PUNE, India, Jan. 10, 2019 (GLOBE NEWSWIRE) -- The global polylactic acid (PLA) market was valued around US$ 2.23 Bn in 2017 and is anticipated to expand at a stable CAGR above 20.5% during the forecast period 2018 to 2026. According to the report titled “Polylactic Acid (PLA) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2018-2026”. Growing application in the cosmetics and personal care industry, ongoing advancements in science and technology, increasing consumer awareness and government incentives are some of the fundamental factors that are driving the global polylactic acid (PLA) market growth globally. The market in the North America is likely to dominate the overall market during the forecast time frame due to rising consumption of biodegradable polymers, technological advancements, and presence of leading manufacturing companies in the region.
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Growing use of sugarcane raw material to drive the market growth
Based on raw material, the global polylactic acid (PLA) market is segmented into sugarcane, corn, cassava, and other crops including wheat, rice, potato and sweet sorghum. The sugarcane segment accumulated the highest market share approximately 10.0% in 2017 and anticipated to maintain its dominance in the market over the forecast period. Raw sugar, extricated from sugarcane or sugar beet, is one of the primary feedstock used to produce lactic acids and its derivatives. Sugarcane-based lactic acid is projected to witness a high demand over the forecast years due to various research & development initiatives conducted in order to extend new manufacturing processes to support the production of bioplastics & biochemical made from sustainable feedstock. On the other hand, growing use of corn based lactic acid in the food industry for improving microbial quality, pH regulator and mineral fortification is anticipated to impel the overall polylactic acid (PLA) market growth over the upcoming years. On the other hand, in terms of application, the polylactic acid (PLA) market can be segmented into Industrial, food & beverages, pharmaceuticals, personal care and others. Food & beverages segment is anticipated to grow at highest growth rate during the forecast period owing to the growing penetration of lactic acid in the poultry, meat and seafood industries in order to enhance product ability to enhance flavors and increase life span.
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Growth in personal care industry expected to escalate the demand for polylactic acid (PLA)
The demand for polylactic acid products are increasing in the personal or skin care industry as the product improves skin lightening effects, accelerates cell renewal and exfoliation and enhances the collagen & elastin synthesis. Rapid invention of innovative products with focus on formulation improvement for a particular consumer group is anticipated to fuel the market growth. Moreover, the growing demand for fermented foods such as canned vegetables, yogurt, and butter is escalating the demand for lactic acid products.
Large production facilities and growth In food industry to fuel the North America market growth
Geographically, the global polylactic acid (PLA) market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America accumulated the highest market share in 2017. This growth is mainly attributed to the presence of leading manufacturing companies and introduction of innovative products. North America is anticipated to grow at significant CAGR over the forecast period. Rising consumption of biodegradable polymers and growing composting infrastructure are propelling the regional market growth. Growth in drug manufacturing is supplementing the demand for polylactic acid products in the U.S. Asia Pacific is also forecasted to witness a considerable growth over the forecast years owing to growing focus on product development, rising investments in research & development activities, and increasing production capacities. Moreover, expanding base of FMCG companies in China and India is augmenting the overall market growth.
Market Players
The polylactic acid (PLA) market is consolidated with limited number of manufacturers. The company profiling of key players in the market includes company overview, major business strategies and revenues. The key players of the market are Danimer Scientific LLC, Zhejiang Hisun Biomaterials Co., Ltd, Nature Works LLC, Nantong Jiuding Biological Engineering Co., Ltd, Spectrum Chemical Manufacturing Corp. NatureWorks LLC, Synbra Technology BV, Hawkins, Inc., Corbion Purac and Chongqing Bofei Biochemical Products Co. Ltd.
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