The globalpolylacticacid market size was USD 1,072.3million in 2023 and is projected to grow from USD 1,248.6 million in 2024 to
USD 4,220.0 million in 2032, exhibiting a CAGR of 16.3% during the forecast
period.This information ispublished by Fortune Business Insights in its latest report, titled, “Polylactic Acid Market, 2024-2032.”
IncreasingDemand for PLA and Composites in Medical Industry
In September 2020, TotalCorbion 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.
Market Segmentation:
We havebifurcated 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 ofseveral 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 2024 and 2032.
DRIVING FACTORS
Increasing Demand for Sustainable Energy Systems to Augment PolylacticAcid Market Growth
Polylactic acid (PLA) provides severaleco-friendly advantages such as reduced reliance on fossil resources,
significant decrease in carbon footprint, and others compared to other
carbon-based products.
