The global polylactic acid market size is expected to experience exponential growth by reaching USD 2,306,708.2 thousand by 2028. This information is published by Fortune Business Insights in its latest report, titled, “Polylactic Acid Market, 2021-2028.” The report further observes that the market stood at USD 698,200.9 thousand in 2020 and is projected to exhibit a CAGR of 16.3% between 2021 and 2028.
Increasing Demand for Polylactic Acid (PLA) and Composites in Medical Industry
In September 2020, Total Corbion PLA announced its plan to build its second PLA facility with an aim to manufacture up to 100,000 tons of PLA and its composites annually. According to the company, the new plant will be operational from 2024 at Grandpuits, France. The growing demand for biocompatible and biodegradable polymers across the medical industry for tissue engineering, medical implants, drug delivery systems, and orthopedic devices is expected to boost the market’s demand in the forthcoming years.
We have bifurcated the market based on application and region. On the basis of application, the market is categorized into packaging, textiles, consumer Goods, agriculture & horticulture, and others. Lastly, based on region, the market is segmented into Europe, Asia-Pacific, Latin America, the Middle East and Africa, and North America.
What does the Report Provide? The market report provides in-depth analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Increasing Demand for Sustainable Energy Systems to Augment Polylactic Acid Market Growth
Polylactic acid (PLA) provides several eco-friendly advantages such as reduced reliance on fossil resources, significant decrease in carbon footprint, and others compared to other carbon-based products. For instance, about 0.5 kg CO2 eq/kg is the global warming potential (GWP) of PLA that is much less than other fossil-based copolymers such as PET, PS, PE, and PP. Therefore, the growing focus on reducing the carbon emissions is expected to propel the product’s demand in the forthcoming years. Moreover, the rising e-commerce platforms such as Amazon, Flipkart, ebay, and Alibaba that has witnessed surge in online sales is expected to boost the global polylactic market growth in the forthcoming years.
Further Report Findings:
- Europe is expected to remain at the forefront and hold the highest position in the global polylactic acid market during the forecast period. This is attributable to the increasing demand for exotic fruits and vegetables that is propelling the adoption of biodegradable packaging materials such as polylactic acid. Europe stood at USD 285,573.1 thousand in 2020.
- The market in North America is expected to showcase exponential growth backed by the evolving consumer lifestyle and the growing consumption of organic food products between 2021 and 2028.
- Based on application, the packaging segment is anticipated to hold a significant polylactic acid market share during the forecast period. This is ascribable to the growing demand for PLA from several industrial applications such as medical, automotive, food & beverage, and others globally.
Facility Expansion by Prominent Companies to Strengthen Their Market Positions The global market for polylactic acid is consolidated by major companies focusing on maintaining their presence by focusing on expanding their facilities to cater to the growing industrial demand. Furthermore, other key players are striving to maintain their presence by adopting strategies such as collaboration, merger and acquisition, and partnership that is expected to contribute to the growth of the global marketplace.
Information source: https://www.fortunebusinessinsights.com/polylactic-acid-pla-market-103429