The global polylactic acid market size is expected togain 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, 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.
Source: -
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 demandfor polylactic acid (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 privatecompanies 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.
Market Segmentation:
We have segmented the market based on application and region. Onthe 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 polylactic 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 polylactic acid report includes a detailedanalysis using several research methodologies and focuses on crucial aspects
such as leading companies, application, and product. It further includes
accurate insights into latest market trends and highlights vital industry
developments. In addition to this, the report covers various factors that have
contributed to the growth of the market growth between 2021 and 2028.
