Polylactic Acid Market (CAGR) of 17.2%, Innovation Imperative Future Proofing Your Business with Market Size Intelligence

Allied Market Research has recently released a report titled "Polylactic Acid Market by End Use Industry: Global Opportunity Analysis and Industry Forecast, 2021-2030." According to the report, the global polylactic acid market is projected to reach a value of $4.0 billion by 2030, with a rapid growth rate of 17.2% CAGR during the forecast period from 2021 to 2030. In 2020, the market was valued at $0.7 billion.

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Key Growth Drivers:

The growth of the global polylactic acid market can be attributed to several factors, including the expansion of the construction and building industry, as well as the advantages of polylactic acid in this sector. However, challenges related to packaging in the construction industry may hinder market growth to some extent. Nonetheless, innovative solutions for waste management are expected to create lucrative growth opportunities in the coming years.

Packaging Segment Leading the Market:

The packaging segment dominated the market in 2020, accounting for approximately 90% of the total market revenue. This growth is fueled by increasing demand for packaged ready-to-eat meals, snacks, and other food items. Meanwhile, the bio-medical segment is anticipated to exhibit the fastest CAGR of 20.2% during the forecast period, owing to the importance of polylactic acid in biomedical applications due to its favorable characteristics such as processability, mechanical strength, biodegradability, and biocompatibility.

Regional Insights:

Europe, followed by North America, held the largest market share in 2020, with Europe contributing around half of the global market revenue. This was driven by robust demand from the biomedical and packaging sectors. On the other hand, Asia-Pacific is expected to witness the fastest CAGR of 18.4% from 2021 to 2030, fueled by the rapid growth of the textile, electronics, and agriculture industries to meet the demands of the growing population in the region.

Key Players:

Some of the top players in the polylactic acid market include Nantong Jiuding Biological Engineering Co. Ltd., Futerro, Chongqing Bofei Biochemical Products Ltd., NatureWorks LLC, Hisun Biomaterials, Corbion Purac, and Synbra.

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