The global polylactic acid market size is expected to gain momentum by reaching USD 2,306,708.2 thousand by 2028 while exhibiting an impressive CAGR of 16.3% between 2021 and 2028. Fortune Business Insights published this information in its latest report, titled, “Polylactic Acid Market Size, Share & COVID-19 Impact Analysis, By Application (Packaging, Textiles, Consumer Goods, Agriculture & Horticulture, and Others), and Regional Forecast, 2021-2028.” The report further mentions that the market stood at USD 698,200.9 thousand in 2020. The growth is attributable to the rising packaging industry and the growing demand for biodegradable plastics that will propel the demand for advanced polylactic acid during the forecast period.
COVID-19 Leads to Reduced Adoption of PLA Owing to Industrial Shutdown
- In April 2020, the International Monetary Fund (IMF) estimated a 3% fall in the overall global economic activity in 2020, which is believed to be higher than the 2009 economic slowdown.
The shutdown of industries has led to reduced industrial demand for PLA and other plastic packaging products. Moreover, several government agencies have banned the use of single-use plastics citing no provision for the biodegradation of the materials. This is expected to hamper the market growth in the short run.
However, proactive initiatives from the government and private companies are expected to favor the growth of the market in the forthcoming years. For instance,
- November 2020 – Total Corbion PLA released its whitepaper that explains its position on the preferred end-of-life options for PLA bioplastics. The company further outlined the importance of PLA products and its applications that can aid in contributing towards effective functioning of a circular economy.
List of the Companies Profiled in the Global PLA Market:
- NatureWorks (Minnetonka, Minnesota, United States)
- Total Corbion PLA (Gorinchem, Netherlands)
- BASF SE (Ludwigshafen, Germany)
- Sulzer (Winterthur, Switzerland)
- Other Key Players
Key Market Segmentation:
We have segmented the market based on application and region. On the basis of application, the market is divided into packaging, textiles, consumer Goods, agriculture & horticulture, and others. Additionally, based on application, the packaging segment is expected to experience considerable growth due to the increasing adoption of this acid for food packaging and the growing focus on adopting biodegradable plastics as packaging materials by several industries globally.
Lastly, based on region, the market is bifurcated into Europe, Latin America, Asia-Pacific, North America, and the Middle East and Africa.
What does the report include?
The global market for the polylactic acid report includes a detailed analysis using several research methodologies and focuses on crucial aspects such as leading companies, applications, and products. It further includes accurate insights into the latest market trends and highlights vital industry developments. In addition to this, the report covers various factors that have contributed to the growth of market growth between 2021 and 2028.
Rising Packaging Industry to Favor Market Growth
According to the United Nations Joint Group of Experts on the Scientific Aspects of Marine Pollution (GESAMP), it is estimated that around 80% of the land-based plastic sources account for the overall marine pollution globally. The rising concerns over the disposal of plastic is expected to boost the adoption of biodegradable plastics such as polylactic acid that are derived from biological raw materials across the packaging sector. The increasing adoption of sustainable packaging materials backed by the surging demand for packaged goods across supermarkets and retail stores is, therefore, expected to bode well for the global polylactic acid market growth during the forecast period.
Europe – The region stood at USD 285,573.1 thousand in 2020 and is expected to hold the highest position in the global market in the forthcoming years. This is attributable to the increasing demand for organic and natural food products that is likely to drive the demand for polylactic acid for packaging purposes in the region.
North America – The market in the region is expected to showcase exponential growth in the forthcoming years. This is ascribable to factors such as the increasing consumption of ready-to-eat packaged food products that has witnessed massive surge since the advent of the COVID-19 pandemic.
Asia-Pacific – The region is expected to register significant polylactic acid market share backed by the growing demand for convenience food products due to high disposable income and the growing population in the region between 2021 and 2028.
Product Innovation by Prominent Companies to Maintain their Market Dominance
The global market is fragmented by the presence of major companies focusing on maintaining their dominance by introducing innovative products and further expanding their portfolio. In addition to this, other key players in the global marketplace are leveraging the opportunities to maintain their presence by adopting strategies such as facility expansion, merger and acquisition, and partnership that is likely to bode well for the market growth during the forecast period.
- October 2019 – Evonik introduced the first-ever bioresorbable series of polylactide-polyethylene glycol (PLA-PEG) copolymers. The company reports that the copolymers can be extensively adopted for implantable medical device applications.
Browse Detailed Summary of Research Report with TOC:
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