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 ofPLA 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 toreduced industrial demand for 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 thegovernment 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.
Market Segmentation:
We have segmented the market based onapplication 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 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 isbifurcated into Europe, Latin America, Asia-Pacific, North America, and the
Middle East and Africa.
What does the Report include?
The global market for polylactic acidreport includes a detailed analysis 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.
