Shift in Consumer Preference Towards Eco-friendly Plastic Products to Fuel Growth of the Bio-polylactic Acid (PLA) Films Market
Heightened consumer awareness about sustainable plastic solutions and increasing efforts to eliminate the use of non-biodegradable conventional plastics contribute to the growth of bio-polylactic acid films market. Consumers in both developing and developed regions are increasingly concerned about environmental issues such as greenhouse gas emissions, fossil fuel depletion, and oil price volatility. As a result, the use of disposable and renewable alternatives, such as bio-polylactic acid film, has increased, thus driving the growth of bio-polylactic acid films market. For example, PLA has a global warming potential (GWP) of 0.5 kg COy eq/kg. In comparison to other common fossil-based polymers like PS, PET, PP, and PE, this represents a 75% reduction in carbon footprint.
With increased emphasis on sustainability and favourable government regulations for green procurement policies, PLA manufacturers have significant market opportunities in new end-use industries such as electronics, biomedical, and automotive. According to ZVEI Dia Elektroindustrie, China's electronics sector is worth EUR 2,337 billion in 2019, with China accounting for more than half of global manufacturing, and is expected to increase at 4%, 11%, and 8% Y-o-Y in 2020, 2021, and 2022.
Manufacturers are heavily investing in R&D activities for the use of PLA in a variety of medical applications, such as screws, stitching materials, and implants. PLA is used in the production of medical devices and equipment, which is driving the bio-polylactic acid films market ahead. In September 2020, Nature Works has launched a series of manufacturing technology projects, including new lactide monomer purification technologies to increase the availability of ingeo biopolymer from its Blair site. The availability of completely ingeo (PLA) biomaterials is predicted to grow by 10% as a result of this.
Increased Demand for Bio-polylactic Acid Films in Food and Beverage Industry to Drive Market Growth
The food and beverage industry currently dominates the bio-polylactic acid films market. Bio-polylactic acid films are widely used in food packaging because they increase food sustainability and quality. Biodegradable materials are increasingly being used in food packaging by restaurant chains, and the food processing industry. Consumer awareness of food safety is also quickly growing, as some plastics have been found to be carcinogens. Furthermore, the medical and pharmaceutical segment is expected to grow at a significant rate over the forecast period. Bio-PLA films are widely used in the pharmaceutical industry due to polylactic acid's non-carcinogenic and non-toxic effects on the human body, which makes them suitable for use in biopharmaceutical applications such as drug delivery systems, clips, and sutures.
Rising Demand for Biodegradable Packaging in Asia Pacific to Drive Growth of Bio-polylactic Acid Films Market
Asia Pacific is expected to dominate the global bio-polylactic acid films market. As a result of rapid urbanisation, people's lifestyles are constantly changing. People in cities have adopted a more modern way of life, which has increased the use of bio-polylactic acid films as a premium product for a variety of home uses, including packaging. Factors such as rising demand for biodegradable packaging, faster electronic product manufacturing, increased digital printing, rising food and grocery retail sales, and the expansion of the pharmaceutical industry are all driving rapid urbanisation, resulting in increased demand for bio-PLA films in this region.
China has the largest economy in the Asia Pacific region and one of the world's largest manufacturing and production bases. Furthermore, the Chinese food processing industry is maturing and experiencing moderate growth. Processed and packaged frozen food products, particularly dairy, baby food, and confectionery products, are becoming increasingly popular, which is driving the food processing industry. According to the National Bureau of Statistics of China, the food industry in China generated a total profit of approximately 621 billion yuan in 2020, up from approximately 577.5 billion yuan the previous year. Food manufacturing contributed approximately 179.1 billion yuan to total profits.
The bio-polylactic acid films market in North America is expected to benefit from an increase in the consumption of biodegradable polymers. The presence of prominent manufacturing companies in North America such as Nature Works LLC, and Total Corbion PLA is expected to have a beneficial impact on the region's bio-PLA market over the forecast period. For instance, in September 2020, Nature Works launched a series of manufacturing technology projects, including new lactide monomer purification technologies to increase the availability of ingeo biopolymer from the Blair manufacturing plant. This will boost the availability of completely ingeo (PLA) biomaterials by 10%, thereby boosting the expansion of bio-polylactic acid films market.
Global Bio-polylactic Acid Films Market: Competitive Landscape
Key companies in bio-polylactic acid films market are introducing new products alongside initiation collaborations, alliances, and partnership agreements. For instance, in June 2021, The Thailand Board of Investment has given its approval for the development of Nature Works' fully integrated Inge Polylactic Acid production plant. By 2024, the factory is expected to be operational, with a capacity of 75000 tons of Inge biopolymer. On the other hand, in January 2021, Sulzer Chemtech has been awarded a contract to deliver lactide production equipment to a project at Zhejiang Depei New Material Co.'s newest facility in Ningbo, Zhejiang Province, China.
A few of the players in global bio-polylactic acid films market include Amcorz plc, Futerro, Hubei HYF Packaging Co., Ltd, Mondi Group, Tejin Limited, TotalEnergiesCorbion, Natureworks LLC, Shandong Top Leader Plastic Packing Co., Ltd, Taghleef Industries Inc., and Xiamen Changsu Industries Co., Ltd.
Global Bio-polylactic Acid Films Market is Segmented as Below:
Key Elements Included In The Study: Global Bio-polylactic Acid (PLA) Films Market
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