The global polylactic acid market size is anticipated to reach USD 1.5 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 15.9% from 2020 to 2027. Changing lifestyle preferences of consumers, modern retail trades, and the increasing popularity of quick-service restaurants are prominently fueling the growth of flexible packaging. The growing flexible packaging industry is expected to create significant demand for polylactic acid (PLA) during the forecast period.
Polylactic acid is majorly utilized to produce microwaveable containers, including food containers and disposable cutlery. Multiple beneficial properties, including resistance to grease and oil, improved aesthetic appeal, and better printability, are positively impacting the demand for PLA in the formulation of food packaging products across the globe.
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In the textile industry, polylactic acid is extruded into fibers, which are then used to manufacture various products, including upholstery material, casual and sports apparel, and diapers. Furthermore, rising demand for protective apparel and equipment due to the outbreak of COVID-19 is anticipated to fuel the demand for PLA in the textile and medical end-use segments.
Polylactic acid is manufactured from renewable sources, and hence it is biodegradable. PLA offers properties, which are at par or better than conventionally produced plastics. Growing awareness among the consumers regarding the need for recyclability, sustainability, and green packaging solutions is expected to drive the global PLA demand over the forecast period. Packaging products based on bioplastics, which includes rigid packaging and flexible packaging, has witnessed regulatory support owing to the reduction in greenhouse gas (GHG) emissions.
Polylactic Acid Market Report Highlights
• The packaging was the largest end-use segment in 2019. Food packaging is the major factor driving the demand for PLA in the packaging industry. Polylactic acid is widely utilized for fresh food packaging and manufacturing bottles, jars, and containers
• The textiles end-use segment is expected to emerge as the fastest-growing segment in the forecast period owing to increasing demand for polylactic acid in filaments and fibers for textiles and nonwovens
• As of 2019, North America accounted for more than 40.0% share of the overall revenue. Increasing demand for 3D printing filaments and the availability of raw materials are assisting the market growth in the region.
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Polylactic Acid Market Segmentation
Grand View Research has segmented the global polylactic acid market on the basis of end-use and region:
PLA End-use Outlook (Volume, Tons; Revenue, USD Thousand, 2016 - 2027)
• Packaging
• Agriculture
• Automotive & Transport
• Electronics
• Textiles
• Others
PLA Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2016 - 2027)
• North America
o The U.S.
o Canada
o Mexico
• Europe
o Germany
o The U.K.
o France
o Italy
o The Netherlands
• Asia Pacific
o China
o India
o Japan
o Indonesia
o Malaysia
o The Philippines
• Central & South America
o Brazil
• Middle East & Africa
List of Key Players of Polylactic Acid (PLA) Market
• Total Corbion PLA
• NatureWorks LLC
• COFCO
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.