Global Polylactic Acid Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, And Growth Forecast To 2027

"The Polylactic Acid Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."

Polylactic acid (PLA) is a type of biodegradable thermoplastic, derived from renewable sources such as corn starch, cassava roots, starch, and sugarcane. It is semi-crystalline, biodegradable and having noble mechanical strengths. Polylactic acid is majorly used in the production of plastic films, plastic bottles and medical devices which are biodegradable in nature. It is most preferred material for packaging applications across different verticals including food & beverages and consumer products.

Market Dynamics:

Polylactic acid is majorly used in applications such as automotive, packaging, textile, electrical & electronics, and consumer goods and expected to boost demand and growth of the global target market over the forecast period. Rapidly increasing adoption of PLA in packaging sector, and electrical & electronics industry in the world is anticipated to propel growth of the global polylactic acid market. Increasing demand for innovative solutions that are durable and easy available, is also expected to drive growth of the polylactic acid market over the long run.

Technological advancement, and high consumer demand from emerging countries are responsible for upcoming new set–ups in packaging, textiles and electronics industries. The increasing awareness about to reduce the carbon footprint is projected to drive the market over the forecast period. Rules and regulations regarding the use of non-biodegradable plastic is estimated to bolster growth of the market. In addition to this, growing R&D activities associated with cost reduction is projected to drive demand for the product.

However, polylactic acid has various constraints that hinder growth of the market such as high cost associated with the production of PLA as compared to conventional plastics and availability of cheaper alternatives.

Segmentation:

The global polylactic acid market is segmented on the basis of raw material type and application. On the basis of raw material, corn is expected to hold significant share in the market over the forecast period.

On the basis of application, the market is segmented into automotive, textile, packaging, consumer goods, electrical & electronics, and others. Packaging sector expected to register significant growth rate in the market over the forecast period. Polylactic acid material is used in food packaging applications, flexible film packaging, apparel, and staple fibers.

Regional Analysis:

Geographically, North America is the largest & fastest growing market for polylactic acid, followed by Europe and Asia Pacific. Availability of raw materials, and positive government support for environmental friendly products are some of the factors anticipated to account remarkable growth over the forecast period.

Emerging countries such as China, India and Japan drives market owing to factors such as technological advancement in packaging industry and high consumer demand. Additionally, rising automotive production and sales, growing demand for household appliances coupled with increasing disposable income is estimated to drive growth of polylactic acid market in Asia Pacific.

Europe is another substantial region in the target market. The Middle East & Africa market is estimated to grow at significant rate during the review period.

Global Polylactic Acid Market Segmentation:

Segmentation by Raw material Type:

• Corn
• Cassava
• Sugarcane & Sugar Beet

Segmentation by Application:

• Packaging
• Agriculture
• Electronics
• Textiles
• Bio-Medical

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa