According to the recent study the Polylactic Acid Market is projected to reach an estimated $7.4 billion by 2028 from $3.2 billion in 2022, at a CAGR of 15.1% from 2023 to 2028. Growth in this market is primarily driven by increasing government regulation and environment friendly and better mechanical properties as compared to other biopolymers.
Browse 107 figures / charts and 68 tables in this 242 -page report to understand trends, opportunities and forecast in polylactic acid market by product type (PLLA, PDLA, and PDLLA), end use (packaging, bio-medical, textile, agriculture, electronics, and others), raw material (corn starch, sugarcane & sugar beet, cassava, and others), product form (film & sheet, fiber, thermoforming, coating, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Packaging market is expected to remain the largest segment during the forecast period.”
Based on end use industry, the polylactic acid market is segmented into packaging, bio-medical, textile, agriculture, electronics, and others. Lucintel forecasts that the packaging market is expected to remain the largest segment due to its biodegradable properties and favorable government policies.
“Within the polylactic acid market, the L-Lactic segment is expected to remain the largest product type”
Based on product type the L-Lactic segment is expected to witness the highest growth over the forecast period due to its increasing usage in packaging, biomedical, textile, and agriculture industry.
“Europe will dominate the polylactic acid market in near future”
Europe is expected to remain the largest market and will witness the highest growth over the forecast period supported by stringent government regulations, biodegradable, and mechanical properties.
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Major players of polylactic acid market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. Natureworks, Total Corbion, Pyramid Bioplastics, Weforyou, Zhejiang Hisun Group, Jiangsu SUPLA Bioplastic Co. Ltd., Synbra Technology bv, Sulzer, Toray Industries Inc., Futerro are among the major polylactic acid providers.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or click on this link https://www.lucintel.com/polylactic-acid-market.aspx or [email protected]