Polylactic Acid Market to Record Growth at 26.6% CAGR During the Forecast Period 2022-2030

Posted on 2023-01-06 by researchinsights in Chemicals // 0 Comments

San Francisco, California , USA, Jan 06, 2023 — /EPR Network/ —

Polylactic Acid Industry Overview

The global polylactic acid market size was valued at USD 566.74 million in 2021 and is expected to advance at a compound annual growth rate (CAGR) of over 26.6% from 2022 to 2030.

Growing demand for the product is mainly driven by the end-use industries such as agriculture, transport, textile, and packaging. Compared to conventional plastics, low carbon emission producing polylactic acid is significantly boosting the demand for the product globally. Rising demand for flexible packaging is fuelling the growth of the packaging industry globally. The increasing need for packaged foods, snacks, and ready-to-eat meals, among others, is substantially propelling the growth of the packaging industry. Thus, the growing packaging industry is further anticipated to create requirements for PLA during the forecast period.

Gather more insights about the market drivers, restrains and growth of the Global Polylactic Acid Market

Amid the global COVID-19 pandemic situation, polylactic acid has widely been used in the production of microwaveable containers, such as disposable cutlery and food containers. Beneficial properties of packaged containers such as aesthetic appeal, better printability, resistance to grease & oil, and others, are positively impacting the growing inclusion of PLA in the formulation of food packaging products globally.

According to The Verge, the growing flexible packaging industry is expected to create significant demand for polylactic acid during the forecast period. Lifestyle changes of consumers, modern retail trades, and the increasing popularity of quick-service restaurants are prominently fueling flexible packaging growth.

Polylactic acid is used in the manufacture of components used in the automotive sector. Polylactic acids are used in applications such as the interior parts and hood under components. This product is known for reducing its carbon footprint owing to its high bio content. It offers numerous properties such as UV resistance, impact resistance, high gloss, dimensional stability, and colorability. These factors make it an alternative to most traditional plastics such as polyethylene terephthalate, polycarbonate, polybutylene terephthalate, acrylonitrile butadiene styrene, and polyamide, which are preferred for automotive engine compartments and interiors.

Browse through Grand View Research’s Plastics, Polymers & Resins Industry Research Reports.

Polyimide Films Market – The global polyimide films market size was valued at USD 2.20 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.4% from 2022 to 2030.
Long Fiber Thermoplastics Market – The global long-fiber thermoplastics market size was estimated at USD 4.06 billion in 2021 and is expected to exhibit a compound annual growth rate (CAGR) of 9.7% from 2022 to 2030.

Polylactic Acid Market Segmentation

Grand View Research has segmented the global polylactic acid market on the basis of end-use and region:

Polylactic Acid End-use Outlook (Volume, Tons; Revenue, USD Thousand, 2019 – 2030)
- Packaging
- Agriculture
- Automotive & Transport
- Electronics
- Textile
- Others
Polylactic Acid Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2019 – 2030)
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)

Key Companies profiled:

Some prominent players in the global Polylactic Acid market include

Total Corbion PLA
Nature Works LLC
SUPLA (JIANGSU SUPLA BIOPLASTICS CO., LTD.)
Futerro
COFCO
Jiangxi Keyuan Bio-Material Co., Ltd.
Shanghai Tong-Jie-Liang Biomaterials Co., Ltd.
Zhejiang Hisun Biomaterials Co., Ltd.

Order a free sample PDF of the Polylactic Acid Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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