WASHINGTON, June 27, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Polylactic Acid Market finds that Polylactic Acid Market is one of the first renewable polymers to grapple with present polymers by amalgamating functional qualities, such as gloss, rigidity, and transparency. It also provides various beneficial properties, such as aesthetic appeal, resistance to grease & oil, better printability, and others. Thus, the presence of potential properties of Polylactic Acid Market is the main reason for the growth of the Polylactic Acid Market. In addition, a rise in demand from multiple end-use industries such as transport, packaging, agriculture, and textiles is accelerating the growth of the Polylactic Acid Market in the coming years.
The Global Market revenue stood at a value USD 925.1 Million in the year 2021.
The Global Polylactic Acid Market size is forecasted to reach USD 1334.7 Million by the year 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 6.3% during the forecast period; states Vantage Market Research, in a report, titled “Polylactic Acid Market Size, Share & Trends Analysis Report by Grades (Thermoforming Grade, Injection Molding Grade, Extrusion Grade, Blow Molding Grade), by Applications (Rigid Thermoforms, Films & Sheets, Bottles), by End-Use Industry (Packaging, Consumer goods, Agricultural, Textile), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Market Dynamics:
Drivers:
Increasing Trend of Using Eco-Friendly Plastic Products to Drive the Market Growth
Nowadays, the awareness of sustainable plastic solutions is increasing rapidly. Thus, many consumers started minimizing the use of non-biodegradable conventional plastics, which in turn, is expected to fuel the growth of the Polylactic Acid Market in recent days. In addition, petroleum-based plastics cannot be degraded properly and lay in landfills for a long period. On the other hand, PLA degrades faster than conventional ones and is absorbed back into the natural system. As a result of this, multiple industries started using biodegradable products in their daily activities and many leading players are promoting environmentally friendly products in the market. Thus, all these factors are accounted for the notable growth of the Polylactic Acid Market. Furthermore, governments across the world have imposed strict regulations on environmental safety, which is further likely to impel the growth of the Polylactic Acid Market in recent days.
Restraint:
High Cost of PLA than Conventional Plastic Hampers the Market Growth
The production cost of PLA is less minimal than conventional plastic materials. But petrochemical plastic has been commercialized in the market for more than 50 years whereas bio-based materials are still in the development stage. Thus, the cost of the final product is more compared to traditional polymers. In addition, Research and Development (R&D) and production costs of PLA are high because these products come under small-scale production, which in turn, is expected to hinder the growth of the Polylactic Acid Market in projected years.
Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Polylactic Acid market is predicted to grow at a CAGR of roughly 6.3% during the forecast period.
- The Polylactic Acid market was estimated to be worth roughly USD 925.1 Million in 2021 and is expected to reach USD 1334.7 Million by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Polylactic Acid market.
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Segmentation of the Global Polylactic Acid Market:
- Grades
- Thermoforming Grade
- Injection Molding Grade
- Extrusion Grade
- Blow Molding Grade
- Other Grades
- Applications
- Rigid Thermoforms
- Films & Sheets
- Bottles
- Others
- End-Use Industry
- Packaging
- Consumer Goods
- Agricultural
- Textile
- Biomedical
- Other End Use Industries
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Read Full Research Report @ https://www.vantagemarketresearch.com/industry-report/polylactic-acid-market-1679
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the chemical industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The Report on Polylactic Acid Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Asia Pacific Anticipated Maximum Market Growth
Asia Pacific is accounted to grow at a maximum Compound Annual Growth Rate (CAGR) during the forecast period. This surge is attributed to the rising demand for the PLA from developing countries, fluctuating petroleum prices, and a lack of resources for fossil fuels. In addition, increasing demand from key industries such as appliances, electronics, textiles, medical, packaging, and automobile & transport is a key driving factor in the growth of the Polylactic Acid Market in this region. Furthermore, increasing demand from the food & beverage sector, growing demand from the packaged food industry, and increasing disposable income are some factors that influence the maximum growth of the Polylactic Acid Market in this region.
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on "Polylactic Acid Market Size, Share & Trends Analysis Report by Grades (Thermoforming Grade, Injection Molding Grade, Extrusion Grade, Blow Molding Grade), by Applications (Rigid Thermoforms, Films & Sheets, Bottles), by End-Use Industry (Packaging, Consumer goods, Agricultural, Textile), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
List of Prominent Players in the Polylactic Acid Market:
- Nature Works LLC (US)
- Total Corbion PLA (Netherlands)
- BASF SE (Germany)
- Futerro (Belgium)
- Cofco (China)
- Mitsubishi Chemicals Corporation (Japan)
- Danimer Scientific (US)
- Unitika Ltd. (Japan)
- Evonik Industries (Germany)
- Toray Industries Inc (Japan)
Recent Developments:
October 2021: Total Corbion PLA developed a recycled PLA range under the brand name Luminy PLA. This product is produced from post-industrial and post-consumer PLA waste. The new product is a chemically recycled product with similar characteristics as the existing Luminy PLA product.
April 2021: Nature Works LLC introduced a new PLA grade Ingeo 3D700. The new material is ideal for large-format additive manufacturing, along with the reduction in warping and print failures. Ingeo 3D700 is specially developed for 3D printing, having performance characteristics such as low odor while printing, reduced warping or curling, precise detail, and good adhesion.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Polylactic Acid Market?
- How will the Polylactic Acid Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Polylactic Acid Market?
- What is the Polylactic Acid market drivers and restrictions?
- What will be the CAGR and size of the Polylactic Acid Market throughout the forecast period?
This market titled “Polylactic Acid Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Grades • Thermoforming Grade • Injection Molding Grade • Extrusion Grade • Blow Molding Grade • Other Grades • Applications • Rigid Thermoforms • Films & Sheets • Bottles • Others • End-Use Industry • Packaging • Consumer Goods • Agricultural • Textile • Biomedical • Other End Use Industries • Region • North America • Europe • Asia Pacific • Latin America • Middle East & Africa |
| Region & Counties Covered | • North America • U.S. • Canada • Mexico • Europe • U.K. • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC Countries • South Africa • Rest Of Middle East & Africa |
| Companies Covered | • Nature Works LLC (US) • Total Corbion PLA (Netherlands) • BASF SE (Germany) • Futerro (Belgium) • Cofco (China) • Mitsubishi Chemicals Corporation (Japan) • Danimer Scientific (US) • Unitika Ltd. (Japan) • Evonik Industries (Germany) • Toray Industries Inc (Japan) |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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