- Opportunity and Forecast, 2016 - 2025
Polylactic acid or PLA is a biodegradable thermoplastic aliphatic polyester derived from renewable resources such as corn, starch, tapioca roots, sugarcane, and others. It has variety of applications in personal care packaging, electronics, agriculture, textile, bio-medical, and other industrial sectors.
Surge in demand for bioplastics, varying crude oil prices, and shift in consumer preference toward eco-friendly technology further supplement the global lactic acid and PLA industry. However, competitive prices and performance comparison with respect to conventional plastics are expected to pose challenges to the market players. However, high scope in various applications are expected to create new avenues in the industry.
The lactic acid and PLA industry is segmented on the basis of applications and geography. Applications of lactic acid covered in the study are industrial, food & beverage, pharmaceuticals, personal care, and others, whereas, applications of PLA mentioned in the research are packaging, agriculture, transport, textiles, electronics, and others. Geographically, the industry is divided based on regions, such as North America, Europe, Asia-Pacific, and LAMEA.
Prominent vendors operating in the market are BASF, Danimer Scientific LLC, Futerro, Galactic, Henan Jindan Lactic Acid Technology Co. Ltd., NatureWorks LLC, and PURAC. They have adopted expansion, merger & acquisition, partnerships, new product launches, collaborations, and other strategies to consolidate their position in the industry.
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