Polylactic Acid Market Exhibiting At A CAGR Of 21.4% From 2023 To 2030Posted by Neha Bora on December 19th, 2023 San Francisco, 19 Dec 2023: The Report Polylactic Acid Market Size, Share & Trends Analysis Report By End-use (Packaging, Agriculture, Automotive & Transport, Electronics, Textile), By Region (North America, Asia Pacific), And Segment Forecasts, 2023 - 2030 The global polylactic acid market size is expected to reach USD 2,772.93 million by 2030, registering a CAGR of 21.4% over the forecast period, according to a new study by Grand View Research, Inc. Rising environmental concerns, improving awareness among consumers, and stringent government regulations are contributing to eliminating the use of non-biodegradable plastics, which, in turn, is driving the growth of the polylactic acid (PLA) market. Polylactic acids are bio-sourced, and break down faster as compared to petroleum-based plastics. Due to their decreased carbon footprint, they get preference over traditional plastics. The rising emphasis on sustainable products is a key factor driving the growth of the flexible packaging industry, which is expected to result in reduced consumption of petroleum-based products and a shift toward bio-based alternatives. Moreover, PLA is increasingly being used to manufacture single-use packaging materials that include shopping bags and disposable cutlery, which is likely to boost its demand over the forecast period. PLA is an environmentally friendly alternative to traditional plastics, notably in flexible and rigid packaging applications, as it is bio-based, compostable, and biodegradable. Bioplastics are expected to witness significant growth in their demand in the market. Rising demand for flexible packaging in various countries, including India, Saudi Arabia, China, Japan, and Germany, is further expected to fuel the demand for PLA. Access Research Report of Polylactic Acid Market @ https://www.grandviewresearch.com/industry-analysis/polylactic-acid-pla-market Polylactic Acid Market Report Highlights
Polylactic Acid Market Report Scope
List of Key Players in Polylactic Acid Market
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