A new report, entitled the ‘Europe Polylactic Acid (PLA) Market Report and Forecast 2021-2026’, is now available from ResearchAndMarkets.com.
According to the figures in this study, the European market for PLA achieved a volume of about 103 kT in 2020. With an expected CAGR of 12% in the forecast period of 2021-2026, this is projected to reach nearly 200.5 kT by 2026. This growth is mainly being driven by the rising demand for bioplastics in the region. A breakdown of expected growth per region is also provided.
Polylactic acid is a biopolyester, derived from natural resources, such as corn starch, tapioca roots, and sugarcane. Industrially compostable and recyclable at the end of life, it is increasingly being used in the production of bioplastics. It is an FDA-approved material that is utilised in food packaging, surgical, and clinical applications. Polylactic acid can be processed through injection moulding, blow moulding, film extrusion, fibre spinning, and thermoforming and has better thermal processability in comparison to other bioplastics.
PLA has found broad application in the packaging industry, as it enables packaging manufacturers to curb their carbon footprint. In addition, heightened demand for polylactic acid polymers in the textile industry, partly as a result of the increasing eco-consciousness among consumers, will also continue to drive industry growth. PLA is also commonly found in agricultural applications, as well as in medical products and electronics.
The report looks at market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the key players in the industry. These major players include NatureWorks LLC, Total Corbion PLA, Futerro and others.
Another growth driver, write the report’s authors, is the increasing number of investments in the research and development of polylactic acid production in the forecast period.