San Francisco, California (PRWEB) May 14, 2014
The global poly lactic acid (PLA) market is expected to reach USD 2,169.6 million by 2020, according to a new study by Grand View Research, Inc. The global lactic acid market is expected to reach USD 4,312.2 million by 2020, fueled by growing PLA demand. Increasing bioplastics demand coupled with growing adoption of PLA for packaging products is expected to drive the market over the next six years. Favorable regulatory scenario for environmentally friendly products is also expected to give impetus to the global market over the forecast period.
Increasing crude oil prices are expected to drive PLA demand, since majority of plastics are manufactured using petroleum-based resources. PLA is compostable and environmentally friendly; therefore, it proves ideal for food packaging and other consumer products. Inferior performance of PLA products as compared to conventional plastics may pose a barrier to industry growth over the forecast period. Changing consumer preferences and increasing demand for personal care is expected to enhance lactic acid market penetration in skin care applications used for anti-acne, skin lightening and anti-aging products.
The report “Lactic Acid And Poly Lactic Acid (PLA) Market By Application (Packaging, Agriculture, Transport, Electronics, Textiles) Analysis And Segment Forecasts To 2020,” is available now to Grand View Research customers at http://www.grandviewresearch.com/industry-analysis/lactic-acid-and-poly-lactic-acid-market.
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Further key findings from the study suggest:
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For the purpose of this study, Grand View Research has segmented the global lactic acid and PLA market on the basis of application and region:
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