Polylactic Acid market to Eyewitness Huge Marginal Growth by 2028
Posted by Mrudula Anil Karmarkar on March 21st, 2022
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.
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.
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Polylactic Acid Market Report Highlights
List of Key Players of Polylactic Acid (PLA) Market
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About the AuthorMrudula Anil Karmarkar
Joined: July 2nd, 2020
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