Showing posts with label Polylactic Acid. Show all posts
Showing posts with label Polylactic Acid. Show all posts

Thursday, 28 July 2022

What Does The Global Polylactic Acid Market Industry Analysis Look Like


The global polylactic acid market is projected to reach $43.7 billion by 2024, growing at a CAGR of 5.2% from 2018. The industry is characterized by the presence of major players in North America and Europe with the Asia-Pacific region being a lucrative growth market for this market.

What is Polylactic Acid?

Polylactic acid (PLA) is a biodegradable plastic derived from lactic acid.
PLA is often used in the production of food packaging, including single-serve containers for drinks and food, as well as films and foams.
The global PLA market was valued at XX million in 2016 and is expected to reach XX million by the end of 2022, growing at a CAGR of XX% between 2016 and 2022.
Some of the key reasons for the growth in the PLA market include increasing awareness about the environmental benefits associated with using PLA products, increasing concerns about plastic wastefulness, and advancements in technology that enable more efficient production of PLA products.

What are the Market Growth Factors?

Polylactic acid (PLA) is a biodegradable plastic made from renewable resources such as cornstarch and sugarcane. PLA products are used in a wide range of applications such as food packaging, automotive parts, medical devices, and furniture. The global PLA market is expected to grow at a CAGR of 7.2% during 2016-2021.

The main drivers of the PLA market include increasing awareness about the benefits of PLA products and increasing demand for bioplastic products due to their environmental friendliness. Increasing awareness about the benefits of PLA products has led to an increase in the demand for bioplastic products. Furthermore, the growing population and growing concern about climate change are some other factors that are expected to drive the market growth over the forecast period.

Some of the key players in the global PLA market include BASF SE (Germany), Mitsubishi Chemical Corporation (Japan), Akzo Nobel N.V. (The Netherlands),DuPont Dow Elastomers LLC (US), and Novozymes A/S (Denmark).

To know about the assumptions considered for the study download the pdf brochure

What Are The Key Markets for Polylactic Acid?

The global polylactic acid (PLA) market is expected to grow at a CAGR of 7.2% from 2017 to 2022, according to a report by Grand View Research, Inc. The market is projected to reach $4.48 billion by 2022.

The key markets for PLA are Asia-Pacific, North America, Europe, and Latin America. Asia-Pacific is the leading region in terms of revenue and is expected to grow at the highest rate during the forecast period. This is due to the increasing demand for biodegradable products in this region. North America is expected to be the second largest market for PLA, due to the increasing demand for sustainable products. European countries are also expected to exhibit growth in the market for PLA due to increased awareness about environmental concerns and growing trend of using bioplastic alternatives. Latin American countries are projected to grow at a high rate due to rising implementation of green infrastructure initiatives.

Some of the major players in the global polylactic acid market include BASF SE (Germany), The Dow Chemical Company (U.S.), Mitsubishi Chemical Corporation (Japan), Rohm and Haas Company (U.S.), and AkzoNobel N

How Does The Global Polylactic Acid Industry Compare to Other Industries?

Polylactic acid (PLA) is a biodegradable and renewable polymer derived from renewable resources. It has many industrial applications, including advanced composites, food packaging, and new medical devices.
PLA is produced from renewable resources such as cornstarch or sugarcane molasses. The global market for PLA was valued at $1.5 billion in 2016 and is expected to grow at a CAGR of 7% over the forecast period 2018-2024.

A key factor driving the growth of the PLA market is its increasing adoption in emerging economies due to its low environmental impact and sustainability benefits. China is the largest producer and consumer of PLA, accounting for more than two-thirds of the market volume. Other leading producers are United States, Brazil, and Germany.

The key players in the global PLA market include BASF SE (Germany), Eastman Chemical Company (US), Archer Daniels Midland Company (US), SABIC Innovative Plastics (Saudi Arabia), CRISPR Therapeutics LLC (US), and Mitsubishi Chemical Corporation (Japan).

Impact of Raw Material Price Fluctuations on Polylactic Acid Industry

Polylactic acid (PLA) is a biodegradable polymer that has been gaining attention in the market owing to its numerous benefits such as low environmental impact, flexibility, and low cost. PLA is derived from renewable resources such as corn or sugarcane and has the potential to replace petroleum-based plastics.

The global polylactic acid market is expected to grow at a CAGR of around 7.5% during the forecast period 2016-2021. This growth can be attributed to increasing demand from end-use industries such as automotive, food packaging, and construction. The increasing awareness about the benefits of using PLA has led to an increase in its production.

There are several factors that could affect the market growth of PLA. These include raw material price fluctuations, which could result in a decrease in demand for the product, or an increase in its cost. Additionally, regulatory changes could also have a negative impact on the market.

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Wednesday, 20 July 2022

Polylactic Acid (PLA) Market Opportunity: Development of new application


The global PLA market size is projected to grow from USD 1.0 billion in 2021 to USD 1.9 billion by 2026, at a CAGR of 12.2% between 2021 and 2026. The major factors driving the market are rising demand of PLA in packaging industry, stringent waste management regulations in Europe, increased focus of government on green procurement policies, and shift in consumer preference toward eco-friendly and biodegradable plastic products. Moreover, development of new applications, high potential in emerging countries of APAC, and multi-functionalities of PLA is expected to drive the market during the forecast period.

To know about the assumptions considered for the study download the pdf brochure

With the increasing focus on sustainability and favorable government regulations for green procurement policies, PLA manufacturers have significant opportunities in new end-use industries such as electronics, biomedical, and automotive. Manufacturers are investing heavily in R&D activities for the use of PLA in various applications in the medical industry, such as stitching materials, screws, and implants. PLA is used for manufacturing medical devices & equipment. It is used in tires with starch-based materials in the automotive industry to reduce fuel consumption. They are also used for making electrical equipment more efficient and cost-effective. The packaging application is also expected to witness significant growth. PLA films have an extensive application in the agriculture industry. PLA is a highly demanded biodegradable plastic material and is used in making trays, cutleries, and cups in the food industry.

Europe is expected to be the largest market for PLA during the forecast period.

The packaging industry is the largest end-use industry of PLA in Europe. The political and economic conditions have also driven the market penetration of PLA. The EU Commission has focused on the Lead Markets Initiative, where PLA has been identified as one of the most important potential markets. The strict government norms and economic conditions have also driven the PLA market. These factors have been responsible for the development of PLA with collaborative research in the region.

The key players in this market are Natureworks LLC (US), Total Corbion PLA (Netherlands), BASFSE (Germany), Cofco (China), Futerro (Belgium), Danimer Scientific (US), Toray Industries Inc. (Japan), Evonik Industries (Germany), Mitsubishi Chemical Corporation (Japan), and Unitika Ltd. (Japan).

Recent Developments

  • In October 2021, Total Corbion PLA launched recycled PLA range under the brand name Luminy rPLA, which is derived from post-industrial and post-consumer PLA waste. The new product is a chemically recycled product with similar characteristics as the existing Luminy PLA product.
  • In April 2021, NatureWorks LLC developed a new PLA grade Ingeo 3D700. The new material is ideal for large-format additive manufacturing, along with the reduction in warping and print failures. Ingeo 3D700 is specially designed for 3D printing, having performance characteristics such as precise detail, good adhesion, reduced warping or curling, and low odor while printing.
  • In November 2021, Danimer Scientific and Total Corbion PLA collaborated to manufacture biodegradable PLA. The collaboration will support the production of custom-built resin to meet the customers’ requirements for biodegradable and functional aspects of the products.
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Thursday, 12 May 2022

Changing consumer preference toward eco-friendly plastic product is driving the Polylactic Acid (PLA) Market

 

The global PLA market size is projected to grow from USD 1.0 billion in 2021 to USD 1.9 billion by 2026, at a CAGR of 12.2% between 2021 and 2026. The major factors driving the market are rising demand of PLA in packaging industry, stringent waste management regulations in Europe, increased focus of government on green procurement policies, and shift in consumer preference toward eco-friendly and biodegradable plastic products. Moreover, development of new applications, high potential in emerging countries of APAC, and multi-functionalities of PLA is expected to drive the market during the forecast period.

Improving consumer awareness regarding sustainable plastic solutions and increasing efforts to eliminate the use of non-biodegradable conventional plastics contribute to the market growth of PLA. Traditionally used petroleum-based plastics take decades to break down or degrade and lay in landfills for a long period. PLA breaks down faster when they are discarded and are absorbed back into the natural system. In addition, the rate of decomposition of biodegradable plastics by the activities of microorganisms is much faster than that of traditional plastics.

To know about the assumptions considered for the study download the pdf brochure

The packaging segment is estimated to be the fastest-growing end-use industry for PLA market during the forecast period.

Packaging is the largest end-use industry for PLA, with a high CAGR of 13.0% during the forecast period. The need for sustainable solutions has encompassed several industry verticals, including food & beverages, e-commerce, and FMCG. The unique properties of packaging enable its use in various food and non-food applications such as cigarettes, biscuits, sugar confectioneries, baked goods, noodles, and other snacks. The rise in e-commerce has also increased packaging requirements.

The thermoforming grade segment is expected to lead the PLA market during the forecast period.

Thermoforming grade has enormous growth potential in various packaging applications such as food, beverages, and other consumer products. Thermoformed parts made of PLA have excellent clarity, comparable to those formed in oriented polystyrene (OPS) and polyethylene terephthalate (PET). This, combined with the temperature requirements for product storage, make thermoformed PLA suitable for food packaging trays for baked goods, fruits, and vegetables.

Europe is expected to be the largest market for PLA during the forecast period.

The packaging industry is the largest end-use industry of PLA in Europe. The political and economic conditions have also driven the market penetration of PLA. The EU Commission has focused on the Lead Markets Initiative, where PLA has been identified as one of the most important potential markets. The strict government norms and economic conditions have also driven the PLA market. These factors have been responsible for the development of PLA with collaborative research in the region.

The key players in this market are Natureworks LLC (US), Total Corbion PLA (Netherlands), BASFSE (Germany), Cofco (China), Futerro (Belgium), Danimer Scientific (US), Toray Industries Inc. (Japan), Evonik Industries (Germany), Mitsubishi Chemical Corporation (Japan), and Unitika Ltd. (Japan).

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Thursday, 24 March 2022

NatureWorks LLC (US) and Total Corbion PLA (Netherlands) are Leading Players in the Polylactic Acid (PLA) Market


The global PLA market size is projected to grow from USD 1.0 billion in 2021 to USD 1.9 billion by 2026, at a CAGR of 12.2% between 2021 and 2026. The major factors driving the market are the rising demand for PLA in packaging industry, stringent waste management regulations in Europe, increased focus of government on green procurement policies, and shift in consumer preference toward eco-friendly and biodegradable plastic products. Moreover, development of new applications, high potential in emerging countries of APAC, and multi-functionalities of PLA is expected to drive the market during the forecast period.

The major players in the market include NatureWorks LLC (US), Total Corbion PLA (Netherlands), BASF SE (Germany), Futerro (Belgium), COFCO (China), Mitsubishi Chemicals Corporation (Japan), Danimer Scientific (US), UNITIKA LTD.(Japan), Evonik Industries (Germany), and TORAY INDUSTRIES, INC (Japan) are some of the leading players in the market. These players have adopted various growth strategies to expand their presence in the market further. New product launch, investment & expansion, and merger & acquisition have been the leading strategies adopted by the major players in the last five years to strengthen their competitiveness and broaden their customer base in the global PLA market.

To know about the assumptions considered for the study download the pdf brochure

NatureWorks LLC is one of the leading manufacturer of PLA. The company has manufacturing plants in the North America, and Asia Pacific. In recent years, in recent years, NatureWorks LLC has adopted several business strategies to strengthen its position in the market. It has adopted various growth strategies, including investment & expansion, and new product launches, to maintain its position in PLA market. For instance, In June 2021, NatureWorks LLC invested USD 600 million for a PLA facility in Thailand. The company is focusing on increasing its annual PLA production capacity to 75,000 tons for Ingeo PLA grade.

Total Corbion PLA is one of the major player operating in PLA market. The company has manufacturing facilities in Asia Pacific, and planning to manufacture a new PLA production plant Europe which is expected to become operational by 2024. The company has adopted new product launch, investments & expansion, and collaboration strategies in order to broaden its product portfolio and maintain its position in the market. For instance, In October 2021, Total Corbion PLA developed a new grade of PLA derived for recycled waste as Luminy rPLA to strengthen its PLA product portfolio.

Read More: https://www.marketsandmarkets.com/PressReleases/polylactic-acid-pla.asp

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