Teijin Ltd., Thyssenkrupp AG, Synbra Technology BV, Hitachi Ltd., BASF SE, Futerro, Sulzer Ltd., NatureWorks LLC, Zheijiang Hisun Biomaterials Co., Ltd., and Total Corbion PLA are some key players operating in the polylactic acid market.
Vancouver, British Columbia, June 14, 2021 (GLOBE NEWSWIRE) -- The global polylactic acid Market is projected to reach USD 5,944.9 Million by 2027, according to a new report by Emergen Research. Growing awareness about rising environmental concerns and growing demand for sustainable and green packaging are key factors driving global market revenue growth.
Polylactic acid (PLA) is a thermoplastic aliphatic polyester acquired from natural resources like corn starch or tapioca roots. It is a bioplastic made from lactic acid which is commonly used in food and beverage industry for packaging. PLA production consumed around 35% of energy required for production of conventional plastics and also causes less GHG emissions. PLA is less costly as compared to other biodegradable polymers and is commonly used in various applications including textile, agriculture, electronics, and medical. Growing adoption of PLA among various end use industries, government initiatives to support and promote bio-polylactic acid and bioplastics are fueling global market growth. Increasing usage of polylactic acid of 3D printing, offering smooth finished product. In addition, high adoption of PLA in packaging sector owing to increasing demand for ready-to-eat meals, packaged food, snacks along with sustainable packaging are few factors fueling market growth. High utilization of PLA in automotive sector for manufacturing various components is further boosting market revenue growth.
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However, factors such as high costs of raw materials, and availability of agricultural fiber alternatives are key restraints that are expected to hamper global market growth throughout the forecast period.
Some key highlights in the report:
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Emergen Research has segmented the global polylactic acid (PLA) on the basis of product type, distribution channel, application, and region:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
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Regional Outlook (Revenue, USD Billion; 2017-2027)
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