Polylactic acid global market estimated to grow to US$851.5 mln by 2019

19-Aug-16

The global polylactic acid market value is expected to reach US$851.5 mln by 2019 from levels of US$304.9 mln in 2014, at a CAGR of 22.8% from 2014 to 2019, as per Micro Market Monitor. The rising demand for PLA from end-use industries and increasing initiatives of the companies to expand their bio-based product portfolio is contributing to the growth of the global PLA market. North America is the largest market for PLA. Polylactic acid is one the significant raw materials for numerous industrial applications, such as food packaging, medical, automotive, agriculture, and others.
Polylactic acid is a biodegradable thermosetting polymer, which is produced from lactic acid. It is basically used an intermediate to manufacture plastics. The packaging segment accounts for a major share of this market. Bio-based packaging is primarily used in food & beverage packaging, medicine packaging, and others. The use of bio-based packaging offers better value in terms of functionality, quality, and performance. Agricultural wastes and natural additives are used to manufacture fibers, which in turn are used in biopolymer formulation. These fibers are used for food & beverage packaging. This factor may act as a restraint for the growth of PLA market.
North America was the largest PLA market in 2014. The region has potential for this product as various environmental regulations restrict the use of petroleum-based products, thus promoting the use of bio-based feedstock to manufacture chemicals. In addition, rising awareness regarding the harmful effects of petroleum-based products has led consumers towards bio-based products, which will also act as a driver for this market.