The global polylactic acid market size is expected to experienceexponential growth by reaching USD 2,306,708.2thousand by 2028. This information is published by Fortune Business Insights inits latest report, titled, “PolylacticAcid Market, 2021-2028.”The report further observes that the market stoodat USD 698,200.9 thousand in 2020 andis projected to exhibit a CAGR of 16.3% between 2021 and 2028.
Increasing Demand for Polylactic Acid(PLA) and Composites in Medical Industry
In September2020, TotalCorbion PLA announced its plan to build its second PLA facility with an aim tomanufacture up to 100,000 tons of PLA and its composites annually. According tothe company, the new plant will be operational from 2024 at Grandpuits, France.The growing demand for biocompatible and biodegradable polymersacross the medical industry for tissue engineering, medical implants, drugdelivery systems, and orthopedic devices is expected to boost the market’sdemand in the forthcoming years.
Market Segmentation:
We havebifurcated the market based on application and region. On the basis ofapplication, 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.
Salient Features of the Report
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.
DRIVINGFACTORS
Increasing Demandfor Sustainable Energy Systems to Augment Polylactic Acid Market Growth
Polylactic acid (PLA) provides severaleco-friendly advantages such as reduced reliance on fossil resources,significant decrease in carbon footprint, and others compared to othercarbon-based products. For instance, about 0.5 kg CO2eq/kg is theglobal warming potential (GWP) of PLA that is much less than other fossil-basedcopolymers such as PET, PS, PE, and PP. Therefore, the growing focus onreducing the carbon emissions is expected to propel the product’s demand in theforthcoming years. Moreover, the rising e-commerce platforms such as Amazon,Flipkart,ebay, and Alibaba that has witnessed surge in online sales is expectedto boost the global polylactic market growth in the forthcoming years.
FurtherReport Findings:
· Europeis expected to remain at the forefront and hold the highest position in theglobal polylactic acid market during the forecast period. This is attributableto the increasing demand for exotic fruits and vegetables that is propellingthe adoption of biodegradable packaging materials such as polylactic acid.Europe stood at USD 285,573.1 thousand in 2020.
· Themarket in North America is expected to showcase exponential growth backed bythe evolving consumer lifestyle and the growing consumption of organic foodproducts between 2021 and 2028.
· Basedon application, the packaging segment is anticipated to hold a significantpolylactic acid market share during the forecast period. This is ascribable tothe growing demand for PLA from several industrial applications such as medical,automotive, food & beverage, and others globally.
COMPETITIVE LANDSCAPE
FacilityExpansion by Prominent Companies to Strengthen Their Market Positions
The globalmarket for polylactic acid is consolidated by major companies focusing onmaintaining their presence by focusing on expanding their facilities to caterto the growing industrial demand. Furthermore, other key players are strivingto maintain their presence by adopting strategies such as collaboration, mergerand acquisition, and partnership that is expected to contribute to the growthof the global marketplace.
IndustryDevelopment:
· November 2020–SulzerChemtech announced its support forB&F PLA to develop China’s first-ever fully-integrated sugar-to-PLA(polylactic acid) plant in Bengbu, Anhui Province. The plant is expected toadopt the crystallization, distillation, and polymerization technology fromSulzer to produce 30,000 tons of PLA annually.
Listof the Companies Profiled in the Global Market:
· NatureWorks (Minnetonka, Minnesota, United States)
· TotalCorbion PLA (Gorinchem, Netherlands)
· BASF SE (Ludwigshafen, Germany)
· Sulzer (Winterthur, Switzerland)
· Other Key Players
Information source:
https://www.fortunebusinessinsights.com/polylactic-acid-pla-market-103429
