Pune, India, Feb. 20, 2023 (GLOBE NEWSWIRE) -- The global polylactic acid market size is expected to experience exponential growth by reaching USD 2,306,708.2 thousand by 2028. This information is published by Fortune Business Insights in its latest report, titled, “Polylactic Acid Market, 2021-2028.” The report further observes that the market stood at USD 698,200.9 thousand in 2020 and is projected to exhibit a CAGR of 16.3% between 2021 and 2028.
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List of the Companies Profiled in the Global Market:
- NatureWorks (Minnetonka, Minnesota, United States)
- Total Corbion PLA (Gorinchem, Netherlands)
- BASF SE (Ludwigshafen, Germany)
- Sulzer (Winterthur, Switzerland)
- Other Key Players
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 16.03 % |
| 2028 Value Projection | USD 2,306,708.2 Thousand |
| Base Year | 2020 |
| Polylactic Acid Market in 2022 | 698,200.9 Thousand |
| Historical Data | 2017-2019 |
| No. of Pages | 140 |
| Segments Covered | By Product, By Source |
| Polylactic Acid Market Growth Drivers | Surging Demand for Sports Nutrition Supplements to Aid Market Augmentation |
| Increasing Trend of On-the-Go/Ready-to-Drink (RTD) Products to Contribute to Market Proliferation |
Increasing Demand for PLA and Composites in Medical Industry
In September 2020, Total Corbion 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 in 2024 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.
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Market Segmentation:
We have bifurcated 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 an in-depth analysis of several 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 2021 and 2028. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive market growth in the forthcoming years.
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DRIVING FACTORS
Increasing Demand for Sustainable Energy Systems to Augment Polylactic Acid Market Growth
Polylactic acid (PLA) provides several eco-friendly advantages such as reduced reliance on fossil resources, a significant decrease in carbon footprint, and others compared to other carbon-based products. For instance, about 0.5 kg CO2 eq/kg is the global warming potential (GWP) of PLA which is much less than other fossil-based copolymers such as PET, PS, PE, and PP. Therefore, the growing focus on reducing carbon emissions is expected to propel the product’s demand in the forthcoming years. Moreover, the rising e-commerce platforms such as Amazon, Flipkart, eBay, and Alibaba which have witnessed a surge in online sales are expected to boost the global polylactic market growth in the forthcoming years.
Further Report Findings:
- Europe is expected to remain at the forefront and hold the highest position in the global polylactic acid market during the forecast period. This is attributable to the increasing demand for exotic fruits and vegetables that is propelling the adoption of biodegradable packaging materials such as polylactic acid. Europe stood at USD 285,573.1 thousand in 2020.
- The market in North America is expected to showcase exponential growth backed by the evolving consumer lifestyle and the growing consumption of organic food products between 2021 and 2028.
- Based on application, the packaging segment is anticipated to hold a significant polylactic acid market share during the forecast period. This is ascribable to the growing demand for PLA from several industrial applications such as medical, automotive, food & beverage, and others globally.
COMPETITIVE LANDSCAPE
Facility Expansion by Prominent Companies to Strengthen Their Market Positions
The global market for polylactic acid is consolidated by major companies focusing on maintaining their presence by focusing on expanding their facilities to cater to the growing industrial demand. Furthermore, other key players are striving to maintain their presence by adopting strategies such as collaboration, merger and acquisition, and partnership that are expected to contribute to the growth of the global marketplace.
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- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on the Global Polylactic Acid Market
- Supply Chain Challenges
- Steps were taken by Government/Companies to overcome this impact
- Potential opportunities due to the COVID-19 outbreak
TOC Continued…!
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Industry Development:
- November 2020– Sulzer Chemtech announced its support for B&F PLA to develop China’s first-ever fully-integrated sugar-to-PLA (polylactic acid) plant in Bengbu, Anhui Province. The plant is expected to adopt the crystallization, distillation, and polymerization technology from Sulzer to produce 30,000 tons of PLA annually.
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