As stated in our extensive report; providing insights on Key Drivers, Key Restraints, and Segments (i.e.,Product,Distribution Channel, and Region); the Global Polylactic Acid Market accounted for USD 925.1 Million in the year 2021.
Key Factors Likely to Drive Growth of Polylactic Acid Market
Polylactic Acid (PLA) is a biodegradable hydrolyzable aliphatic semi-crystalline polyester. It is widely used in the production of microwaveable containers, such as food containers and disposable cutlery. It provides various beneficial properties, such as aesthetic appeal, resistance to grease & oil, better printability, and, others. Thus, it is widely used in the packaging industry.
Increasing usage of Polylactic Acid in multiple end-use industries such as transport, packaging, agriculture, and textiles is a key driving factor in the growth of the Polylactic Acid Market. Polylactic Acid produces low carbon emissions as compared to conventional plastics, which is expected to boost the growth of the Polylactic Acid Market during the forecast period. In addition, increasing the use of packaged foods, snacks, and ready-to-eat meals also increases the packaging product demand, which in turn, propels the growth of the Polylactic Acid Market.
The outbreak of COVID 19 has affected many industries across the globe and the Global Polylactic Acid Market has no exception. The outbreak of the pandemic resulted in huge demand from the packaging sector as governments across the world took severe actions like border seals, lockdown, and implementation of strict social distancing measures, to stop the swift spread of COVID-19. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Additionally, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Polylactic Acid Market. Thus, the growth of the Polylactic Acid Market is reduced in some end-use industries such as textile, electronics, automotive, etc. However, things will improve in the second half of 2022 as more supplies will come online.
Polylactic Acid is one of the first renewable polymers to grapple with present polymers by amalgamating functional qualities, such as gloss, rigidity, and transparency. Polylactic Acid has been employed in many industries, such as 3D printing, food packaging, textiles, single-use dinnerware, electronics, oil & gas, and automotive. Thus, the Polylactic Acid Market is expected to witness intangible growth during the forecast period, owing to the beneficial properties of Polylactic Acid in multiple industries. However, high production cost as compared to other polymers hampers the growth of the Polylactic Acid Market. Whereas, adaptable & varied uses of Polylactic Acid across multiple industries along with the multi-functionalities of Polylactic Acids will create lucrative growth opportunities for the Polylactic Acid Market in near future.
North America dominated the Global Polylactic Acid Market in 2021. The increasing demand for bioplastics is the key driving factor in the growth of the Polylactic Acid Market in this region. In addition, many market players started promoting environmentally-friendly products, which in turn, boosts the growth of the Polylactic Acid Market in this region.
Some of the key players in the Global Polylactic AcidMarketinclude-NatureWorks 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), and others.