The global polylactic acid market size is anticipated to reach USD 1.5 billion by 2027, 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.
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.
Key Topics Covered:
Chapter 1 Methodology and Scope 1.1 Research Methodology 1.2 Research Scope and Assumptions 1.3 Information Procurement 1.4 Information Analysis 1.5 Market Formulation and Data Visualization 1.6 List Of Data Sources 1.7 List Of Abbreviations
Chapter 6 Competitive Landscape 6.1 Key Global Players & Recent Developments & Their Impact On The Industry 6.2 Key Company/Competition Categorization 6.3 Vendor Landscape 6.4 Prominent Companies Competition Dashboard Analysis 6.5 Production Capacity Analysis By Manufacturer, 2019 6.6 Availability Of Alternatives Feedstocks (Cellulosic Raw Materials)