The global polylactic acid market size is predicted to hit around US$ 2466.49 million by 2030 from US$ 573.69 million in 2020, with a CAGR of 15.9% from 2021 to 2030.
Crucial factors accountable for market growth are:
Key market Insights:
Emerging applications offered by polylactic acid are anticipated to create profitable growth prospects for the major players functioning in the global polylactic acid market. Polylactic acids are multifunctional in nature and the raw materials required for its production are easily available in both developed as well as emerging economies. PLA possesses great process ability, high transparency, along with ideal mechanical properties. Further, increasing focus of the government on the production and use of bioplastics is expected to create potential opportunities in target industry. Favorable government regulations are encouraging major companies for the production of polylactic acid. Further, technological advancements have reduced the cost of the polylactic acid which is among major factors used to replace the use of conventional plastic. Also, emerging countries across the globe are focusing on increasing PLA production in order to environmental concerns worldwide. This trend is expected to continue and will boost growth of the global industry in the near future.
COVID-19 Impact on Global Polylactic Acid Market
Outburst of COVID-19 has impacted on most of the key markets across the globe however COVID-19 is projected to have low impact on the target market as the use of Polylactic Acid is finding special significance. Due to COVID-19, adoption of the polylactic acid has been decreased in the fashion apparel market as the demand form the end use costumers has been decreased. On the other hand the demand for the personal protective apparel has been increased dramatically and in turn the adoption of the polylactic acid increased in the textile industry during the critical times of COVID-19. The outbreak of COVID-19 has encouraged the key operating players in the textile market to launch innovative products. Major industries including packaging, electronics, and bio-medical affected due to the distribution in the supply chain as well as lockdown situation worldwide. However, COVID-19 situation is resolving slowly and most of the industries are started their facilities at full capacity.
Future of Global Polylactic Acid Market
Due to ongoing COVID-19 pandemic, usage of polylactic acid has been increased in the textile industry which can have positive impact on the growth of the global polylactic acid over the forecast period. Packaging industry plays vital role in the growth of the polylactic acid industry. However, growing awareness among the consumers regarding heightened hygiene due to the pandemic has forced major packaging companies to innovate and come up with the advanced products and this challenge needs to overcome to get competitive edge in industry. PLA due to its excellent chemical properties, used in the range of applications as raw materials. So the major players in this industry as well as emerging companies are focusing on the capacity addition of polylactic acid this trend is expected to continue and will augment growth of the polylactic acid industry in the next 10 years.
Cornstarch Segment Reported Foremost Market Stake in 2020
Cornstarch segment recorded the prime market share in the global polylactic acid market by type in 2020.The sugarcane and sugar beet raw material segment is predictable to rise at a noteworthy CAGR during the forecast time-frame.
Packaging segment is projected to dominate the Application Segment of Polylactic Acid Market Revenue
On the basis of application segment the global market is segregated into packaging, agriculture, transport, electronics, textiles, and others. The packaging application segment is expected to dominate in terms of revenue over the forecast time frame. The growth is attributed to the growing demand for packaging from food and beverage and cosmetic industries across the globe. These factors are primarily responsible for the greater market share of packaging in the application segment of the polylactic acid Market. Automotive and transport segment will expand at a significant CAGR during the forecast time-frame.
North America is estimated to be the Largest Market for Polylactic Acid
The research report covers key trends and prospects of polylactic acid products across different geographical regions including North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Geographically, polylactic acid market is conquered by North America owing to favorable government mandates for the production of the polylactic acid, coupled with easy availability of the raw materials for production of polylactic acid in the countries of this region, especially in the United States. Asia-Pacific is expected to register the fast growth rate, on account of increasing research and development investment by key market players and increasing awareness regarding use of bioplastics in the region. Also, government in the region are offering subsidiaries for the production of biodegradable products in order to reduce the environmental concerns which is another factor anticipated to propel growth of the target industry in the countries of Asia Pacific region.
Top Players contending in the Market:
The companies focusing on research and development are expected to lead the global polylactic acid market. Leading competitors contending in global polylactic acid market are as follows:
In order to better recognize the current status of polylactic acid, and policies adopted by the foremost countries, Precedence Research predicted the future evolution of the polylactic acid market. This research study bids qualitative and quantitative insights on polylactic acid market and assessment of market size and growth trend for potential global market segments.
Key Market Developments:
Major Market Segments Covered:
By Raw Material
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