Polylactic Acid (PLA) Market Growth, Overview, Demands, Size, Trends, and Top Companies & Forecast
Posted by Stephen Lobo on February 24th, 2023
Polylactic Acid (PLA) Market Scope
Polylactic acid (PLA) is a biodegradable and biobased plastic derived from renewable resources such as corn starch, cassava roots, or sugarcane. Because of its environmental advantages, PLA is becoming increasingly popular as a substitute for traditional petroleum-based plastics. The global market for PLA is expected to grow in the coming years, driven by rising concerns about plastic waste and the environmental impact of traditional plastics.
The PLA research report offers a comprehensive and an in-depth evaluation of the progressive market trends, growth areas, opportunities, drivers, and restraints, which would allow clients and stakeholders to line up their market strategies as stated in present & future market dynamics. Polylactic Acid (PLA) Market size is projected to grow from USD 1.0 billion in 2021 to USD 1.9 billion by 2026, at a CAGR of 12.2% between 2021 and 2026.
There are several factors that are expected to drive the growth of the PLA market in the future. One of the key drivers is the growing concern about plastic waste and its negative impact on the environment. As a biodegradable plastic, PLA can help to reduce the amount of plastic waste that ends up in landfills and the natural environment. Additionally, because PLA is made from renewable resources, it has a lower carbon footprint compared to traditional plastics.
Another factor driving the growth of the PLA market is the increasing demand for sustainable packaging solutions. PLA is a suitable alternative to traditional plastics in food packaging, disposable cutlery and other applications, as it can be composted and breakdown safely in natural environment.
The polylactic acid (PLA) market is driven by a number of factors, including increased demand for sustainable and biodegradable materials, government regulations and incentives for the use of bioplastics, and the growing use of PLA in a variety of applications.
Polylactic Acid (PLA) Market Drivers
Polylactic Acid (PLA) Market Restraints
There are several restraints that can impact the growth of the Polylactic Acid (PLA) market. Some of the key restraints include:
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Polylactic Acid (PLA) Market Key Players
Polylactic Acid (PLA) Market Segmentation
The Polylactic Acid (PLA) market can be segmented based on various criteria such as:
The thermoforming grade segment is expected to lead the PLA market during the forecast period.
Thermoforming grade has enormous growth potential in various packaging applications such as food, beverages, and other consumer products. Thermoformed parts made of PLA have excellent clarity, comparable to those formed in oriented polystyrene (OPS) and polyethylene terephthalate (PET). This, combined with the temperature requirements for product storage, make thermoformed PLA suitable for food packaging trays for baked goods, fruits, and vegetables.
By End-use industries
The packaging segment is estimated to be the fastest-growing end-use industry for PLA market during the forecast period.
Packaging is the largest end-use industry for PLA, with a high CAGR of 13.0% during the forecast period. The need for sustainable solutions has encompassed several industry verticals, including food & beverages, e-commerce, and FMCG. The unique properties of packaging enable its use in various food and non-food applications such as cigarettes, biscuits, sugar confectioneries, baked goods, noodles, and other snacks. The rise in e-commerce has also increased packaging requirements.
Europe is expected to be the largest market for PLA during the forecast period.
The packaging industry is the largest end-use industry of PLA in Europe. The political and economic conditions have also driven the market penetration of PLA. The EU Commission has focused on the Lead Markets Initiative, where PLA has been identified as one of the most important potential markets. The strict government norms and economic conditions have also driven the PLA market. These factors have been responsible for the development of PLA with collaborative research in the region.
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Mr. Aashish Mehra
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About the AuthorStephen Lobo
Joined: November 18th, 2022
Articles Posted: 135
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