Favorable Government Policies to Push the Global Polylactic Acid Market to Gain $2120.78 Million by 2028

A Triton Market Research report on the global polylactic acid market has determined that, the industry, which generated $800.08 million in 2019, is estimated to flourish at a CAGR of 11.44% and 13.28%, in terms of revenue and volume, respectively, by the year 2028.

A study by Triton Market Research with the title ‘Global Polylactic Acid Market,’ covers the Global Analysis and Forecast for 2019-2028 by Raw Material (Cassava, Corn, Sugar Cane & Sugar Beet, Other Raw Material), by End-user (Agriculture, Medical, Textiles, Packaging, Electronics, Automotive, Other End-users), by Form (Films & Sheets, Fiber, Coatings, Other Forms), and by Geographical Region (Middle East and Africa, Europe, North America, Latin America, Asia-Pacific).

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According to the report, the global polylactic acid market is predicted to generate $2120.78 million by the year 2028, augmenting with a CAGR of 11.44% and 13.28%, in terms of revenue and volume, respectively, over the projected period between 2019 and 2028.

Polylactic acid refers to a bio-plastic derived from renewable resources like sugarcane and corn. It is used in different end-user segments, including medical, textile and packaging.

Favorable government policies are majorly driving the global polylactic acid market over the projected time period. Governments from different countries have implemented various initiatives to reduce plastic bag usage in their country. For instance, in Germany, stores that use plastic bags are entitled to pay a recycling fund for the development of recycling programs. However, the huge cost difference between conventional plastics and polylactic acid plastics is restraining the growth of the global polylactic acid market.

The polylactic acid market is primarily segmented into three parts, raw material, end-user and form. The first segment, raw material is divided into cassava, corn, sugar cane & sugar beet and other raw material. The second segment, end-user, includes agriculture, medical, textiles, packaging, electronics, automotive and other end-users. The third segment, form is sub-segmented as films & sheets, fiber, coatings and other forms.

As per the geographical landscape, North America will be the largest polylactic acid market over the forthcoming years. The growth in the food & beverage market and the medical infrastructure in the region and the increasing application of polylactic acid in these industries are driving the growth of the regional market in the next few years. Moreover, the rising government regulations on the usage of plastic are aiding the market growth in North America.

Few companies involved in the polylactic acid market are Innovia Films, Zhejiang Hisun Biomaterials Co Ltd, Mitsubishi Chemical Holding Corporation, Green Dot Bioplastics, Total Corbion PLA, Synbra Holding BV, Teijin Limited, Dow, Danimer Scientific, Futerro SA, Good Natured Products Inc, Thyssenkrupp AG, Natureworks LLC and BASF SE.

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Question & Answer: Polylactic Acid Market

Question 1: What is majorly driving the global polylactic acid market?
Answer: Favorable government policies are majorly driving the global polylactic acid market over the projected time period. Governments from different countries have implemented various initiatives to reduce plastic bag usage in their country. For instance, in Germany, stores that use plastic bags are entitled to pay a recycling fund for the development of recycling programs.

Question 2: Which factor is restraining the growth of the global polylactic acid market?
Answer: The huge cost difference between conventional plastics and polylactic acid plastics is restraining the growth of the global polylactic acid market.

Question 3: How is North America influencing the polylactic acid market outlook?
Answer: As per the geographical landscape, North America will be the largest polylactic acid market over the forthcoming years. The growth in the food & beverage market and the medical infrastructure in the region and the increasing application of polylactic acid in these industries are driving the growth of the regional market in the next few years. Moreover, the rising government regulations on the usage of plastic are aiding the market growth in North America.

Question 4: Name a few companies which are involved in the polylactic acid market report.
Answer: Few companies involved in the polylactic acid market are Innovia Films, Zhejiang Hisun Biomaterials Co Ltd, Mitsubishi Chemical Holding Corporation, Green Dot Bioplastics, Total Corbion PLA, Synbra Holding BV, Teijin Limited, Dow, Danimer Scientific, Futerro SA, Good Natured Products Inc, Thyssenkrupp AG, Natureworks LLC and BASF SE.

Related Report:
Global Biodegradable Plastics Market

The Global Biodegradable Plastics Market is likely to display growth at $6153.50 million by 2027, with a CAGR of 10.84% over the forthcoming period 2019-2027.

The potential scope of biodegradable plastics in several end-user segments, including agriculture, packaging, consumer electronics, medical devices and automotive industry, is expected to create lucrative growth opportunities for the studied market in the upcoming years. Owing to the government bans on non-degradable plastic due to its severe environmental impact, biodegradable plastics are gaining traction in many sectors.

Limited fossil fuels are likely to become more costly over time. The use of biodegradable plastics can minimize the dependency on these resources. These plastics are produced from renewable and natural resources, substituting the use of fossil resources like petroleum and oil.

There is an increasing public awareness regarding environmental issues and hence an increased demand for an eco-friendly option is witnessed, especially in the packaging industry. This shift in consumer preference is likely to contribute to the growth of the biodegradable plastics market in the projected period.

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