Press release
Polylactic acid (PLA) Market is estimated to grow at a CAGR of 20.06% during 2017 to 2023 Danimer Scientific LLC, Nature Works LLC, ZhejiangHisun Biomaterials Co., Ltd, Spectrum Chemical Manufacturing Corp.
According to our research report, the global Polylactic acid (PLA) Market Size was valued at USD 698.27 million, by revenue, in 2017, and it is anticipated to reach USD 2,091.29 million by 2023, at an estimated CAGR of 20.06% over the forecast period.
Polylactic Acid (PLA) Market Overview:
Polylactic acid (PLA) finds a significant number of applications in enterprises such as biodegradable polymers, packaging, farming, medical and pharmaceuticals, and special care. Polylactic acid is one of the most leading varieties in the biodegradable plastics. PLA-based synthetic is used in food and refreshments packaging, customer goods packaging, vehicles, agriculture, textiles, and electronics. The biggest segment for this product is the packaging of food and beverages. The market in the sector of textiles is anticipated to grow at fastest rate compared to others.
Browse details of 212 numbers of pages research report developed on Polylactic Acid (PLA) Market @ https://www.researchcosmos.com/reports/global-polylactic-acid-pla-market-segmented-by-raw-material-type-form-end-user-industry-and-g/3313092
Polylactic Acid (PLA) Market Growth and Drivers Restraints:
The global polylactic acid market is anticipated to grow at a high CAGR. Significant factors contributing to the growth of the market include developed bio-based production and large demand from end-use industries. The difficulties such as rising crude oil costs and poor fossil fuel resources also contribute to the growing demand as plastics are mostly manufactured utilizing these resources. The global demand over environmental sustainability, lead to the growing demand for green packaging, which have received some favorable policies to find agents such as bioplastics. These bioplastics are supplementing to the overall growth of the world polylactic acid market. The increase in the price of petroleum-based products would help the people to look for alternatives like bioplastics that are formed from polylactic acid and thereby, propelling the increase of global market over the projected period.
Corn starch is the leading raw material that is supposed to dominate the global market in the future. Films and sheets form is expected to register highest share in the coming years. The packaging industry was the largest market shareholder and is expected to rule the market by volume over the forecast period, with an estimated CAGR of 19.6%. Medical, textiles, and farming are the other end-user applications, which are likely to have greater CAGR over the forecast period, due to the building applications.
Polylactic Acid (PLA) Market Regional Analysis:
By region, North America has ruled the market in the past years, and it is supposed to have the highest market share over the forecast period, with an expected CAGR of 19.48%. Asia-Pacific is expected to have the highest CAGR 21.89% over the projected period. Asia Pacific polylactic acid (PLA) market is anticipated to be the prospective growth market for the projection period. In China, raw materials are obtained in abundance, thus manufacturers can make use of this to make a profit.
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Polylactic Acid (PLA) Market Key Players:
The key players in the global market are Danimer Scientific LLC, Nature Works LLC, ZhejiangHisun Biomaterials Co., Ltd, Spectrum Chemical Manufacturing Corp, Nantong Jiuding Biological Engineering Co., Ltd, NatureWorks LLC, Hawkins, Inc., Synbra Technology BV, CorbionPurac and Chongqing Bofei Biochemical Products Co. Ltd.
Polylactic Acid (PLA) Market Segmentation:
By Raw Materials
• Corn
• Cassava
• Sugarcane & Sugar Beet
• Others
By Form:
• Fiber
• Films & Sheets
• Coatings
• Others
By Application:
• Packaging
• Automotive
• Medical
• Electronics
• Agriculture
• Textiles
• Others
By Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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