Global Bio-PLA Market - Segmented by End User Industry and Region - Growth, Trends and Forecast (2018-2023)
The global bio-polylactic acid (PLA) market is expected to grow at a high CAGR of 20.12%, in terms of volume, during the forecast period (2018 - 2023). The market is driven by the increasing demand in the packaging applications in the food & beverages and the growing demand from the agriculture industry. Also, the government support to promote eco-friendly products is also augmenting the market growth.
Increasing Demand for Packaging Applications
Food & beverage industry has been witnessing an increasing demand for bioproducts in the packaging sector over the past few years. According to PMMI, The Association for Packaging and Processing Technologies, the growing consumer preference for healthy foods and beverages, combined with shifting preference for natural and healthy products, is driving the market for eco-friendly products. Therefore, companies, in order to make healthy products, are incorporating bio-plastics, thereby, driving the market for bio-PLA.
Corn is the Largest Raw Material Segment
The PLA market is segmented on the basis of raw material, form, and end-user industry. Based on the raw material, corn has the largest share of approximately 65% as it is being increasingly used as a substitute for the conventional petroleum-based plastics. There are growing government initiatives in countries like China to boost the production of bioplastics in order to utilize its massive corn stock.
Asia-Pacific is the Fastest Growing Region
North America is the current market leader for bio-PLA accounting to share of approximately 35%. However, Asia-Pacific is expected to show the highest CAGR of 22.1% in terms of volume during the forecast period, this is due to the increasing demand from the packaging and healthcare sectors. Also, the growing customer awareness combined with the government support on the usage of eco-friendly products in many countries, such as China, India, etc., is expected to drive the market. In addition, the growing research in Japan in the field of biodegradable plastics is expected to provide several opportunities for the bio-PLA during the forecast period.
Major Players: NatureWorks LLC, Zhejiang Hisun Biomaterials Company Limited, Synterra PLA, Mitsubishi Chemicals, and Sulzer, among others.
Reason to Purchase this Report
To understand the impact of end-user industries on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating product type in the market
Countries that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)
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