Polylactic Acid is a polyester derived from natural resources such as corn starch or starch or sugarcane. PLA Packaging is a bioplastic form of packaging which is bio-degradable and can be decomposed. The vast industrialization results in the generation of abundant amount of waste generation which resulted in an increase in carbon footprints.
Thus, the practices to reduce waste generation and carbon footprint has been employed by the industries and government over the last few years and PLA Packaging is the result of these efforts. The major usage of PLA Packaging is in the food & beverage and cosmetics products. As the food & beverage products, demand is increasing due to the increase in the number of consumers, it is expected that the PLA Packaging market is expected to grow substantially during the forecast period.
Other properties of the PLA Packaging material are that they are lightweight, produce fewer greenhouse gases during the production, durable, and easy to handle during the transportation and logistics operation. Polymer materials are derived from petroleum which prices fluctuate continuously and PLA Packaging is the efficient alternatives to such packaging material.
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PLA Packaging Market: Dynamics
The factors which drive the PLA Packaging market are properties such as lightweight and durable, shift towards the usage of bio-degradable products by manufacturers as well as consumers, rise in demand for food & vegetables, government aid to use bio-degradable material and sustainability as PLA Packaging is replacing the plastic-based materials.
The factors which restrain the PLA Packaging market are available of alternatives such as flexible paper, heat sensitiveness and cost-inefficient as the composting system for complete degradation requires a huge amount of expenditure.
The PLA Packaging market on a global scale is dominated by North America in terms of value. The region is expected to keep dominance in the PLA Packaging market with a stagnant growth rate during the forecast period due to a highly flourished industrial area and economic stability. Europe followed by North America is the largest share contributor in the PLA Packaging market due to increasing concerns over sustainability and expected to grow at a moderate growth rate during the forecast period.
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Asia Pacific region and especially countries such as China, Japan, India and South Korea, expected to grow at the linear growth rate in the PLA Packaging market during the forecast period due to the emerging economies and increase in demand for consumer goods. Latin America and Middle East & Africa are the regions that are expected to grow at a slower rate in the PLA Packaging market during the forecast period due to industrialization and globalization in this particular region.
PLA Packaging Market: Key Players
Some of the key players in PLA Packaging market are NatureWorks LLC, Corbion Purac BV, Hisun Biomaterials, Nantong Jiuding Biological Engineering Co. Ltd, Chongqing bofei biochemical products co., ltd., Futerro, BASF SE, Danimer Scientific, Synbra Technology BV, Hitachi Ltd., Sulzer Ltd., Zhejiang Hisun Biomaterials Co., Ltd., Thyssenkrupp AG, Teijin Ltd, Total-Corbion, Pyramid, Mitsui Chemicals, Inc., Braskem, CSM N.V., The Dow Chemical Company, Eco-Products, Inc., Biopac Ltd., Huizhou Yang Rui Printing and Packaging Co., Ltd., Dart Container Corporation and Chien Fua Bio-Tech Industry Co., Ltd.
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PLA Packaging Market: Impact of COVID-19
The outbreak of the COVID-19 pandemic has severely affected the market to a great extent and the PLA Packaging market is not an exception to this. Since the PLA Packaging market is based on bio-degradable properties, it is expected that the PLA Packaging market has a lucrative value during the forecast period but during the course of the outbreak of COVID-19 pandemic, the PLA Packaging market is expected to go through the minimum value.
