Theglobal polylactic acid market size is expected to experience exponential growth by reachingUSD 2,306,708.2 thousand by 2028. Thisinformation 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 projectedto exhibit a CAGR of 16.3% between 2021 and 2028.
IncreasingDemand for Polylactic Acid (PLA) and Composites in Medical Industry
In September 2020, Total Corbion PLA announced its plan to build its second PLA facilitywith an aim to manufacture up to 100,000 tons of PLA and its compositesannually. According to the company, the new plant will be operational from 2024at Grandpuits, France. The growing demand for biocompatible and biodegradablepolymers across the medical industry for tissue engineering, medical implants,drug delivery systems, and orthopedic devices is expected to boost the market’sdemand in the forthcoming years.
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 marketis segmented into Europe, Asia-Pacific, Latin America, the Middle East andAfrica, and North America.
What does the Report Provide?
The market report provides in-depth analysis of several factors such as thekey drivers and restraints that will impact growth. Additionally, the reportprovides insights into the regional analysis that covers different regions,contributing to the growth of the market. It includes the competitive landscapethat involves the leading companies and the adoption of strategies to announcepartnerships, introduce new products, and collaborate to further contribute tothe growth of the market between 2021 and 2028. Moreover, the research analysthas adopted several research methodologies to extract information about thecurrent trends and industry developments that will drive the market growth inthe forthcoming years.
Information source: https://www.fortunebusinessinsights.com/polylactic-acid-pla-market-103429
