Technological advancements, such as multilayer PLA films and atomic layer deposition (ALD), are expected to boost market growth during the forecast period.
According to a new report published by Allied Market Research, titled, Bio-polylactic Acid (PLA) Market by Technology and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global bio-PLA films market was valued at $354 million in 2016, and is estimated to reach $910 million by 2023, registering a CAGR of 14.5% from 2017 to 2023. In 2016, the multilayer segment accounted for more than half of the share of overall bio-PLA films market.
Asia-Pacific is expected to witness the highest growth rate from 2017 to 2023, owing to rise in demand for food packaging and medical applications. In addition, increase in consumer awareness and government support towards use of eco-friendly products propel the growth in China, India, Japan, and Thailand.
The key players profiled in the report are Natureworks LLC, Futerro, Tale & Lyle, Total Corbion PLA, Hiusan Biosciences, Toray Industries, Inc., Taghleef Industries, Amcor Ltd. Toyobo, and Avery Dennison Corporation.
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PLA is a bioplastic generally derived from animal feed corn that can be used for different purposes, including cold drink cups, deli and takeout containers, and fresh produce packaging. These films are also used to wrap organic food and premium & branded products. Furthermore, enhanced usage of these films in food packaging as an alternative to polypropylene and favorable governmental regulations for non-hazardous food packaging materials are expected to boost the market growth.
Rapid adoption of these films as a synthetic plastic in agricultural applications, such as cultivation of soft fruits and vegetables, has decreased harsh environmental impacts. Moreover, growth in end-user industries, such as home & personal care, medical and food industry, and increase in consumer spending power in developing countries augments the market growth. Furthermore, rapid utilization of these films is due to their low value-added properties such as negligible toxicity and bio-compatibility. However, variable product prices in comparison with existing counterparts and critical issues associated with these films, such as low thermal resistance and low impact resistance, are expected to restrain the market growth.
Key Findings of the Bio-polylactic Acid (PLA) Market:
- In 2016, Europe dominated the global market, constituting more than two-fifths of the total market share, in terms of both revenue and volume.
- U.S. was the leading consumer of bio-PLA films globally in 2016, and is expected to grow at a CAGR of 13.1% from 2017 to 2023.
- On the basis of technology, the atomic layer deposition (ALD) segment is estimated to grow at a CAGR of 16.9%, in terms of revenue.
- The multilayer segment accounted for more than half of the share of global bio-PLA films market.
- The food & beverages segment accounted for the highest share in 2016, and is estimated to grow at a CAGR of 15.3%.
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