Polylactic Acid Market and Share 2021 - Future Growth Analysis by Business Revenue, Top Opportunities, Manufacturers, Global Trends Forecast to 2028 | Fortune Business Insights™
The global ''polylactic acid market size'' is expected togain momentum by reaching USD 2,306,708.2 thousand by 2028 while exhibiting animpressive CAGR of 16.3% between 2021 and 2028. Fortune Business Insightspublished this information in its latest report, titled, “Polylactic AcidMarket Size, Share & COVID-19 Impact Analysis, By Application (Packaging,Textiles, Consumer Goods, Agriculture & Horticulture, and Others), andRegional Forecast, 2021-2028.” The report further mentions that themarket stood at USD 698,200.9 thousand in 2020. The growth is attributable tothe rising packaging industry and the growing demand for biodegradable plasticsthat will propel the demand for advanced polylactic acid during the forecastperiod.
COVID-19 Leads to Reduced Adoption of PLA Owing to IndustrialShutdown
- 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 to reduced industrial demandfor PLA and other plastic packaging products. Moreover, several governmentagencies have banned the use of single-use plastics citing no provision for thebiodegradation of the materials. This is expected to hamper the market growthin the short run.
However, proactive initiatives from the government and privatecompanies are expected to favor the growth of the market in the forthcomingyears. 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.
List of the Companies Profiled in the Global PLA Market:
- NatureWorks (Minnetonka, Minnesota, United States)
- Total Corbion PLA (Gorinchem, Netherlands)
- BASF SE (Ludwigshafen, Germany)
- Sulzer (Winterthur, Switzerland)
- Other Key Players
Study Period: 2016-2027
Base Year: 2019
Forecast Period: 2020-2027
Historical Period: 2016-2018
Key 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, basedon application, the packaging segment is expected to experience considerablegrowth due to the increasing adoption of this acid for food packaging and thegrowing focus on adopting biodegradable plastics as packaging materials byseveral 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 the polylactic acid report includes adetailed analysis using several research methodologies and focuses on crucialaspects such as leading companies, applications, and products. It furtherincludes accurate insights into the latest market trends and highlights vitalindustry developments. In addition to this, the report covers various factorsthat have contributed to the growth of 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 around80% of the land-based plastic sources account for the overall marine pollutionglobally. The rising concerns over the disposal of plastic is expected to boostthe adoption of biodegradable plastics such as polylactic acid that are derivedfrom biological raw materials across the packaging sector. The increasingadoption of sustainable packaging materials backed by the surging demand forpackaged goods across supermarkets and retail stores is, therefore, expected tobode well for the global polylactic acid market growth during the forecastperiod.
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 theforthcoming years. This is attributable to the increasing demand for organicand natural food products that is likely to drive the demand for polylacticacid for packaging purposes in the region.
North America – The market in the region isexpected to showcase exponential growth in the forthcoming years. This isascribable to factors such as the increasing consumption of ready-to-eatpackaged food products that has witnessed massive surge since the advent of theCOVID-19 pandemic.
Asia-Pacific – The region is expected toregister significant polylactic acid market share backed by the growing demandfor convenience food products due to high disposable income and the growingpopulation in the region between 2021 and 2028.
COMPETITIVE LANDSCAPE
Product Innovation by Prominent Companies to Maintain their MarketDominance
The global market is fragmented by the presence of major companiesfocusing on maintaining their dominance by introducing innovative products andfurther expanding their portfolio. In addition to this, other key players inthe global marketplace are leveraging the opportunities to maintain theirpresence by adopting strategies such as facility expansion, merger andacquisition, and partnership that is likely to bode well for the market growthduring the forecast period.
Polylactic Acid Market report Focus on:
- Extensive product offerings
- Customer research services
- Robust research methodology
- Comprehensive reports
- Latest technological developments
- Value chain analysis
- Potential Market opportunities
- Growth dynamics
- Quality assurance
- Post-sales support
- Regular report updates
Reasons to Purchase this Report:
- Comprehensive analysis of the market growth drivers, obstacles, opportunities, and other related challenges.
- Tracks the developments, such as new product launches, agreements, mergers and acquisitions, geographical expansions, and joint ventures.
- Identifies market restraints and boosters.
- Identifies all the possible segments present in the market to aid organizations in strategic business planning.
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.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/polylactic-acid-pla-market-103429
Detailed Table of Content:
- 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 Global Polylactic Acid Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
TOC Continued…!
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