Polylactic Acid Market Projected to Gain Significant Value through 2021-2030

Advantages of polylactic acid in the construction industry and developments in the building & construction industry drive the growth of the global polyactic acid market. On the other hand, certain disadvantages associated with packaging in the construction sector restrain the growth to some extent. However, effective solutions for waste management are projected to pave the way for lucrative opportunities in the industry.

A complete and wide-ranging evaluation of the aspects that drive and restrain the market growth is also provided throughout the study. This detailed exploration of the market size and its proper segmentation help the market players define the prevalent opportunities that are looming large.

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According to the report, the global polylactic acid industry was estimated at $0.7 billion in 2020, and is anticipated to hit $4.0 billion by 2030, registering a CAGR of 17.2% from 2021 to 2030.

The report helps clients in comprehending the first-hand knowledge of the global market while providing a full-fledged understanding of the regional-level analysis of each segment. At the same time, the study contain in-depth information of the frontrunners that are active in the industry along with their financial agenda, segmental profits, company trends, services/products offerings, and major adopted stratagems.

Based end-use industry, the packaging segment held the major share in 2020, accounting for nearly 90% of the global polylactic acid market. Increase in demand for packaged foods, snacks, ready-to-eat (RTE) meals, and other items fuels the growth of the segment. The bio-medical segment, on the other hand, would register the fastest CAGR of 20.2% from 2021 to 2030. This is due to the importance of polylactic acid as an important polymeric material for biomedical applications on account of its properties such as biocompatibility, biodegradability, mechanical strength, and process ability.

The Polylactic acid market report keeps a perfect tab on the market share of several companies, recent market trends, revenue forecast, and new product launches across the market. The report includes company profiles that delineate the revenue share of the top competitors in the market. Simultaneously, the report provides revenue forecasts for four regions and more than twenty major countries across Asia-Pacific, LAMEA. North America and Europe.

Polylactic Acid Companies Covered Market:- Synbra, Corbion Purac, Hisun Biomaterials, NatureWorks LLC., Chongqing bofei biochemical products, Ltd., Futerro and Other.

Based on region, Europe, followed by North America, contributed to the highest share in 2020, accounting for around half of the global glycol ethers market. This is due to increased demand from the packaging and bio-medical sectors. Asia-Pacific, however, is expected to showcase the fastest CAGR of 18.4% during the forecast period. This is attributed to the high growth of the agricultural, electronics, and textile industries to fulfill the demand of increase in population in the region.

Analysis of COVID-19 impact:

The outbreak of the pandemic has had a massive impact on the majority of industries and the Polylactic acid market was also not an exception in this regard. The report provides a detailed study on the micro- and macro-economic impact during the pandemic. Additionally, it emphasizes the direct impact of the COVID-19 pandemic on the Polylactic acid market in the form of qualitative study. The report offers explicit details regarding the market extent and shares during this unprecedented time. At the same time, the major strategies adopted by the market players to combat the global crisis is also covered under the report. Last but not the least, the report highlights how the pandemic has distorted the supply chain of the market and takes in a post-COVID-19 analysis too.

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