Polylactic Acid Market estimated to reach $851.5 million by 2019
According to new market research, the global Polylactic Acid market also known as PLA, was valued at $304.9 million in 2014, which is projected to reach $851.5 million by 2019, at a CAGR of 22.8% during 2014-2019.
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.
Polylactic acid is one the significant raw materials for numerous industrial applications, such as food packaging, medical, automotive, agriculture, and others.
The packaging segment accounted for the largest share of 54.6% in 2014. Increasing demand for packaging from various industries, such as food & beverage, medical, and others is driving the growth of the PLA market.
NatureWorks LLC (U.S.), Teijin Limited (Japan), BASF SE (Germany), Corbion N.V. (Netherlands), Synbra Technology B.V. (Netherlands), Nantong Jiuding Biological Engineering Co., Ltd. (China), Sulzer AG (Switzerland), ThyssenKrupp AG (Germany), Futerro (Belgium), and The Dow Chemical Company (U.S.) are some of the leading companies operating in this market.
The statistics are given by “Global Polylactic Acid Market Research by Application (Packaging, Fibers, Injection Molding, Others), by Geography (North America, Europe, Asia-Pacific, RoW) – Analysis and Forecast to 2019”. Objective of the study is to analyse the market trends, share, growth & restraining factors and projection supported by market estimates and forecasts.
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