According to the latest research report released by the consulting firm Markets and Markets, the global lactic acid and polylactic acid (PLA) market will grow at a compound annual growth rate of 18.7% per annum because it can reduce dependence on petroleum raw materials. The market value is expected to reach in 2016. 3.831 billion U.S. dollars. The report pointed out that with the advancement of production technology and continuous improvement of performance, it is expected that the demand for polylactic acid will continue to grow.
Polylactic acid resin has been regarded as an excellent substitute for polyethylene terephthalate (PET), and its mechanical properties such as hardness, stiffness, and elasticity are suitable. The main obstacle to curbing market growth is still limited supply and high prices. In 2010, the global polylactic acid market value was approximately 1.194 billion U.S. dollars, mainly used in the packaging industry, accounting for approximately 60% of the overall market share in 2010. Europe and North America are the largest markets for polylactic acid, while the Asia Pacific region is the fastest growing market.
The report also pointed out that North America is the world's largest market for lactic acid, accounting for 35.8% of the overall market share in 2010; Europe and Asia Pacific are the second and third largest markets for lactic acid in the world, sharing 29.9% and 29.2% of the market share.
Polylactic acid resin has been regarded as an excellent substitute for polyethylene terephthalate (PET), and its mechanical properties such as hardness, stiffness, and elasticity are suitable. The main obstacle to curbing market growth is still limited supply and high prices. In 2010, the global polylactic acid market value was approximately 1.194 billion U.S. dollars, mainly used in the packaging industry, accounting for approximately 60% of the overall market share in 2010. Europe and North America are the largest markets for polylactic acid, while the Asia Pacific region is the fastest growing market.
The report also pointed out that North America is the world's largest market for lactic acid, accounting for 35.8% of the overall market share in 2010; Europe and Asia Pacific are the second and third largest markets for lactic acid in the world, sharing 29.9% and 29.2% of the market share.
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