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Polylactic Acid Market to Witness Exponential Growth by 2026

Polylactic Acid Market to Witness Exponential Growth by 2026

Most importantly Polylactic acid is compostable i.e. it can be broke down under some conditions into the biodegradable components which makes it a preferred material for packaging applications across various industry such as food and beverages and consumer products. The major share of industry usable bio plastic is covered by Polylactic acid. The industry preference for Polylactic acid over conventional plastic is because of the increasing demand and prices of petroleum and petroleum based products like synthetic plastics. Bio plastics are synthesised from the organic biomass resources like corn, sugarcane etc. instead of from traditional sources like petroleum.

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In terms of volume consumption Polylactic acid accounts for highest consumed bio plastic. Government is taking initiatives, providing subsidies and support for increasing usage of bio degradable products. Pollution control and environment safety are the major reasons why more and more stakeholders are turning towards bio plastic usage rather than conventional plastic synthesised from petroleum. Technological advancement, technological transfer from developed countries and high consumer demand in developing countries are responsible for upcoming new set ups in packaging, textiles and electronics industries. These industries’ demand for Polylactic acid is the key market growth driver in developing countries.

The global Polylactic Acid market can be segmented based on the end-use industry and region. Based on end use industry Polylactic Acid market can be classified into Packaging industry (Food and Beverages), Agriculture Industry, Textile Industry, Biomedical Industry, Electronics Industry and Other Industry (consumer goods).

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The major players in global Polylactic acid production market are collaborating in order to provide innovative solutions to meet the specific demand for Polylactic acid. Most of European and American firms are taking initiatives via technology and expertise transfer to increase the production of Polylactic acid in Asia pacific market, which is highest growing market. For instance US based Polylactic acid manufacturer NatureWorks LLC is starting a $200 million plant in either Thailand or Malaysia in recent times.

Considerable investment in R&D is being done and is again expected from these players for cost effective processes. For instance In 2016 NatureWorks LLC has invested $1 million in R&D for bio plastics. Many small regional players are seeking inter and intra collaboration with market leaders for answering the future demand through betterment of existing processes. The major players identified in global market are NatureWorks LLC, Corbion Purac BV, Mitsui Chemicals, Inc., Hitachi, Ltd., BASF SE, Braskem along with others.

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