The global polylactic acid market is anticipated to have significant growth and will grow at an 18.3% CAGR during the forecast period 2021-2027 as PLA is widely used in several packaging applications of food & beverage and other consumer products which have a short shelf life. Also, due to its versatility, PLA can be employed in a variety of high-value applications across a wide range of industries, including textiles, construction, and automotive. Because of the rising demand and pricing for petroleum and petroleum-based products such as synthetic plastics, the industry prefers polylactic acid to conventional plastic. Furthermore, the rising awareness regarding environmental safety, rising demand, and application from several industry verticals to have green, eco-friendly packaging alternatives, less carbon footprint, increased demand for bioplastics, surging government initiatives to spread awareness will propel the growth of the polylactic acid market.

In November 2021, Danimer Scientific, Inc. and Total Corbion PLA, two leading bioplastics firms focused on the discovery and production of biodegradable materials, have announced a long-term collaboration for the supply of Luminy® PLA, a biobased polymer used to make compostable products.

The COVID-19 epidemic had a minor impact on the polylactic acid market, as increased demand for personal protective gear in the textile industry, as well as higher demand from the packaging industry due to improved sanitation, drove demand for polylactic acid.

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The packaging end-use industry contributes to the largest share in the polylactic acid market. Packaging's offers unique features that allow it to be used in a wide range of food and non-food applications, including cigarettes, biscuits, sugar confectioneries, baked goods, noodles, and other snacks. As e-commerce has grown in popularity, so has the need for more packaging. Furthermore, it is extensively adopted in the manufacturing of bottles, containers, jars along with fresh food packaging solutions. Consumer demand for sustainable packaging and growing environmental concerns around the world are driving businesses to utilize the material in a variety of packaging solutions.

Asia-Pacific is anticipated to have a high CAGR during the forecast period 2021-2027as they have major producers for packaging materials. The availability of raw material, prominence of environmentally friendly products, measures for pollution control, increased demand from packaging, textile, electronics industries will foster the growth of the polylactic acid market in the region.

Some of the major players in the global Polylactic Acid market include NatureWorks LLC, Zhejiang Hisun Biomaterials Co. Ltd, Sulzer Ltd, Futerro, Total Corbion PLA, BASF SE, Nantong Jiuding Biological Engineering Co., LTD, TORAY INDUSTRIES, INC., Evonik Industries, and Mitsubishi Chemical Corporation.

Source: VynZ Research