Polylactic Acid Market Size to Reach USD 5,944.9 Million by 2027 | Growing Demand for Sustainable and Green Packaging are Key Factors Driving Industry Revenue Growth, says Emergen Research
Vancouver, British Columbia, June 14, 2021 (GLOBE NEWSWIRE) — The global polylactic acid Market is projected to reach USD 5,944.9 Million by 2027, according to a new report by Emergen Research. Growing awareness about rising environmental concerns and growing demand for sustainable and green packaging are key factors driving global market revenue growth.
Polylactic acid (PLA) is a thermoplastic aliphatic polyester acquired from natural resources like corn starch or tapioca roots. It is a bioplastic made from lactic acid which is commonly used in food and beverage industry for packaging. PLA production consumed around 35% of energy required for production of conventional plastics and also causes less GHG emissions. PLA is less costly as compared to other biodegradable polymers and is commonly used in various applications including textile, agriculture, electronics, and medical. Growing adoption of PLA among various end use industries, government initiatives to support and promote bio-polylactic acid and bioplastics are fueling global market growth. Increasing usage of polylactic acid of 3D printing, offering smooth finished product. In addition, high adoption of PLA in packaging sector owing to increasing demand for ready-to-eat meals, packaged food, snacks along with sustainable packaging are few factors fueling market growth. High utilization of PLA in automotive sector for manufacturing various components is further boosting market revenue growth.
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However, factors such as high costs of raw materials, and availability of agricultural fiber alternatives are key restraints that are expected to hamper global market growth throughout the forecast period.
Some key highlights in the report:
- The PDLLA (Poly-DL-lactic Acid) segment revenue is expected to expand at fastest CAGR during the forecast period. High utilization of PDLLA for making orthopedic implants such as membranes, screws, and pins, and other medical apparatus are factors boosting segment revenue growth.
- The online segment is expected to register significantly rapid CAGR over the forecast period owing to availability of wide variety of products at discounted rates as compared to the offline sales channels.
- The packaging segment is projected to account for significant revenue growth during the forecast period. High revenue growth is attributed to factors like growing preference for packaged food, fresh food packaging, takeout containers, cold drink cups, along with cutlery, and growing adoption of sustainable and biodegradable packaging owing to rising environmental concerns.
- North America dominated other regional markets in the global polylactic acid market in 2019 and is expected to continue its dominance throughout the forecast period. Growing demand for bioplastics, government initiatives to promote eco-friendly products, and presence of key players are major factors supporting global market growth.
- Asia Pacific revenue is projected to expand at fastest CAGR over the forecast period owing to growing demand for polylactic acid in various industrial applications, favorable government policies, and rapid growth in food and beverage sector. China, India, Thailand are some key contributors in Asia Pacific.
- Teijin Ltd., Thyssenkrupp AG, Synbra Technology BV, Hitachi Ltd., BASF SE, Futerro, Sulzer Ltd., NatureWorks LLC, Zheijiang Hisun Biomaterials Co., Ltd., and Total Corbion PLA are some key players operating in the polylactic acid market.
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Emergen Research has segmented the global polylactic acid (PLA) on the basis of product type, distribution channel, application, and region:
Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Racemic PLLA (Poly-L-lactic Acid)
- Regular PLLA (Poly-L-lactic Acid)
- PDLA (Poly-D-lactic Acid)
- PDLLA (Poly-DL-lactic Acid)
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
About Emergen Research
Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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