Polylactic Acid Market Development Plans and Future Growth Forecast 2028
The global polylactic acid (PLA) market size was USD 698,200.9 thousand in 2020 and is projected to reach USD 2,306,708.2 thousand by 2028, exhibiting a CAGR of 16.3% during the forecast period.. Fortune Business Insights published this information in its latest report, titled, “Polylactic Acid Market, 2021-2028.” The report further mentions that the market stood at USD 698,200.9 thousand in 2020. The growth is attributable to the rising packaging industry and the growing demand for biodegradable plastics that will propel the demand for advanced polylactic acid during the forecast period.
Source:
https://www.fortunebusinessinsights.com/polylactic-acid-pla-market-103429
COVID-19 Leads to Reduced Adoption of PLA Owing to Industrial Shutdown
- In April 2020, the International Monetary Fund (IMF) estimated a 3% fall in the overall global economic activity in 2020, which is believed to be higher than the 2009 economic slowdown.
The shutdown of industries has led to reduced industrial demand for polylactic acid (PLA) and other plastic packaging products. Moreover, several government agencies have banned the use of single-use plastics citing no provision for the biodegradation of the materials. This is expected to hamper the market growth in the short run.
However, proactive initiatives from the government and private companies are expected to favor the growth of the market in the forthcoming years. For instance,
- November 2020 – Total Corbion PLA released its whitepaper that explains its position on the preferred end-of-life options for PLA bioplastics. The company further outlined the importance of PLA products and its applications that can aid in contributing towards effective functioning of a circular economy.
Market Segmentation:
We have segmented the market based on application and region. On the basis of application, the market is divided into packaging, textiles, consumer Goods, agriculture & horticulture, and others. Additionally, based on application, the packaging segment is expected to experience considerable growth due to the increasing adoption of polylactic acid for food packaging and the growing focus on adopting biodegradable plastics as packaging materials by several industries globally.
Lastly, based on region, the market is bifurcated into Europe, Latin America, Asia-Pacific, North America, and the Middle East and Africa.
What does the Report include?
The global market for polylactic acid report includes a detailed analysis using several research methodologies and focuses on crucial aspects such as leading companies, application, and product. It further includes accurate insights into latest market trends and highlights vital industry developments. In addition to this, the report covers various factors that have contributed to the growth of the market growth between 2021 and 2028.
