Governments across the globe have been instrumental in imposing ban on the use of fossil fuel-based products such as plastic bags and are also providing incentives for bio-based PLA production.
Portland, Oregon (PRWEB UK) 30 May 2014
Research Beam publishes a latest report titled “Polylactic Acid (PLA) Market in Packaging, Textile, Agriculture, Transportation, Bio-Medical, Electronics and Others - Global Industry Size, Company Share, Growth, Trends, Strategic Analysis and Forecast, 2012 - 2020."
According to the report, the global poly-lactic acid market was valued at $1.3 billion in 2012, and it is forecast to attain a market size of $5.2 billion by 2020. The market is forecast to flourish at an impressive CAGR of 19.5% during the forecast period. Need for alternative to petroleum-based polymers, low production cost, bio-degradability, government incentives and environmental concerns are the key factors pushing the market. On the contrary, need for industrial composting and agricultural fiber alternatives are key restraining factors that are hindering the market growth.
To view the complete report, visit http://www.researchbeam.com/polylactic-acid-market
In the present market scenario, Europe leads the global market, owning one-third of the total revenue generated by the sale of PLA for varied applications. Europe is believed to continue leading the market throughout the analysis period. Stringent regulations in Europe concerning materials used in packaging, is the primary reason for the dominance of the region. However, Asia Pacific would reap benefits from the opportunities available in the region and prove to be the fastest growing geographic region. Favorable government regulations, policies to impose ban on plastic packaging and rising concerns regarding use of environment-friendly products are the factors creating opportunities in this region.
As per the report, raw materials used in PLA manufacturing include corn, sugarcane, tapioca, and wheat. Wheat and tapioca are the most extensively used raw materials by PLA manufacturers around the world. PLA finds its application in packaging, electronics, textile (woven and non-woven), agriculture and bio-medical. The packaging segment witnesses the highest adoption rate during the analysis period. However, textile and electronics market would witness a sharp rise due to its widespread adoption.
Key players dominating the global PLA market include Nova Chemicals Corporation, Dow Chemical, Eastman Chemical, Nature Works, DuPont Corporation, Bayer AG, Exxon Mobil Chemical, Mitsubishi Chemical Corporation (MCC), China Petroleum & Chemical, Corporation (Sinopec) and Braskem.
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