Bio-Polylactic Acid (PLA) Market Was Valued at USD 573.2 Million in 2021 Owing to the Innovations in Manufacturing Process

According to Precision Business Insights (PBI) latest report, the global bio-polylactic acid (PLA) market is valued at USD 573.2 million in 2021. The global bio-polylactic acid (PLA) market is segmented into the following types: By Raw Material (Corn, Cassava, Sugarcane, Sugar Beet, and Others), By End-User Industry (Packaging, Medical, Electronics, Agriculture, Textiles, and Other End-user Industries), and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East Africa) Forecast to 2028. Key players' profiles in the bio-polylactic acid (PLA) market report are NatureWorks LLC, Sulzer Ltd, TotalEnergies Corbion, Futerro, COFCO International, Synbra Technology BV, TORAY INDUSTRIES, INC, TOYOBO CO., LTD, Taghleef Industries. Favorable government policies toward bioplastics are the key driver of market growth. The global bio-PLA films market is driven by the growth of the global food and beverage industry and an increase in demand for food packaging for long-term preservation. The rapid adoption of bio- polylactic acid (PLA) films in agricultural applications, such as soft fruit and vegetable growing, has minimized negative environmental effects. The worldwide bio-polylactic acid (PLA)films market is likely to be restrained by higher bio-polylactic (PLA) film costs than synthetic and semi-synthetic films during the forecast period.

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Packaging Segment Dominates the Bio-Polylactic Acid (PLA) Market:
In terms of revenue, the packaging segment accounted for a significant share of the bio-polylactic market in 2021. Furthermore, in the wake of the epidemic, worries about hygiene and food safety have risen to the top of the global concern. Demand for dietary supplements, such as vitamins, and necessary supplies, such as allergy treatment, is predicted to rise. Furthermore, environmental and climate change concerns are encouraging countries around the world to use biodegradable packaging.

Asia-Pacific Leads Bio-Polylactic Acid (PLA) Market:
Asia-Pacific dominated the global market, with China and Japan accounting for most consumers. China is the most populous country in Asia-Pacific, with one of the world's major manufacturing and production bases. Rapid urbanization is fueled by increased demand for plastic packaging, faster electronic product manufacturing, increased digital printing, rising food and retail grocery sales, and the expansion of the pharmaceutical industry. As a result, the bio-polylactic acid (PLA) film market in this region sees increased demand.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
The global bio-polylactic acid (PLA) market further reveals that the key players increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In January 2021, Sulzer Chemtech gained a contract to supply lactide production equipment to a project at Zhejiang Depei New Material Co.'s latest plant in Ningbo, Zhejiang Province, China.

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Detailed Segmentation
Based on the Raw materials, the market is segmented into the following:
• Corn
• Cassava
• Sugarcane and Sugar Beet
• Others

Based on the End-user Industry, the market is segmented into the following:
• Packaging
• Medical
• Electronics
• Agriculture
• Textiles
• Other End-user Industries

Based on the geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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