Polylactic acid is a bio plastic derived from lactic acid Market. Lactic acid is derived by fermentation of corn and other raw materials. It has the second highest consumption volume compared to any bio plastic worldwide.
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Asia Pacific is the fastest growing market for polylactic acid (PLA). Availability of raw material in abundance and mass population is one of the major factor triggering the market growth. Low awareness is one of the major drawback of Asia Pacific Market. Japan, China, Taiwan, Korea, and Thailand are the most prominent market. Due to government banning the use of plastics and encouraging the use of bioplastics.
At present, major manufacturers of polylactic acid are situated in North America, Europe and China. In 2014, Europe is one the largest market for polylactic acid due to stringent government regulations related to use of synthetic plastics and rising environmental concerns are the factors triggering the market demand. However, due to raw material prices the production cost of PLA is high in this region. Europe was followed by North America and is the second largest market. It is projected to grow at a CAGR of 16.4% from 2015 to 2022 in terms of revenue. Availability of the raw materials in abundance is the major driver for PLA in this region.
In 2012, Mitsubishi launches industry’s first co-extruded multilayer film by using plant-based plastics. It is developed using bio plastics made from polylactic acid (PLA1) as part of its composition. It is already used by Prima Meat Packers, Ltd. for packaging of its two new products. Some of the major players are Natureworks, BASF, Mitsubishi and Teijin among others.