The global polylactic acid market is expected to grow at a CAGR of 19.99% during the period 2017-2021.
The report, Global Polylactic Acid Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the Key vendors operating in this market.
One trend in the market is increasing use of PLA by automotive manufacturers. PLA meets all the performance specifications that have been formulated by original equipment manufacturers (OEM), except for abrasion resistance and flammability. It is found that fabrics derived from PLA perform equally or better than that derived from PET. PLA materials are being increasingly adopted as they ensure lightweight parts in comparison with synthetic counterparts.
According to the report, one driver in the market is easy availability of raw materials. PLA is commonly produced from plant-based raw materials, which are easily available. The production process of PLA involves the use of corn-starch or sugarcane as raw materials. These are easily available in the market, thereby acting as a driver for the global PLA market during the forecast period. Lactic acid is obtained from the fermentation of starch or sugar and then it is used in the production of PLA which is more biodegradable than conventional plastic that is derived from petrochemicals.
Further, the report states that one challenge in the market is lack of consumer awareness and acceptance. The awareness of consumers on the need to use PLA is low in developing countries. Consumers are using non-renewable petrochemical based plastics that will have an adverse impact on the environment. Creating awareness on the benefits of using PLA for applications such as packaging and other end-user applications, along with the need to protect the environment, is an essential factor for market growth. In addition, understanding the basics of bioplastics, such as the difference between bioplastics and petroleum-based plastics is essential to carry out effective composting process.