The report anticipates the global Polylactic Acid (PLA) to reach $5.2 billion by 2020 with a healthy CAGR of 19.5% during the analyzed period. Asia Pacific will be the fastest growing market at a CAGR of 21.6%
Portland, OR -- (ReleaseWire) -- 06/19/2014 --Allied Market Research publishes a report titled - “Polylactic Acid (PLA) Market in Packaging, Textile, Agriculture, Transportation, Bio-Medical, Electronics and Others - Global Industry Size, Company Share, Growth, Trends, Strategic Analysis and Forecast, 2012 – 2020.”
The report anticipates the global Polylactic Acid (PLA) to reach $5.2 billion by 2020 with a healthy CAGR of 19.5% during the analyzed period. Asia Pacific will be the fastest growing market at a CAGR of 21.6% during this period, whereas Europe will maintain its lead in terms of revenue until 2020, despite having a comparatively slower growth.
To view the complete report, visit us at http://www.alliedmarketresearch.com/polylactic-acid-market
“Governments across the globe have been instrumental in imposing ban on the use of fossil fuel-based products such as plastic bags and are also providing incentives for bio-based PLA production. Moreover, the rising petrochemical prices in association with growing awareness for environment safety have been the prime contributors towards the growth of Polylactic Acid market” state AMR analysts Sarah Clark and Ranjan Singh. “The ongoing research on reinforcement of PLA with other materials would bring opportunities for PLA with much improved products in future.” add the analysts.
The main driving factors for the cost effectiveness of PLA market are its abundance availability and low cost. However, “Need for industrial composting to completely degrade PLA, will act as an important restraint” said Clark and Singh.
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The market is divided into application and raw materials. The applications market is further divided into Packaging, Textile (Woven and non-woven), Electronics, Biomedical, Agriculture, and other such applications. The raw materials studied in this report include Corn, Tapioca, Sugarcane and Wheat.
The geographical segmentation includes North America, Europe, Asia Pacific and rest of the world. Government subsidies and abundant feedstock would help the market to grow rapidly in the Asia Pacific region. The report analyzed that the Asia Pacific region would register a CAGR of 21.6% during the forecast period. Europe is expected to continue leading the PLA market in terms of revenue.
Some of the top players identified by this report are:
Nova Chemicals Corporation
Exxon Mobil Chemical
Mitsubishi Chemical Corporation (MCC)
China Petroleum & Chemical Corporation (Sinopec)
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