The Global Polylactic Acid (PLA) Market has been projected to grow at the CAGR of 19.5% market during 2017-2025. In 2016, the market has generated the revenue of $ 2.21 billion and is expected to reach $ 6.62 billion in terms of revenue by 2025.
Polylactic acid is compostable, and can be broken 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 synthesized from the organic biomass resources like corn, sugarcane etc. instead of from traditional sources like petroleum.
Market Segment Insights
In 2016, the demand for polylactic acid is the highest from the packaging applications followed by catering applications. These two segment are projected to maintain their dominance over the coming few years. Demand for polylactic acid from new applications such as three-dimensional printing filament are emerging. Construction application is also one of the prominent application for PLA. Rising environmental concerns, increased awareness about the polylactic acid and rapidly increasing application use of polylactic acid are the factors triggering the market demand.
Europe is the largest market for polylactic acid, environment awareness and high demand are the major factors driving the market growth. Due to high prices of raw materials the production cost of PLA is high in Europe. Asia Pacific is the fastest growing market for PLA due to availability of raw material and its low cost is one of the major factor triggering the market growth. Low awareness and price sensitive consumer are the factors inhibiting the market growth. North America is the second largest market for PLA. Availability of the raw materials such as corn in abundance is the major factor triggering the market growth.
Market Competition Assessment:
The major players currently operating in the global polylactic acid market include BASF, Henan Piaoan Group Co., Ltd, Hisun, Mitsubishi, Nantong Jiuding Biological Engineering Co.,Ltd., Natureworks Ingeo, Pyramid Technologies, Synbra, Teijin, and Uhde Inventa – Fischer.
Chapter 1 Preface
1.1 Report Description
1.1.1 Purpose of the Report
1.1.2 Target Audience
1.1.3 USP and Key Offerings
1.2 Research Scope
1.3 Research Methodology
1.3.1 Phase I – Secondary Research
1.3.2 Phase II – Primary Research
1.3.3 Phase III – Expert Panel Review
Chapter 2 Executive Summary
2.1 Global Polylactic Acid Market Portraiture
2.2 Global Polylactic Acid Market, by Application, 2016 ($ Million)
2.3 Global Polylactic Acid Market, by Geography, 2016 (Value %)
Chapter 3 Global Polylactic Acid Market Analysis
3.1 Global Polylactic Acid Market Overview
3.2 Major Market Trends and Key Takeaways
3.3 Market Dynamics
3.3.1 Market Drivers
18.104.22.168 Increasing consumer awareness, government incentives and easy availability of raw materials
22.214.171.124 Polylactic acid with hygiene properties to provide safety in food packaging
3.4 Attractive Investment Proposition
3.5 Competitive Analysis: Global Polylactic Acid Market, 2015 (Value %)
Chapter 4 Global Polylactic Acid Market Analysis, By Application, 2015-2025 ($ Million)
4.4 Technical Material
4.6 Consumer goods
4.7 Construction Materials
Chapter 5 Global Polylactic Acid Market, By Geography, 2015-2025 ($ Million)
5.1 North America (U.S. & Canada)
5.2 Europe (U.K., Germany & Rest of Europe)
5.3 Asia Pacific (China, Japan, Singapore, South Korea and Rest of APAC)
5.4 Latin America (Mexico, Brazil and Rest of LATAM)
5.5 Middle East and Africa (GCC, and Rest of Middle East and Africa)
Chapter 6 Company Profiles
6.2 Henan Piaoan Group Co., Ltd
6.5 Nantong Jiuding Biological Engineering Co.,Ltd.
6.6 Natureworks Ingeo
6.7 Pyramid Technologies
6.10 Uhde Inventa - Fischer