DUBLIN, Dec. 6, 2021 /PRNewswire/ -- The "Polylactic Acid - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Polylactic Acid Market to Reach $1.7 Billion by 2026
Global market for Polylactic Acid estimated at US$729.1 Million in the year 2020, is projected to reach a revised size of US$1.7 Billion by 2026, growing at a CAGR of 15.4% over the analysis period.
Packaging, one of the segments analyzed in the report, is projected to grow at a 17.4% CAGR to reach US$869.2 Million by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Textiles segment is readjusted to a revised 15.1% CAGR for the next 7-year period. This segment currently accounts for a 20% share of the global Polylactic Acid market.
The market will continue to benefit from strong demand from end-use industries owing to a number of factors. While the expanding market for ready-to-eat meals, packaged foods and snacks is compelling the food industry to use more of biodegradable materials such as PLA, the shift towards the material is led by its lesser carbon footprint.
Due to its favourable benefits profile, leading as well as emerging companies are expected to make PLA capacity additions, which would help the PLA market perform robustly over the coming decade. The demand is expected to come from its large-scale application in rigid containers used for storing yogurt, juice, water as well as many other food products in the future.
Further, the demand is increasing from the flexible packaging sector, and other end-users such as textiles, packaging, transport and agriculture. The popularity of PLA can be attributed to the packaging benefits the material provides, and therefore finds widespread application in fibers, chemical products, rigid containers, coated paper and films, as well as carpets.
In addition, the demand for PLA is increasing from the packaging industry in developed countries across North America, Europe and Japan. Besides the packaging and food industry, PLA is also finding use in various other applications in sectors including drug delivery systems, tissue engineering, long-term and temporary implantable devices, among other newly emerging areas of application.
Clinically, PLA also finds use as a biomedical scaffold for implants, drug delivery systems and theranostics. Together, these factors are expected to create opportunities for wide scale use of PLA across several different industries in the coming years. The U.S. Market is Estimated at $218.8 Million in 2021, While China is Forecast to Reach $203.8 Million by 2026
The Polylactic Acid market in the U.S. is estimated at US$218.8 Million in the year 2021. The country currently accounts for a 26.52% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$203.8Million in the year 2026 trailing a CAGR of 19.9% through the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 12.2% and 13.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 13.8% CAGR while Rest of European market (as defined in the study) will reach US$241 Million by the close of the analysis period. Key Topics Covered: I. METHODOLOGY II. EXECUTIVE SUMMARY 1. MARKET OVERVIEW
- A Prelude to Poly Lactic Acid
- Properties of PLA
- Different PLA Grades
- Advantages of using PLA
- Disadvantages of using PLA
- Applications of PLA
- Impact of Covid-19 and a Looming Global Recession
- COVID-19 Impact on Poly Lactic Acid Market
- Covid-19 Impact on End-use Applications of Polylactic Acid
- GLOBAL MARKET OVERVIEW
- Global Poly Lactic Acid Market to Witness Rapid Growth
- End-use Analysis
- Packaging Industry - The Largest Application Segment
- Regional Market Analysis
- Europe Continues to Hold Ground as the Largest Market for Poly Lactic Acid
- United States: Another Major Market
- Asia-Pacific to Spearhead Future Growth
- Other Regions
- Recent Market Activity
- WORLD BRANDS
2. FOCUS ON SELECT PLAYERS (Total 57 Featured)
- BASF SE
- COFCO Corporation
- Danimer Scientific
- Evonik Industries AG
- Futerro S.A.
- Galactic S.A.
- Jiangsu Supla Bioplastics Co. Ltd.
- Jiangxi Keyuan Bio-Material Co. Ltd.
- Mitsui Chemicals Inc.
- Musashino Chemical Laboratory, Ltd.
- Shanghai Tong-Jie-Liang Biomaterials Co. Ltd.
- Sulzer Ltd.
- Synbra Technology BV
- TEIJIN LIMITED.
- The DOW Chemical Company
- Total Corbion PLA
3. MARKET TRENDS & DRIVERS
- Impact of Plastic Ban Augers Well for the Poly Lactic Acid Demand
- Ban on Single Use Plastics to Impact Future Growth Prospects
- Increased Adoption of Bioplastics-based Materials by Prominent Players to Sustain Demand
- Increased Demand for PLA from Food Packaging Applications
- Biodegradable Nature of PLA Presents a Sustainable Option for Packaging Materials
- Rising Demand for Microwaveable and Disposable Food Containers Expands the Addressable Market for PLA
- Rise in Product Demand From Flexible Packaging
- Bio-Polylactic Acid (PLA) Films Market: A High-Growth Market
- Recovery in Automotive Sector and Rise in Demand for Auto Components to Boost Growth
- Low Carbon Footprint Due to High Bio Content Propel Uptake of PLA
- Growing Use of PLA in the Healthcare Space
- Production of PLA from Second Generation Biomass
- Recent Technological Advancements/Innovative PLA Solutions
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
- Total Companies Profiled: 57
For more information about this report visit https://www.researchandmarkets.com/r/v8ruux
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SOURCE Research and Markets