Polylactic Acid Market Is Estimated To Record a CAGR of Around 16.85% During The Forecast Period
Evolve Business Intelligence has published a research report on the Global Polylactic Acid Market, 2023–2033. The Global Polylactic Acid market is projected to exhibit a CAGR of around 16.85% during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Polylactic Acid Market: Total Corbion PLA, Nature Works LLC, COFCO, Futerro, Jiangxi Keyuan Bio-Material Co Ltd, Zhejiang Hisun Biomaterials Co Ltd, Shanghai Tong-Jie-Liang Biomaterials Co Ltd, Corbion Purac, Hisun Biomaterials, Synbra Technology bv.
Market Highlights
Global Polylactic Acid market is projected to be valued at USD 4.98 Billion by 2033, recording a CAGR of around 16.85% during the forecast period. Polylactic acid (PLA) is a biodegradable thermoplastic polymer derived from renewable resources, most commonly from plant-based sources such as corn starch or sugarcane. It belongs to the family of polyesters and is considered a sustainable alternative to traditional petroleum-based plastics. PLA can be processed through various methods, including injection molding, extrusion, and 3D printing. PLA has gained popularity in recent years due to its environmental benefits. It has a lower carbon footprint and produces fewer greenhouse gas emissions compared to conventional plastics. PLA is also compostable under specific conditions, meaning it can break down into natural elements in composting facilities, reducing waste and pollution.
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The COVID-19 pandemic had a profound and transformative impact on the Polylactic Acid (PLA) market. As the pandemic unfolded, there was a surge in demand for single-use and disposable products, such as food packaging and medical supplies, which are often made from PLA. This increased demand for PLA-based products stemmed from the need for hygienic and safe solutions during the health crisis. Additionally, the pandemic accelerated the shift towards sustainable and eco-friendly materials, with PLA being recognized as a viable alternative to traditional plastics. This awareness, coupled with the growing emphasis on sustainability, led to a further expansion of the PLA market, as businesses and consumers sought more environmentally friendly options.
Segmental Analysis
The Global Polylactic Acid market has been segmented based on Grade, and End-use.
Based on the Grade, the Polylactic Acid market is segmented into Thermoformation, Extrusion, Blow Molding, Injection Molding, and Others. The Thermoformation segment is expected to have a larger market share throughout the forecast period.
Based on End-use, the global Polylactic Acid market has been divided into Packaging, Agriculture, Automotive & Transport, Electronics, Textiles, and Others. The Packaging segment is anticipated to dominate the market.
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Regional Analysis
The Polylactic Acid market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, & Africa. North American region includes the United States, Canada, and Mexico. North America is a significant market for PLA due to the region’s focus on sustainability and growing awareness of environmentally friendly alternatives to traditional plastics. European countries have been at the forefront of adopting and promoting sustainable practices. The demand for PLA in Europe has been increasing steadily as governments and consumers alike emphasize reducing plastic waste and supporting eco-friendly solutions. The Asia-Pacific region, which includes countries such as China, Japan, India, South Korea, and others, is a major player in the global PLA market. The region’s rapidly growing population and increasing industrialization have driven demand for sustainable materials, leading to a significant rise in the use of PLA. South American countries have also shown a growing interest in sustainable solutions, and the PLA market has been gaining traction in this region as well. Brazil, Argentina, and Chile are among the key players in the South American PLA market. Although the PLA market in the Middle East and Africa is relatively smaller compared to other regions, there is increasing interest in adopting eco-friendly materials. As sustainability awareness rises and consumers demand more environmentally responsible products, the market for PLA is expected to see growth in this region.
