Dublin, April 12, 2021 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.
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.
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.
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.
Polylactic Acid Market Report Highlights
- 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 the 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 the high demand for the product in end-use sectors including automotive & transport, agriculture, appliances, electronics, and textile.
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Polylactic Acid Market Variables, Trends & Scope
3.1. Penetration & Growth Prospect Mapping
3.2. Industry Value Chain Analysis
3.3. Raw material trend
3.3.1 Comparative Analysis of Key Raw Materials
3.3.2 South-East Asia Analysis on Key Raw Materials
3.3.3 Philippines Analysis on Key Raw Materials
3.4 Price Trend Analysis, 2017-2028
3.4.1 Major Factors Influencing Prices
3.4.2 Price Trend PLA Vs Lactic Acid
3.4.3 Regulatory Framework
3.4.3.1 U.S. FDA
3.4.4 EU Commission
3.4.5 Regulations For Bioplastics In The Flexible Packaging Market
3.4.6 Asia Pacific Regulatory Framework
3.4.6.1 China
3.4.6.2 India
3.4.6.3 Japan
3.4.6.4 Philippines
3.4.6.5 Australia & New Zealand
3.4.7 Patent Analysis
3.5 Market Dynamics
3.5.1 Market Driver Analysis
3.5.1.1 Growing Demand for bioplastics
3.5.1.2 Growing Demand from the flexible packaging industry
3.5.2 Market Restraint/ Challenges Analysis
3.5.2.1 Price Competitiveness
3.6 Market Opportunity Analysis
3.7 Business Environment Analysis: Polylactic Acid Market
3.7.1 Porter's Five Forces Analysis
3.7.2 Pestel Analysis
Chapter 4 Polylactic Acid Market: End-use Estimates & Trend Analysis
4.1 Polylactic Acid Market: End-use Movement Analysis, 2019 & 2027
4.2 Packaging
4.3 Agriculture
4.4 Automotive & Transport
4.5 Electronics
4.6 Textile
Chapter 5 Polylactic Acid Market: Regional Estimates & Trend Analysis
5.1 Polylactic Acid Market: Regional Movement Analysis, 2019 & 2027
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)
Chapter 7 Company Profiles
- Total Corbion PLA
- Natureworks Llc
- Supla(Jiangsu Supla Bioplastics Co., Ltd.)
- Futerro
- COFCO
- Jiangxi Keyuan Bio-Material Co., Ltd.
- Shanghai Tong-Jie-Liang Biomaterials Co., Ltd.
- Zhejiang Hisun Biomaterials Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/lf1x4t