which propels the growth of the market over the forecast period. The introduction of bio-based plastics and their increased usage in the electrical & electronics industry, increasing production of passenger cars and rising disposable income of consumer in developing economies drives the growth of the polylactic acid market.
However, high cost associated with the production of PLA as compared to conventional plastics undermines the growth of the market during the review period. Nevertheless, depletion of oil reserves coupled with increasing awareness regarding the benefits offered by polylactic acid along with various other factors will provide ample push to the market to a higher level.
The global polylactic acid market is segmented based on type and application.
Based on type, the market is segmented into PLLA (poly-L-lactic acid), PDLA (poly-D-lactic acid), and PDLLA (poly-DL-lactic acid).
Based on application, the market is segmented into automotive, textile, packaging, consumer goods, electrical & electronics, and others. Because of better wicking, drape and excellent crease resistance polylactic can be used in various applications like wipes, and geotextiles, etc. It has a good UV resistance and superior resilience which brings its application in furnishing like carpet tiles, industrial wall panels, automotive furnishing.
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The noteworthy players operating in the global polylactic acid market are
- Corbion (the Netherlands)
- BASF SE (Germany)
- The DOW Chemical Company (U.S.)
- TEIJIN LIMITED. (Japan)
- NatureWorks LLC (U.S.)
- Musashino Chemical Laboratory Ltd. (Japan)
The Dow Chemical Co. is expanding into eastern Canada with its first new sales center with the new Toronto office allowing the company to get closer to its customers and collaborate better as it gears up for growth after its planned spin-off from Midland-based DowDuPont Inc. early next year (2019).
The global polylactic acid market consists of five regions which are Asia Pacific, Europe, Latin America, North America, and the Middle East and Africa. Among these regions, the Asia Pacific region is estimated to surge at the highest CAGR over the estimated period 2019-2023 attributed to stable economy and continuous growth of the automotive as well as packaging industry.
Furthermore, as per analysis, Mexico is estimated to witness a remarkable growth owing to rising automotive production and sales. Latin American countries such as Colombia, Brazil, and Venezuela will also witness a healthy growth, reasons being increasing consumer spending on electronic products and growing automotive sector.
European countries such as Russia, Poland, France, Spain, the UK, and Germany have emerged as the prominent consumer market player owing to implementation of stringent regulations by government body such as REACH coupled with rapid growth in transportation sector. Finally, the Middle East and Africa region is expected to experience a notable growth over the forecast period owing to tremendous growth in the textile industry.
LIST OF TABLES:-
Table 1 World Population By Major Regions (2016 To 2023)
Table 2 Global Polylactic Acid Market: By Region, 2016-2023
Table 3 North America Polylactic Acid Market: By Country, 2016-2023
Table 4 Europe Polylactic Acid Market: By Country, 2016-2023
Table 5 Asia-Pacific Polylactic Acid Market: By Country, 2016-2023
To Be Continue………
LIST OF FIGURES:-
FIGURE 1 Global Polylactic Acid Market Segmentation
FIGURE 2 Forecast Methodology
FIGURE 3 Five Forces Analysis Of Global Polylactic Acid Market
FIGURE 4 Value Chain Of Global Polylactic Acid Market
FIGURE 5 Share Of Global Polylactic Acid Market In 2016, By Country (In %)
To Be Continue………
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