The markets for polylactic acid (PLA) and lactic acid are experiencing high growth owing to increasing awareness among consumers and plastic manufacturers about the environment, according to a new report by MarketsandMarkets.
The polylactic acid market is set to grow at a CAGR of 20.8 per cent over the next five years, says the analyst in the report, ‘Lactic Acid and Polylactic Acid Market by Application - Global Trends & Forecasts to 2019’.Both markets are driven by the existing key market players and new product launches are their preferred strategy to sustain competition, it says.