Polylactic Acid Market Growth Trends and Competitive Landscape Analysis Through 2030

Allied Market Research has released a comprehensive report titled, "Polylactic Acid Market by End Use Industry (Packaging, Textile, Agricultural, Electronics, Bio-Medical, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030." The global polylactic acid (PLA) market, valued at $0.7 billion in 2020, is projected to soar to $4.0 billion by 2030, registering an impressive CAGR of 17.2% during the forecast period from 2021 to 2030.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/request-sample/78

Key Growth Drivers

The rapid expansion of the global PLA market is primarily fueled by:

- Growth in Construction and Building Industry: The increasing use of PLA in sustainable construction materials supports market expansion.

- Advantages in Construction Applications: PLA's eco-friendly properties make it a favorable choice in green building projects.

However, certain challenges, such as limitations in PLA's packaging applications within the construction sector, may impede growth. Despite these hurdles, innovative waste management solutions are expected to create lucrative opportunities for market development in the near future.

Dominance of the Packaging Segment

- In terms of end-use industries, the packaging segment dominated the market in 2020, accounting for nearly 90% of total revenue. This dominance is attributed to the rising demand for packaged ready-to-eat (RTE) meals, snacks, and other food items.

- Conversely, the bio-medical segment is anticipated to exhibit the highest CAGR of 20.2% throughout the forecast period. The growth in this segment is driven by the increasing use of PLA as a key polymeric material in biomedical applications, thanks to its excellent processability, mechanical strength, biodegradability, and biocompatibility.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐏𝐫𝐨𝐜𝐮𝐫𝐢𝐧𝐠 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐕𝐢𝐬𝐢𝐭 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/polylactic-acid-market/purchase-options

Regional Market Insights

- Europe and North America: Europe, followed closely by North America, held the largest market share in 2020, contributing to approximately 50% of the global PLA market. This dominance is due to the robust demand from the biomedical and packaging sectors.

- Asia-Pacific: The Asia-Pacific region is expected to register the fastest CAGR of 18.4% from 2021 to 2030. This growth is driven by the rapid expansion of the textile, electronics, and agriculture industries, catering to the region's burgeoning population.

Leading Market Players

The key players operating in the global polylactic acid market include:

- Nantong Jiuding Biological Engineering Co. Ltd.

- Futerro

- Chongqing Bofei Biochemical Products Ltd.

- NatureWorks LLC

- Hisun Biomaterials

- Corbion Purac

- Synbra

These companies are focusing on strategic partnerships, product innovations, and expansion activities to strengthen their market positions and cater to the growing demand for PLA across various industries.

𝐎𝐛𝐭𝐚𝐢𝐧 𝐑𝐞𝐩𝐨𝐫𝐭 𝐃𝐞𝐭𝐚𝐢𝐥𝐬: https://www.alliedmarketresearch.com/polylactic-acid-market

Contact:

David Correa

United States

1209 Orange Street,

Corporation Trust Center,

Wilmington, New Castle,

Delaware 19801 USA.

Int'l: +1-503-894-6022

Toll Free: +1-800-792-5285

Fax: +1-800-792-5285

help@alliedmarketresearch.com

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.