The Polylactic Acid Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Polylactic Acid Global Market Report 2024, The polylactic acid market size has grown rapidly in recent years. It will grow from $1.34 billion in 2023 to $1.59 billion in 2024 at a compound annual growth rate (CAGR) of 18.2%. The growth in the historic period can be attributed to emergence of eco-friendly alternatives, rise in bioplastics demand, growth in packaging sector, consumer shift in preferences, commercialization efforts..
The polylactic acid market size is expected to see rapid growth in the next few years. It will grow to $3.18 billion in 2028 at a compound annual growth rate (CAGR) of 19.0%. The growth in the forecast period can be attributed to global awareness campaigns, expansion of end-use industries, supply chain development, emerging market demand, investment in r&d.. Major trends in the forecast period include biodegradability and sustainability, environmental regulations, consumer awareness and preference, shift in packaging trends, market entry of large players..
Growing awareness among consumers regarding green packaging and sustainability is expected to propel the growth of the polylactic acid (PLA) market. Green packaging, or sustainable packaging, uses materials and manufacturing processes to reduce energy consumption and diminish the adverse environmental effects of packaging. PLA is used for sustainable packaging because it is biodegradable and recyclable. It is created from renewable feedstock, polylactic acid (PLA). For instance, according to the 2021 Global Buying Green Report by Trivium Packaging, based on a survey of end users in Europe, North America, and South America, in 2021, 83% of consumers from younger generations demonstrated a willingness to pay more for sustainable packaging, up from 70% the year before. Therefore, growing awareness among consumers regarding green packaging and sustainability is driving the growth of the polylactic acid market.
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The polylactic acid market covered in this report is segmented –
1) By Type: Racemic PLLA, PDLA, Regular PLLA, PDLLA, PLA Blends
2) By Raw Material: Corn Starch, Sugarcane and Sugar Beet, Cassava, Other Raw Materials
3) By Form: Films and Sheets, Coatings, Fiber, Other Forms
4) By Application: Packaging, Agriculture, Transport, Electronics, Textiles
Technological advancement is a key trend gaining popularity in the polylactic acid market. Major companies in the polylactic acid market are advancing in technologies and research and development, such as injection molding technology, to provide better products and remain competitive in the market. With injection molding, plastic materials are heated to a molten state and then injected into a mold before being cooled and solidified. For instance, in October 2021, Total Corbion PLA, a US-based technology company, launched Luminy PLA (Poly Lactic Acid), the first commercially available bioplastic product of its sort worldwide. It is manufactured with chemically regenerated post-industrial and post-consumer waste. The commercial availability of rPLA can be used by companies to create products, including those with original food contact applications for which the manufacturer claims to have obtained certification.
The polylactic acid market report table of contents includes:
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