Polylactic Acid Market booming Currently and Expected to Grow by Double Digit CAGR of 19.5% By 2020

The new report, "Polylactic Acid (PLA) Market - Global Opportunity Analysis and Industry Forecast, 2014 - 2020", published by Allied Market Research state that, the polylactic acid market was worth $305.6 million in 2014 and is projected to grow at a CAGR of 15.9% during 2015-2020 owing to the rising environmental awareness, increasing popularity of newer applications and the favorable government policies. notes that packaging application segment would continue to dominate the global polylactic acid market during 2014-2020.

Polylactic acid (PLA) is a biodegradable and compostable thermoplastic produced from fermentable sugar available in various renewable sources, such as corn starch, sugar cane, tapioca roots and wheat. The easy availability of low-cost raw materials would boost market growth. In addition, it would increase the popularity of the most recent applications (such as coated cellophane, agricultural padding, non-woven fibers and active packaging among others) through various end-user industries such as packaging Food and beverages, agriculture, electronics, textiles, biotic and others.

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Key Findings of Polylactic Acid Market

• Bio-medical application segment would register the highest CAGR of 22.4%, in terms of volume, from 2015-2020.

• In terms of revenue, Asia Pacific market is expected to resister the highest CAGR during the forecast period

• China is projected to be one of the most lucrative markets in the Asia Pacific region during 2014-2020.

Analyst Review :

The factors that are currently impacting the PLA market currently are awareness on environment safety, increasing price of substitutes and raw materials of substitutes such as petrochemicals. Government across the globe have imposed ban on the use of plastic bags and also provide incentives for PLA production process. This has encouraged the shift towards PLA production. Additionally the petrochemicals that are major raw material for conventional plastics are significantly increasing therefore; the manufacturers are looking for effective substitutes.

The conventional polymers are not biodegradable and lead plastic waste that remain in the soil for thousand or more years. Industrial composting enables degradability of PLA. However, the fact remains that it also takes several years for PLA to be bio degraded in normal conditions.

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New avenues of growth in the global market for polylactic acid. However, factors such as the high cost of production, the need for industrial composting, the popularity of competitive alternatives for renewable containers such as Bio-PE, PHA and Bio-PET will prevent the growth of the PLA market.

The North America consumed about half of the total PLA production in 2014 and would continue to have increased consumption over the forecast period with over 85% of the PLA production facilities currently located in North America. Europe is estimated to be the second largest market in terms of consumption largely due to supportive legal framework and consumer awareness towards sustainability.

Top key players :

• NatureWorks LLC
• Synbra Technology BV
• Corbion Purac
• Zhejiang Hisun Biomaterials Co. Ltd
• Nantong Jiuding Biological Engineering Co. Ltd
• Chongqing Bofei Biochemical Products Co.Ltd.
• Futerro among others.

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