The US Polylactic Acid (PLA) Market is expected to grow at a CAGR of around 16.1% during the forecast period. Higher per capita economy, high usage of consumer electronics, automotive, plastic and packaging are the major factors contributing towards the market growth in the country. Presence of major players of PLA market which includes BASF SE, DuPont, Mitsubishi Chemical, Sigma Aldrich, Toray Group is augmenting the market for PLA in the US. The US has divided 66 chemicals into Petro?chemicals, Intermediates, Polymers & Rubber, Fertilizers, Inorganic Chemicals, and Specialties. Polymers are being used in various industries including automotive, food packaging, and agriculture industry of the US for polymer products.
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In addition, the food packaging industry is growing with a substantial rate in the US owing to the growing import and export of packaged food to other countries which include China, South Korea, India, and other Asian nations. South Korea is one of the key importers from the US. According to USDA (the US Department of Agriculture), the US exports have grown potentially in recent years owing to increased demand from South Korea. Consumer demand is growing substantially in South Korea for prepared and consumer-oriented foods. Packaged food is being preferred in South Korea coupled with the demand for ready to eat foods in the country. Trade has improved between these two countries due to the establishment of the FTA (Free Trade Agreement). Development of FTA plays a crucial role to encourage the imports and exports between the countries.
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The companies in the market include BASF SE, NatureWorks LLC, and DuPont de Nemours, Inc. To survive in the market, these players are adopting crucial strategies, such as mergers and acquisitions, product launches, and partnerships and collaborations. This enables the company to increase its competitiveness and attract significant share in the market. For instance, in June 2017, NatureWorks LLC signed an agreement with Plaxica’s Optipure chemical processing technology to produce D-lactic acid, serving as a building block for a further range of performance Ingeo PLA grades. This agreement will enable the company to expand the range of efficient PLA products.
Market Segmentation
US PLA Market by Raw Material
- Corn-based PLA
- Sugar-based PLA
- Cassava-based PLA
- Others
US PLA Market by Application
- Packaging
- Construction Material
- Catering and Tableware
- Agricultural Material
- Consumer Goods
- Electronic Material
- Automobile
- Others
Company Profiles
- BASF SE
- Corbion N.V.
- DuPont de Nemours, Inc.
- Merck KGaA
- MiniFIBERS, Inc.
- Mitsubishi Gas Chemical Co., Inc.
- NatureWorks LLC
- RTP Co.
- Sulzer Ltd.
- Toray Industries, Inc.
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
