Confoil and BASF Collaborated to Create a Compostable Meal Tray
In June 2022, in collaboration with BASF, the Australian company Confoil that makes food packaging has created a paper-based food tray that is both certified compostable and dual ovenable. Inside the paper tray is coated with BASF's ecovio PS 1606, a biopolymer that is certified compostable and partially bio-based that was created especially for coating paper or board-based food packaging. The company's operations will be expanded in the international market as a result of this agreement.
Advancement of Technology to Accelerate Market Growth
In the polylactic acid market, technological development is a crucial trend that is becoming more popular. In order to deliver better products and maintain their competitiveness in the industry, major firms in the polylactic acid market are expanding in technologies and research & development, such as injection moulding technology. When using injection moulding, plastic components are heated until they are molten, then injected into a mould before cooling and solidifying. For instance, the world's first commercially accessible bioplastic product of its kind, Luminy PLA (Poly Lactic Acid), was introduced in October 2021 by US-based technology business Total Corbion PLA. Post-industrial and post-consumer trash are chemically recycled to make it.
Cost and Agricultural Feedstock Concerns will Impede Market Expansion
Processing polylactic acid is expensive when compared to standard plastics. Fuel oil prices are declining, making synthetic plastics less expensive, widening the price disparity. The production of less expensive biodegradable polymers has several technological challenges. The industry is shifting to bio-based feedstock, although about one-third of biodegradable plastics come from petrochemicals. Agricultural items like maize, cassava, and potatoes make up the majority of the bio-based feedstock currently used. A large industrial use of agricultural products, especially food crops, may create issues such as whether industrial use is in competition with the local food supply.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the polylactic acid (PLA) market plan acquisitions to improve their brand recognition globally. For instance, in June 2021, for $17.90 million, French biochemistry firm Carbios purchased Carbiolice (Euro 17.9 million). With this acquisition, Carbios is better positioned to expand its efforts involving the biodegradation of polymers beyond polylactic acid and create a brand-new class of PLA-based polymers that are 100% biodegradable in every environment. A French company called Carbiolice Capital is an expert in polymers and polylactic acid.
- In April 2021, a number of partner applications based on Luminy, a portfolio of polylactic resins (PLA) from Total Corbion PLA that comprises both standard and high heat grade PLA grades, were displayed.
- Total Corbion PLA
- NatureWorks LLC
- SUPLA (JIANGSU SUPLA BIOPLASTICS CO.. LTD.)
- Jiangxi Keyuan Bio-Material Co. Ltd
- Shanghai Tong-Jie-Liang Biomaterials Co., Ltd.
- Zhejiang Hisun Biomaterials Co., Ltd.
- The market in North America is expected to gain a huge portion of the global Polylactic acid (PLA) market share in the coming years due to government laws that favour the production of polylactic acid.
- The market in North America will be driven by changing consumer lifestyles as well as the increased need for packaged and ready-to-eat foods that are practical and have nutritional value.
- In the Asia Pacific, the growth in this region is primarily driven by rising regional awareness of the usage of bioplastics and an increase in research and development spending by significant market participants.
|Market Size in 2022
|USD 1.1 Billion
|Market Forecast in 2030
|USD 2.4 Billion
|Compound Annual Growth Rate
|Revenue (USD Million) and Volume (Kilo Tons)
|By Grades, By Application, By Industries and By Geography