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Polylactic Acid Market by End Use Industry (Packaging, Textile, Agricultural, Electronics, Bio-Medical and Others): Global Opportunity Analysis and Industry Forecast, 2022-2030

Polylactic Acid Market by End Use Industry (Packaging, Textile, Agricultural,...

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Polylactic Acid Market by End Use Industry (Packaging, Textile, Agricultural, Electronics, Bio-Medical and Others): Global Opportunity Analysis and Industry Forecast, 2022-2030
Polylactic Acid Market by End...
Report Code
RO3/128/1008

Publish Date
07/Mar/2023

Pages
200
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The global polylactic acid market size was US$ 0.7 billion in 2020. The global polylactic acid market size is estimated to reach US$ 3.4 billion by 2030, growing at a compound annual growth rate (CAGR) of 17.2% during the forecast period from 2021 to 2030.
The polymer of polylactic acid (PLA) varies from the repeatedly obtainable thermoplastic polymers. It's produced primarily from renewable resources like sugar cane. It is a famous material since it is reasonably affordable and has different beneficial mechanical qualities as compared to various biodegradable polymers. It is created mainly from plant feedstocks, like cassava, sugar cane, corn, and potato. Cellulosic materials, agricultural by-products, and greenhouse gases have all been examined as potential feedstocks.

Factors Influencing Market Growth

? The growth in demand for PLA in end-use industries, like packaging, textiles, and agriculture is mainly driving the overall market expansion.
? The lower carbon emissions produced by polylactic acid as compared to conventional polymers drive the expansion of the overall market.
? The growth in demand for flexible packaging products drives the overall market expansion.
? The higher production price as compared to different polymers due to the rising cost of raw materials is hindering the overall market expansion.

Effect of the COVID-19 Pandemic

COVID-19 had a severe impact on the overall market expansion. It spread around multiple nations worldwide and stopped the manufacturing activities of industrial sectors, which correspondingly hampered polylactic acid manufacturing as well. It is anticipated to have substantial effects on industrial players' processes, indirectly and directly focusing on consumer behaviors, labor shortages or stoppages, sales, inventory, business, manufacturing functions, and others.

Regional Analysis

Asia-Pacific is the fastest-growing region, growing at the highest CAGR during the forecast period in terms of revenue. This is due to the increase in need from multiple end-use sectors like electronics, packaging, biomedical, agriculture, and others.

Leading Competitors
The prominent players in the global polylactic acid market are:
? Total Corbion PLA
? Nature Works LLC
? COFCO
? Futerro
? Jiangxi Keyuan Bio-Material Co., Ltd.
? Zhejiang Hisun Biomaterials Co., Ltd.
? Shanghai Tong-Jie-Liang Biomaterials Co., Ltd.
? Corbion Purac
? Hisun Biomaterials
? Synbra Technology bv
? Others
Segmentation Analysis
The global polylactic acid market segmentation focuses on End Use Industries, and Region.
Segmentation on the basis of End-Use Industry
? 'Packaging
? Agriculture
? Electronics
? Textiles
? Bio-Medical
? Others

Segmentation on the basis of Region

? North America
? The U.S.
? Canada
? Mexico
? Europe
? Western Europe
? The UK
? Germany
? France
? Italy
? Spain
? Rest of Western Europe
? Eastern Europe
? Poland
? Russia
? Rest of Eastern Europe
? Asia Pacific
? China
? India
? Japan
? Australia & New Zealand
? ASEAN
? Rest of Asia Pacific
? Middle East & Africa (MEA)
? UAE
? Saudi Arabia
? South Africa
? Rest of MEA
? South America
? Brazil
? Argentina
? Rest of South America

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