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Global Polylactic Acid (PLA) Market Insight February 15, 2022 Comments

The Polylactic Acid (PLA) is forecast to fast increase over the next few years.According to the WK-chem Research “Global Polylactic Acid (PLA) Professional Survey Report 2022, Forecast to 2027″, Polylactic acid is mainly utilized for the production of microwaveable containers, such as disposable cutlery and food containers. The beneficial properties of packaging containers, such as aesthetic appeal, better printability, and resistance to grease & oil, are boosting the demand for PLA in the formulation of packaging solutions for food products globally. The product is used in the manufacturing of components used in the automotive sector, in applications such as interior parts and under-the-hood components. This product is known for reducing the carbon footprint owing to its high bio content. It offers numerous properties, such as better impact and UV resistance, high gloss, and dimensional stability.The compound annual growth rate (CAGR) for the 2022-2027 period is projected to be 12.2% base on WK-chem Research regression analysis modl.

Analysts’ Viewpoint:

” Companies in the market compete based on the quality of the products they offer, as well as the raw materials and technological advancements used in the manufacturing process. Manufacturers are advised to engage in new product development and partnerships to satisfy a wide range of customers worldwide. Manufacturers should also focus on expanding their global footprint to increase their market share.” Said Lisa , Senior analyst, Chemical industry Market Research Center in WK-chem Research.

Market insight:

PLA bioplastics offer several features that help reduce plastic use while enhancing the use of green plastics. pla has excellent barrier properties making it very suitable for fresh fruits and vegetable packaging. Moreover, it has high stiffness and strength, which allows for a thin wall part design. Green packaging provides various benefits such as reduced reliability on fossils fuels, lower utilization of natural resources, increased use of recyclable products, more energy-efficient manufacturing methods, and renewable sources. Recent trends and technological solutions are available in sustainable packaging that includes edible packaging, shrinking carbon footprint, and waste reduction. Furthermore, it is economically appealing to both manufacturers and consumers. Thus, the growing demand for sustainable packaging is anticipated to fuel the demand for the polylactic acid market during the forecast period.
Compared to traditional plastics, the cost of processing polylactic acid is high. With the falling price of fuel oil, synthetic plastics have become cheaper, leading to a bigger price gap. Several technological hurdlesexisttomanufacturecheaper biodegradableplastics.Approximatelyone-thirdof biodegradable plastics are derived from petrochemicals, and the industry is moving towards feedstock that is bio-based. The current biobased feedstock is primarily agricultural products such as maize, cassava, and potato. Using agricultural goods, specifically food crops, on a broad industrial scale could potentially lead to problems such as whether industrial usage competes with the region’s food supply.

Competition Landscape:

This WK-chem Research market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading Polylactic Acid (PLA) companies that include Total Corbion PLA; NatureWorks LLC; COFCO; Futerro; Jiangxi Keyuan Bio-Material Co., Ltd.; Zhejiang Hisun Biomaterials Co., Ltd.; Shanghai Tong-Jie-Liang Biomaterials Co., Ltd.

Segmentation of Polylactic Acid (PLA) Market:

Based on type, the Polylactic Acid (PLA) market has been segmented into Thermoforming, Extrusion, Injection Molding, Blow Molding, others. The thermoforming grade is projected to account for the largest share of the PLA market. PLA thermoplastics are completely compostable and biodegradable. They have properties similar to that of petroleum-based resins when converted into sheets for thermoforming. Various PLA blends display different characteristics at the time of thermoforming. Thermoformed parts made of PLA have excellent clarity compared to those made with OPS and PET. These characteristics, combined with storage temperature requirements, make thermoformed PLA ideal for food packaging trays for baked goods, fruits, and vegetables. In terms of application, the Polylactic Acid (PLA) market has been classified into Packaging, Consumer Goods, Agricultural, Textile, Biomedical. The packaging segment accounts for the major market share. Polylactic acid is widely used in the packaging industry. Companies have raised their appetite for food packaging and single-use plastic and have found biodegradable substitutes for food packaging and single-use cutlery. Moreover, a move to biodegradable packaging has also been promoted by many e- commerce giants, driving the biodegradable market for online merchandise and food distribution.

Polylactic Acid (PLA) Market: Regional Analysis

In terms of geography, the Global Polylactic Acid (PLA) Market is classified into North America, APAC, Europe, South America, and the Middle East & Africa. APAC is expected to be the fastest-growing market during the forecast period. The availability of low-cost raw materials and labor, coupled with increasing domestic demand and growing awareness about environmental issues, makes Asia Pacific an attractive investment destination for PLA manufacturers. Government regulations in Asia Pacific regarding plastic bags ban and global warming initiatives help in the market growth.

Cagr: 12.2 %
Largest share area:Asia Pacific
Largest share country:China
Product Type:Thermoforming, Extrusion, Injection Molding, Blow Molding, Others
Application:Packaging, Consumer Goods, Agricultural, Textile, Biomedical
Leading Company:Total Corbion PLA; NatureWorks LLC; COFCO; Futerro; Jiangxi Keyuan Bio-Material Co., Ltd.