Global Polylactic Acid Market to be dominated by utilization of polylactic acid in agriculture industry through 2028.
Growing
demand of polylactic acid in textile industry and initiatives taken by the
government to support the production of polylactic acid are the major drivers
for the Global Polylactic Acid Market.
According
to TechSci Research report, “Polylactic acid Market –Global Industry Size,
Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, the
Global Polylactic Acid Market stood at USD 692.34 million in 2022 and is
anticipated to register a high CAGR of 11.53% during the forecast period. This
can be ascribed to collaborations and partnerships among leading companies with
a diverse approach to merge the expertise of individual companies and to
strengthen their position in the market.
Polylactic
Acid (PLA), a bio-based and biodegradable polymer derived from renewable
sources, has emerged as a sustainable powerhouse that is reshaping various
sectors, including agriculture. With its exceptional properties and
eco-friendly profile, PLA is driving transformative changes in agriculture
practices around the world, propelling the global PLA market to new heights.
Traditionally, plastic mulch films have been used to enhance soil quality and
protect crops. PLA mulch films provide a sustainable alternative. These
biodegradable films break down into harmless components, eliminating the need
for time-consuming and costly removal after harvest. PLA-based erosion control
products, such as bio-blankets and mats, are gaining traction. These products
stabilize soil and protect it from erosion caused by wind and water.
PLA's
biodegradability ensures that these products degrade naturally over time,
leaving behind enriched soil. PLA-based biodegradable coatings can be applied
to seeds, enhancing their germination rates and protecting them from pests.
These coatings break down naturally, reducing the use of harmful chemicals in
agriculture. Moreover, greenhouses play a pivotal role in modern agriculture by
extending growing seasons and protecting crops. PLA greenhouse films provide a
sustainable alternative to traditional plastic films. They offer UV protection
and temperature regulation while being biodegradable and compostable. PLA is
biodegradable under controlled conditions, offering a solution to the textile
industry's persistent issue of synthetic fiber waste. While conventional
synthetic textiles contribute to microplastic pollution, PLA-based textiles
break down into harmless components when properly composted. PLA fibers can be
engineered to match the performance of conventional synthetic fibers. They
exhibit qualities such as moisture-wicking, breathability, and durability,
ensuring that consumers don't need to compromise comfort or functionality for
sustainability.
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Furthermore,
by utilizing PLA in textiles, brands and manufacturers can significantly reduce
the carbon footprint associated with their products. This resonates with the
global trend of carbon footprint reduction and drives the adoption of PLA
textiles. To incentivize the adoption of sustainable materials like PLA,
governments offer subsidies and grants to companies engaged in PLA production.
These financial incentives offset the initial costs associated with
transitioning from traditional plastics to PLA-based products, making them more
economically viable for businesses. Such support encourages manufacturers to
embrace PLA, boosting its production and usage across sectors. Government
agencies are leading by example by incorporating PLA-based products into their
procurement policies. By prioritizing the purchase of eco-friendly and
sustainable materials, governments provide a significant market pull for PLA
products. Research collaborations play a pivotal role in advancing the PLA
industry's technical know-how. From improving PLA's mechanical properties and
processing techniques to enhancing its compatibility with various applications,
collaborative research is accelerating innovation cycles.
In
2022, SEOUL, South Korea and CHICAGO- - (BUSINESS WIRE)- - LG Chem , a main
worldwide expanded synthetic organization, and ADM , a worldwide forerunner in
nourishment and biosolutions, held a marking function sending off two joint
endeavors for U.S. creation of lactic corrosive and polylactic corrosive to
satisfy developing need for a wide assortment of plant-based items, including
bioplastics. The primary joint endeavor, GreenWise Lactic, would deliver as
much as 150,000 tons of high-virtue corn-based lactic corrosive every year. ADM
would be the larger part proprietor of GreenWise, and would contribute
maturation limit from its Decatur bioproducts office to the endeavor. The
subsequent joint endeavor, LG Chem Illinois Biochem, would be greater part claimed
by LG Chem. It would expand upon LG Chem's skill in bioplastics to fabricate an
office that will utilize item from GreenWise Lactic to create roughly 75,000
tons of polylactic corrosive (PLA) each year.
However,
lack of composting infrastructure and complexities associated with production
of polylactic acid are expected to slow down the growth of the market in the
coming years.
The
Global Polylactic Acid Market segmentation is based on Raw Material, Form,
End-Use Industry, Grade, Application, By Company, and Region.
Some of the
major companies operating in the Global Polylactic Acid Market include:
- Corbion
N.V.
- Galactic
S.A.
- Henan
Jindan Lactic Acid Co., Ltd.
- Jungbunzlauer
AG
- Musashino
Chemical Laboratory, Ltd.
- BASF
SE
- NatureWorks
- Henan
Jindan Lactic Acid Technology
- Mitsubishi
Chemical Holdings Corporation
- Synbra
Technology BV
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“Certain
regions, particularly the Asia Pacific, are projected to exert significant
demand for polylactic acid worldwide. The growth in the competitive landscape
and the presence of well-established companies in the market, committed to
enhancing their polylactic acid productivity each year, are expected to
contribute to a remarkable growth of the Global Polylactic Acid Market in the
forecast period," said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based Global management consulting firm.
Global
Polylactic Acid Market By Raw Material (Corn, Cassava, Sugarcane, Sugar Beet,
Others), By Application (Rigid Thermoforms, Films & Sheets, Bottles,
Others), By End-Use Industry (Packaging, Consumer Goods, Agriculture, Textile,
Bio-Medical, Others), By Grade (Thermoforming, Injection Molding, Extrusion,
Blow Molding, Others), By Region, Competition, Forecast and Opportunities, 2029
has evaluated the
future growth potential of Global Polylactic Acid Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide innovative market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Polylactic Acid Market.
Contact
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