The new report, "Polylactic Acid (PLA) Market - Global Opportunity Analysis and Industry Forecast, 2014 2020", published by Allied Market Research state that, the polylactic acid market was worth $305.6 million in 2014 and is projected to grow at a CAGR of 15.9% during 2015-2020 owing to the rising environmental awareness, increasing popularity of newer applications and the favorable government policies. notes that packaging application segment would continue to dominate the global polylactic acid market during 2014-2020.
Polylactic acid (PLA) is a biodegradable and compostable thermoplastic produced from fermentable sugar available in various renewable sources, such as corn starch, sugar cane, tapioca roots and wheat. The easy availability of low-cost raw materials would boost market growth. In addition, it would increase the popularity of the most recent applications (such as coated cellophane, agricultural padding, nonwoven fibers and active packaging among others) through various end-user industries such as packaging Food and beverages, agriculture, electronics, textiles, biotic and others.
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Key Findings of Polylactic Acid Market
• Bio-medical application segment would register the highest CAGR of 22.4%, in terms of volume, from 2015-2020.
• In terms of revenue, Asia Pacific market is expected to resister the highest CAGR during the forecast period
• China is projected to be one of the most lucrative markets in the Asia Pacific region during 20142020.
Analyst Review :
The factors that are currently impacting the PLA market currently are awareness on environment safety, increasing price of substitutes and raw materials of substitutes such as petrochemicals. Government across the globe have imposed ban on the use of plastic bags and also provide incentives for PLA