Polylactic Acid Market Size Worth $1.82 Billion By 2028 | CAGR: 18.1%: Grand View Research, Inc.

SAN FRANCISCO, March 31, 2021 /PRNewswire/ -- The global polylactic acid market size is expected to reach USD 1.82 billion by 2028 registering a CAGR of 18.1% over the forecast period, according to a new report by Grand View Research, Inc. The market growth is mainly driven by the high demand for flexible packaging due to the increasing popularity of Quick-Service Restaurants (QSRs) and changing consumer preferences. Moreover, the rapid expansion of the end-use industries, such as agriculture, transport, and textile, will support the market growth. The growing packaging sector is anticipated to create high opportunities for polylactic acid (PLA) during the forecast period.

Key suggestions from the report:

• In 2020, the packaging segment led the market accounting for the largest revenue share of over 36%, and is projected to maintain its lead over the forecast years
• The growth of the segment is attributed to the wide usage of PLA in fresh food packaging solutions as well as in the manufacturing of containers, jars, and bottles
• In 2020, North America accounted for the highest revenue share of more than 42% owing to high demand for 3D printing filaments and easy accessibility of raw materials in the region
• The packaging end-use segment of the U.S. dominated the overall regional market of North America and is anticipated to maintain its dominance over the forecast period
• In 2020, China led the Asia Pacific market, accounting for nearly 53% of the overall revenue share, owing to high demand for the product in end-use sectors including automotive & transport, agriculture, appliances, electronics, and textile

Read 130 page research report with ToC on "Polylactic Acid Market Size, Share & Trends Analysis Report By End-use (Packaging, Textile, Agriculture, Automotive & Transport, Electronics), By Region (North America, APAC, Europe), And Segment Forecasts, 2021 - 2028'' at: https://www.grandviewresearch.com/industry-analysis/polylactic-acid-pla-market

Packaging was the dominant end-use segment in 2020 and is estimated to continue its dominance over the forecast period. The product is extensively used in this segment for the packaging of foods & beverages, household care, and personal care products. Growing consumer awareness regarding the need for sustainability, recyclability, and green packaging is expected to boost the demand for PLA on a global level over the forecast period. In the automotive & transportation sector, several reforms, in terms of component manufacturing, are observed globally.

For instance, vehicle interior components, such as engine components, interior trim, and under-the-hood components, are manufactured using lightweight substances to enhance performance and to reduce overall vehicular weight. This has led to the rising need for sustainable bioplastic component manufacturing for enhanced toughness and fuel economy, which, in turn, has resulted in the growing demand for PLA. Rising demand for protective apparel and equipment due to the COVID-19 outbreak is anticipated to drive the inclusion of PLA in the medical and textile end-use segments.

The market in Europe is anticipated to witness substantial growth in the coming years owing to various factors, such as the presence of stringent eco-friendly laws and increasing environmental concerns among consumers. In addition, the government initiatives, such as the decision of the EU to minimize the overall consumption of single-use plastic products, are anticipated to propel the demand for PLA over the forecast period.

Grand View Research has segmented the global polylactic acid market on the basis of end-use and region:

• PLA End-use Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)
• Packaging
• Agriculture
• Automotive & Transport
• Electronics
• Textile
• Others
• PLA Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2017 - 2028)
• North America
• The U.S.
• Canada
• Mexico
• Europe
• Germany
• U.K.
• The Netherlands
• France
• Italy
• Asia Pacific
• China
• India
• Japan
• Thailand
• Malaysia
• Philippines
• Central & South America
• Brazil
• Middle East & Africa

List of Key Players of Polylactic Acid (PLA) Market

• Total Corbion PLA
• NatureWorks LLC
• COFCO
• Futerro
• Jiangxi Keyuan Bio-Material Co., Ltd.
• Zhejiang Hisun Biomaterials Co., Ltd.
• Shanghai Tong-Jie-Liang Biomaterials Co., Ltd.

Find more research reports on Plastics, Polymers & Resins Industry, by Grand View Research:

• Medical 3D Printing Plastics Market – The growing aging population, increasing healthcare awareness, and the COVID-19 pandemic situation are some of the major factors driving the market for medical 3D printing plastics.
• Tube Packaging Market – Increasing demand for these types of packaging from application industries, such as cosmetics & personal care, healthcare, and food, is expected to be the primary diver for the market.
• Returnable Packaging Market – Increasing demand for sustainable and durable packaging products from various end-use industries is expected to fuel the growth of the market.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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SOURCE Grand View Research, Inc.