Chicago, July 29, 2022 (GLOBE NEWSWIRE) -- Polylactic Acid Market size is projected to grow from USD 1.0 billion in 2021 to USD 1.9 billion by 2026, at a CAGR of 12.2% between 2021 and 2026, according to a new report by MarketsandMarkets™. The major factors driving the market are rising demand of PLA in packaging industry, stringent waste management regulations in Europe, increased focus of government on green procurement policies, and shift in consumer preference toward eco-friendly and biodegradable plastic products. Moreover, development of new applications, high potential in emerging countries of APAC, and multi-functionalities of PLA is expected to drive the market during the forecast period.
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Major players in the PLA Market include:
- NatureWorks LLC (US),
- Total Corbion PLA (Netherlands),
- BASF SE (Germany),
- Futerro (Belgium),
- COFCO (China),
- Mitsubishi Chemicals Corporation (Japan),
- Danimer Scientific (US),
- UNITIKA LTD.(Japan),
- Evonik Industries (Germany), and
- TORAY INDUSTRIES, INC (Japan) are some of the leading players in the market.
These players have adopted various growth strategies to expand their presence in the market further. New product launch, investment & expansion, and merger & acquisition have been the leading strategies adopted by the major players in the last five years to strengthen their competitiveness and broaden their customer base in the global PLA market.
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NatureWorks LLC is one of the leading manufacturers of Polylactic Acid Market. The company has manufacturing plants in the North America, and Asia Pacific. In recent years, in recent years, NatureWorks LLC has adopted several business strategies to strengthen its position in the market. It has adopted various growth strategies, including investment & expansion, and new product launch, to maintain its position in PLA market. For instance, In June 2021, NatureWorks LLC invested USD 600 million for a PLA facility in Thailand. The company is focusing on increasing its annual PLA production capacity to 75,000 tons for Ingeo PLA grade.
Total Corbion PLA is one of the major player operating in PLA market. The company has manufacturing facilities in Asia Pacific, and planning to manufacture a new PLA production plant Europe which is expected to become operational by 2024. The company has adopted new product launch, investments & expansion, and collaboration strategies in order to broaden its product portfolio and maintain its position in the market. For instance, In October 2021, Total Corbion PLA developed a new grade of PLA derived for recycled waste as Luminy rPLA to strengthen its PLA product portfolio.
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