Fluctuating Petroleum Prices and Lack of Enough Sources Fuels Global Polylactic Acid Market Growth

According to by Inkwood Research, the Global Polylactic Acid Market is predicted to register a CAGR of 12.20% in terms of revenue, and a CAGR of 14.12% in terms of volume during the forecasting years of 2019-2028.

"Browse 60 market Data Tables and 50 Figures spread over 229 Pages, along with an in-depth TOC on Global Polylactic Acid Market Forecast 2019-2028."

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Polylactic acid is a synthetic biodegradable polymer made from lactic acid, and is used in the food industry for packaging sensitive food products. Polylactic acid is a bioplastic derived from renewable sources such as wheat, corn starch, sugar cane, etc. Polymers have been in use from ancient times, and natural plant gums polymer was used as a waterproofing coating in boats. A large number of polymers such as PVC, propylene, polyethylene, and polystyrene are used for disposable packaging. The usage of PLA has increased, owing to its environment-friendly property. The rising concerns about global warming and environmental degradation have created opportunities for manufacturers to produce biodegradable polymers.

Unpredictable Petroleum Prices and Lack of Enough Sources Drives Market Growth

The unstable petroleum prices are encouraging users to switch to affordable and eco-friendly forms of polymer, such as polylactic acid, thereby stimulating market growth. Conventional plastic is a petroleum-based product, and the unstable price of petroleum influences the price of plastics. Fossil fuels are limited in nature, and the high demand for petroleum results in a further rise in petroleum-based products. Hence, people are encouraged to look for alternatives like bioplastics made from polylactic acid. PLA products are biodegradable, derived from renewable sources, and the recycling of PLA products is possible at industrial recycling units.

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Packaging is the Largest Application Segment in terms of Revenue and Volume

The growth of the packaging industry is due to the increased consumption of packaged foods, such as food & beverage. The speedy growth of packaging applications in the developed economies has promoted the consumption of PLA in these regions. Nearly 30% of the global demand for packaging materials is supplied jointly by BRIC, Brazil, Russia, India, and China. The demand for packaged food is anticipated to grow further, due to improved standards of living, a rise in disposable income, and also surge in demand for consumer goods. More than 60% of the global PLA produced is used in the packaging sector, due to the versatile properties of the material. PLA-based packaging has been very popular among consumers globally, due to its eco-friendly attributes and sustainabilities.

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North America Region Dominated the Global Market in 2019 terms of Revenue

The North America region captured the largest market share in 2019, which is expected to continue throughout the forecast period, owing to growth in the food & beverage market and healthcare infrastructure in the region.

There are a few companies that manufacture PLA in the market. The majority of players are fervently involved in R&D activities and innovation to gain a competitive edge in the global market. These players are emphasizing on developing cost-effective methods of producing PLA. Some of the well-known companies trying to consolidate their position in the market are BASF, NatureWorks LLC, Mitsubishi Chemical Holding Corporation, Innovia Films, Futerro SA, etc.

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This release was published on openPR.