The global polylacticacid (PLA) market size was USD 1,072.3 million in 2023 and is projected togrow 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. “Polylactic Acid Market,
2024-2032.” 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.
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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.
DRIVING FACTORS
Rising Packaging Industry to Favor Market Growth
According to the United Nations Joint Group of Experts on theScientific 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 in2020 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 isexpected 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 toregister 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 MarketDominance
The global market for polylactic acid is fragmented by thepresence 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.
