Increasing demand for sustainable packaging solutions is driving the market for polylactic acid
- Vikas Kumar
- July 30, 2022
- CHEMICAL, NEWS
- Polylactic acid market, Polylactic acid market Forecast, Polylactic acid market Growth, Polylactic acid market Share, Polylactic acid market size, Polylactic acid market Trend
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The global polylactic acid market is likely to showcase a growth of around 18% during the forecast period. This can be ascribed to the increasing government focus on reducing the use of single-use plastic, rising adoption of sustainable alternatives among consumers, and growing end-use industry focus on the circular economy model.
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Increasing focus on the circular economy or sustainability to meet the government’s target of reaching net-zero carbon emission by promoting the use of renewable sources and discarding or reducing the use of petrochemical products is escalating the demand for bioplastic like polylactic acid. Polylactic acid is the second most-produced bioplastic (after thermoplastic starch) and has similar properties to some of the widely used petrochemical plastics. It is used in 3D printing, beauty and household, building and construction, cards, cartons, non-food packaging, electronics and appliances, food & beverage packaging, food service ware, landscape and agriculture, and medical applications. Since the demand for end-use products is increasing owing to the growing population, changing lifestyles, and improving disposable income coupled with increasing adoption of sustainable products, thus increasing the demand for polylactic acid.
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Based on grades, the market is categorized into thermoforming, injection molding, extrusion, blow molding, and others. Among these, thermoforming accounted for a significant share in the market and is likely to maintain a strong position during the forecast period. This can be attributed to its fully compostable and degradable properties coupled with similar properties to a number of conventional petrochemical-based resins. As a result, it is used in many application areas like food & beverage packaging.
Based on end-user, the market is categorized into packaging, consumer goods, agricultural, textile, medical, and others. Among these, medical is expected to showcase significant growth over the forecast period owing to increasing investment in the sector to improve the healthcare infrastructure and rising demand for biodegradable plastics in several medical areas.
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For a better understanding of the market adoption of polylactic acid, the market is analyzed based on its worldwide presence in the countries such as North America (the United States, Canada, Rest of North America), Europe (Germany, the UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific is expected to showcase significant growth over the forecast period owing to the growing end-use industry, increasing regulation on reducing the use of non-degradable plastics, and rising adoption of sustainable packaging solutions among consumers.
Global Polylactic Acid Market Segmentation
Market Insight, by Grades
• Injection Molding
• Blow Molding
Market Insight, by End-User
• Consumer Goods
Market Insight, by Region
- North America Polylactic Acid Market
- The United States
- Rest of North America
- Europe Polylactic Acid Market
- The United Kingdom
- Rest of Europe
- Asia-Pacific Polylactic Acid Market
- Rest of Asia-Pacific
- Rest of World Polylactic Acid Market
Top Company Profiles
- NatureWorks LLC
- BASF SE
- TotalEnergies Corbion B.V.
- Futerro S.A.
- COFCO Group
- Mitsubishi Chemical Corporation
- Danimer Scientific Inc.
- Unitika Ltd.
- Evonik Industries AG
- Toray Industries Inc.