20.06% CAGR growth by 2023 in Poly-lactic Acid (PLA) Market| Dominant Players - BASF SE, NATUREWORKS, MITSUBISHI CHEMICAL, DOWDUPONT, EASTMAN CHEMICALS, BAYER, CORBION, DANIMER SCIENTIFIC amongst others.

Market Analysis:

Poly-lactic acid is prepared by ring opening polymerization of lactide, with various metal catalysts in solution, melt, or suspension. It can also be prepared by direct condensation of lactic acid monomers. Key factors driving the market growth include, favorable government policies promoting bio-plastics, and increasing demand for bio-plastic packaging.

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Poly-lactic acid demand is expected to increase, due to the scarcity and volatility of prices of fossil fuels. Also, due to environmental concerns, companies and regulatory bodies are focused on finding substitutes for oil-based products. Bio-based plastics have a huge potential to reduce consumption and dependence on petroleum-based feedstock, and lessen negative impact on environment, by reducing carbon footprints. PLA provides the packaging industry with a renewable sustainable option for a variety of uses. . The huge benefit of PLA as a bio-plastic is its versatility, supported by its natural degradability when exposed to the environment. However, the market faces few challenges, such as price competitiveness and availability of cheaper alternatives, and difficulty in disposal of PLA.

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Market Segments:
Poly-lactic Acid (PLA) Market is segmented by:
1. Raw Material: Corn, Cassava, Sugarcane & Sugar Beet, Others
2. Form: Fiber, Films & Sheets, Coatings, Others
3. Application: Packaging, Automotive, Medical, Electronics, Agriculture, Textiles, Others
4. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
• January 2018: Bengbu-based BBCA Group signed an agreement with Glactic Company, located in Belgium, on a PLA (polylactic acid) cooperation project, featuring a designed annual production capacity of 100,000 metric ton.
• January 2018: Engineers from the University of Connecticut developed an implantable sensor, made from poly (L-lactide) (PLLA), a medically-safe biodegradable polymer that can measure even very small changes in pressure inside organs.

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