Global Polylactic Acid Market to Reach $1.7 Billion by 2026

SAN FRANCISCO , March 3, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Polylactic Acid - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 8; Released: February 2022
Executive Pool: 3558
Companies: 57 - Players covered include 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 and Others.
Coverage: All major geographies and key segments
Segments: Application (Packaging, Textiles, Automotive & Transportation, Agriculture, Electronics, Other Applications)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Africa.

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ABSTRACT-
Global Polylactic Acid Market to Reach $1.7 Billion by 2026
Poly Lactic acid (PLA), also known as Polylactide, is essentially a biodegradable polymer, aliphatic polyester and biocompatible thermoplastic. Owing to its compostable nature and recyclability, the material has attracted huge interest as an environmental-friendly alternative to petrochemical industry plastics (polyethylene, polystyrene and polypropylene). The biodegradable polymer is derived from several different renewable materials such as sugarcane or corn starch or tapioca roots and is extracted through bacterial fermentation. With characteristics that are similar to common petrochemical derived plastics, PLA is an amorphous, resilient, rigid and UV-light resistant polymer material that is quick at absorbing moisture and is temperature-sensitive requiring storage under 122ºF. The use of PLA necessitates that exposure to ambient air is minimized so that its characteristic properties are preserved, owing to which PLA is typically made available in moisture-resistant containers such as foil-lined boxes that can avoid regain of moisture when shipped or stored.

Amid the COVID-19 crisis, the global market for Polylactic Acid estimated at US$948.6 Million in the year 2022, 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 U.S. Market is Estimated at $248.1 Million in 2022, While China is Forecast to Reach $203.8 Million by 2026 
The Polylactic Acid market in the U.S. is estimated at US$248.1 Million in the year 2022. 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.

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.

Automotive & Transportation Segment to Reach $200.4 Million by 2026
In the global Automotive & Transportation segment, USA, Canada, Japan, China and Europe will drive the 12.2% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$78.6 Million will reach a projected size of US$176.5 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$17.7 Million by the year 2026, while Latin America will expand at a 15.1% CAGR through the analysis period.

Growing Use of PLA in the Healthcare Space 
Bioresorbable polymers are derived from ε-caprolactone, p-dioxanone, trimethylene carbonate, glycolide, and lactide for producing an array of bioresorbable products. Due to their thermal and mechanical properties, these products are used widely in the field of medical devices. Such properties facilitate processing with standard production technologies such as compression moulding, extrusion and injection moulding. For removal, there is no need for a subsequent surgical intervention owing to their bioresorbable nature. Additionally, bioresorbable products gradually transfer the weight load or facilitate regeneration of tissue in the event of degradation of the implant. Such functionality supports the healing process. Polylactic acid (PLA) is a non-toxic, biodegradable and non-tissue reactive that does not remain permanently in any major organ. For medical purposes, polylactic acid could be used successfully for vascular grafts, surgical implants and sutures. The process of acid-catalysed homopolymerisation aids in creating a polymer that is capable of being used in films, as coating, or spun inside fibers. The material does not elicit any inflammatory or immunological response. The respiratory system supports the polymer's degradation as well as elimination.

Bioresorbable pins have been used for long for fixing ligaments and tissues; however, they have exhibited faster degradation rates. This degradation could be avoided for many years with the usage of polylactic acid (PLA). These could be used for fast-healing injuries as well as for slow-healing injuries. In the year 1994, Biovision obtained a patent for Polypin that was used for making a novel pin design by employing poly (L-lactide-co-D, L-lactide). Featuring an X-Ray contrast marker, this novel pin facilitates placement of the implant at exact place inside the body. More

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