Polylactic acid or polylactide is a thermoplastic polymer with the backbone formula. Polylactic acid is formed by condensation of lactic acid with the loss of water. It also can be obtained by the ring opening polymerisation of lactide.
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Uses of Polylactic Acid:
- Biodegradable plastic:
Polylactic acid is biodegradable. That’s why it is used in food handling and medical implants as it can be biodegraded inside the human body. But it can also be toxic when absorbed or inhaled into skin or eyes as a vapours or liquid during the manufacturing process.
- Preservation of food:
With advancement of new technologies, usage of lactic acid in food and beverages can help in preventing the deterioration of food quality over time. So it will help in preserving the food for some more time I’d we use lactic acid.
Market Outlook of Polylactic Acid:
According to a study, the global market of lactic acid is 1.1 billion US dollars in the year 2020. It is expected to reach 2.1 billion US dollars by the year 2025. The expected CAGR rate in this period of 2020 to 2025 is 12.8% in terms of value. The important driver of Polylactic acid market is the rising awareness among general consumers to use biodegradable plastics. The way our environment is deteriorating day by day, it becomes essential for us to be aware about using the plastics which will be biodegradable.
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Asia Pacific is increasing its percentage in the global market of Polylactic acid due to three main reasons.
- Growing export of food and beverages.
It is helping the market of Polylactic acid in Asia Pacific as the use of the same is increasing in the said sector.
- New technology:
Asia Pacific is way ahead of its counterparts in the technologies. New and advanced technologies are helping them to create unique ways to use Polylactic acid and expand its market.
- Support of Government
Government support helps the country to create new laws regarding the use of Polylactic acid and its market expansion.
North America has the largest share in the market for lactic acid in the global market in terms of value. The expansion of lactic acid market is entirely driven by the growth of US market. Although these two have been important players of Global Market of Polylactic acid, but Belgium, Netherlands, US, India and China also contribute a significant amount to the share of global market.
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Impact of Covid19 on the Market of Polylactic Acid:
In the year 2020, Covid19 has influenced each and every sector of the global market, so as the market of Polylactic acid.
As people become more concerned about immunity and social distancing, it creates differences in the choices they make.
That’s why, people go more for biodegradable plastics and packaged food rather than street foods. So these small changes create big impact on the global market of Polylactic acid. So this results in the expansion of market of Polylactic acid even in the year 2020 when the whole economy was almost shut down. Another good thing is that, the change that has been created is increasing day by day; this resulting in the expansion of the market more.
Conclusion:
In recent times, the increase in environmental concerns and waste management issues have resulted in a shift towards the usage of sustainable and biodegradable products mainly plastics by general people. This shift has increased the global market size of Polylactic acid.
There has been a detailed study of the market expansion and its drivers by NPCS. You can go through their detailed report on how the market of Polylactic acid is changing globally and how the shift in the choices of people affect the same.
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