Polylactic Acid Market Top Manufacturers Analysis, Size Report and Growth Forecast to 2028
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.
DRIVING FACTORS
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.
REGIONAL INSIGHTS:
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.
COMPETITIVE LANDSCAPE
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.
Industry Development:
- 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:
https://www.fortunebusinessinsights.com/polylactic-acid-pla-market-103429
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