DUBLIN--(BUSINESS WIRE)--The "Global Bio-PLA Market - Segmented by End User Industry and Region - Growth, Trends and Forecast (2018-2023)" report has been added to ResearchAndMarkets.com's offering.
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.
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.
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.
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.
- BASF SE
- Danimer Scientific
- Eastman Chemicals
- Henen Jindan Lactic Acid Technology
- Mitsubishi Chemical
- Wei Mon Industry
Key Topics Covered:
- Executive Summary
- Market Insights
- Market Dynamics
- Market Segmentation and Analysis
- Regional Market Analysis
- Future of the Market
- Competitive Landscape
- Company Profiles
For more information about this report, visit https://www.researchandmarkets.com/research/83k3f6/global_biopla?w=4.