The global polylactic acid market is expected to grow at the CAGR of 16.2%, and is expected to contribute $2.46 billion till 2022. The polylactic acid is the biodegradable material manufactured from biodegradable substances like sugarcane, tapioca roots, starch and other materials. The environmental, safety challenges and economic provoked packaging producers and scientists to partially substitute petrochemical based polymers with biodegradable ones. Polylactic acid is manufactured using different methods and stages like modifiers, blending, physical treatments and copolymerizing. The main quality of polylactic acid is its strong bonding nature, antimicrobial and antioxidant characteristics. The polylactic acid is very much used in industrial processing plants in manufacturing up of materials like PLA films, bottles and cups, laminates etc. due to its unique properties. The PLA materials is widely used in industries like pharmaceutical, transport, electronics, agriculture etc. Due to rise in technological advancement in Nano engineering, the nanomaterial applications is combining with polylactic acids structures for creating up of new PLA composites with greater ability and quality. The PLA materials also dominates the packaging market. PLA bottles are durable, transparent, and easy to dispose. Bio plastics are expected to grow in near future, this type of material also contributes in environmental protection, as it reduces CO2. There are end uses of bio plastics like foods packaging applications, materials used in interior of automobiles, household applications and other applications.
There are many drivers contributing positively in the growth of the polylactic acid market like enormous uses of polylactic acid in end users industries. Polylactic is used in industries such as food processing and packaging, textiles, electronics, bio medical etc., the PLA materials are fulfilling the needs of individuals without affecting the environment. The consumer’s preferences is also shifting towards use of bio degradable and eco-friendly products. The companies are also investing in the bio plastics as it is expected to grow in near future and is a revenue generated market.
Non-biodegradable plastics is stronger as compare to polylactic acid or bio plastics, this acts as a restraints in the growth of polylactic acids market. Due to its brittle characteristics the polylactic acid is not that strong in comparison to the other petro chemical based materials such as plastics. The non-bio degradable plastics are made up using synthetic man-made materials, which is manufactured using petro chemical process. The non-bio degradable plastics are strong, flexible, easy to use etc. These types of plastics are stronger as compare to bio plastics. The natural process without the use of petro chemical substances decreases the tensile quality of bio plastics as compare to commonly used plastics.
The global polylactic acid market is regionally divided into North America, Europe, Asia pacific and rest of the world. North America is the global leader in polylactic acid market, in 2015 it accounted for approximately 52.3% of total polylactic acid market. The North America region is expected to continue to be the leader due to supportive legal framework, rising consumer’s awareness towards bio degradable products, large production capacity and high quality of infrastructure in the manufacturing up of the polylactic acid. The Asia pacific and Europe is the fastest growing polylactic acid market, as in Asia pacific increase in population base, frequency in adaptability of bio products. Rise in production facilities in Thailand and China and adoption of PLA products in South Korea, Taiwan, Japan and India enhances the growth of polylactic acid market in Asia pacific. In Europe the major drivers which affects the market is governments regulation towards use of biodegradable and natural products, technological advancement in the field of bio engineering and consumers preferences towards bio degradable and nature friendly products increases the global polylactic acids market in Europe region. This region is also growing at a faster CAGR. Rest of the world shares a low market in global polylactic acid market due to less knowledge about the benefits of the products, low industrialization and less number of manufacturing industries. Government is not taking any part in this type of countries region for the growth of the bio plastics.
Companies like Teijin Ltd, The DOW chemical company, Corbion N.V, Meredian holding group, Inc., Natureworks LLC, Henan Jindan lactic acid technology co. Ltd, Synbra Technologies Ltd, BASF SE, Galactic S.A etc. this company uses merger acquisition, diversifications, new products developments, partnership with other companies.
