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.
Drivers, restraints, and opportunities-
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.
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- The outbreak of the pandemic has had a mixed impact on the global polylactic acid market. When there was an increased demand for polylactic acid from the packaging industry, a decreased demand was experienced from industries such as automotive, electronics, textile, and so on.
- Also, the manufacturing activities and the supply chain were hugely disrupted.
- However, the market is expected to recuperate loss it has incurred very soon.
The packaging segment to dominate by 2030-
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.
Europe, followed by North America, garnered the highest share in 2020-
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.
Key players in the industry-
- Corbion Purac
- Hisun Biomaterials
- NatureWorks LLC.
- Chongqing bofei biochemical products, Ltd.
- Nantong Jiuding Biological Engineering Co. Ltd.
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