Yahoo Finance Polylactic Acid Market to Reach USD 2,306,708.2 Thousand by 2028; Growing Packaging Industry to Stimulate Growth, says Fortune Business Insights™
Top companies covered are NatureWorks (Minnetonka, Minnesota, United States), Total Corbion PLA (Gorinchem, Netherlands), BASF SE (Ludwigshafen, Germany), Sulzer (Winterthur, Switzerland), and other key players profiled in polylactic acid (PLA) market research report
Pune, India, March 09, 2021 (GLOBE NEWSWIRE) -- The global polylactic acid market size is expected to gain momentum by reaching USD 2,306,708.2 thousand by 2028 while exhibiting an impressive CAGR of 16.3% between 2021 and 2028. Fortune Business Insights published this information in its latest report, titled, “Polylactic Acid Market, 2021-2028.” The report further mentions that the market stood at USD 698,200.9 thousand in 2020. The growth is attributable to the rising packaging industry and the growing demand for biodegradable plastics that will propel the demand for advanced polylactic acid during the forecast period.
COVID-19 Leads to Reduced Adoption of PLA Owing to Industrial Shutdown
In April 2020, the International Monetary Fund (IMF) estimated a 3% fall in the overall global economic activity in 2020, which is believed to be higher than the 2009 economic slowdown.
The shutdown of industries has led to reduced industrial demand for PLA and other plastic packaging products. Moreover, several government agencies have banned the use of single-use plastics citing no provision for the biodegradation of the materials. This is expected to hamper the market growth in the short run.
However, proactive initiatives from the government and private companies are expected to favor the growth of the market in the forthcoming years. For instance,
November 2020 – Total Corbion PLA released its whitepaper that explains its position on the preferred end-of-life options for PLA bioplastics. The company further outlined the importance of PLA products and its applications that can aid in contributing towards effective functioning of a circular economy.
Get Sample PDF Brochure with Impact of COVID19:
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/polylactic-acid-pla-market-103429
List of the Companies Profiled in the Global PLA Market:
NatureWorks (Minnetonka, Minnesota, United States)
Total Corbion PLA (Gorinchem, Netherlands)
BASF SE (Ludwigshafen, Germany)
Sulzer (Winterthur, Switzerland)
Other Key Players
Key Market Segmentation:
We have segmented the market based on application and region. On the basis of application, the market is divided into packaging, textiles, consumer Goods, agriculture & horticulture, and others. Additionally, based on application, the packaging segment is expected to experience considerable growth due to the increasing adoption of this acid for food packaging and the growing focus on adopting biodegradable plastics as packaging materials by several industries globally.
Lastly, based on region, the market is bifurcated into Europe, Latin America, Asia-Pacific, North America, and the Middle East and Africa.
What does the report include?
The global market for the polylactic acid report includes a detailed analysis using several research methodologies and focuses on crucial aspects such as leading companies, applications, and products. It further includes accurate insights into the latest market trends and highlights vital industry developments. In addition to this, the report covers various factors that have contributed to the growth of market growth between 2021 and 2028.
DRIVING FACTORS
Rising Packaging Industry to Favor Market Growth
According to the United Nations Joint Group of Experts on the Scientific Aspects of Marine Pollution (GESAMP), it is estimated that around 80% of the land-based plastic sources account for the overall marine pollution globally. The rising concerns over the disposal of plastic is expected to boost the adoption of biodegradable plastics such as polylactic acid that are derived from biological raw materials across the packaging sector. The increasing adoption of sustainable packaging materials backed by the surging demand for packaged goods across supermarkets and retail stores is, therefore, expected to bode well for the global polylactic acid market growth during the forecast period.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/polylactic-acid-pla-market-103429
REGIONAL INSIGHTS:
Europe – The region stood at USD 285,573.1 thousand in 2020 and is expected to hold the highest position in the global market in the forthcoming years. This is attributable to the increasing demand for organic and natural food products that is likely to drive the demand for polylactic acid for packaging purposes in the region.
North America – The market in the region is expected to showcase exponential growth in the forthcoming years. This is ascribable to factors such as the increasing consumption of ready-to-eat packaged food products that has witnessed massive surge since the advent of the COVID-19 pandemic.
Asia-Pacific – The region is expected to register significant polylactic acid market share backed by the growing demand for convenience food products due to high disposable income and the growing population in the region between 2021 and 2028.
COMPETITIVE LANDSCAPE
Product Innovation by Prominent Companies to Maintain their Market Dominance
The global market is fragmented by the presence of major companies focusing on maintaining their dominance by introducing innovative products and further expanding their portfolio. In addition to this, other key players in the global marketplace are leveraging the opportunities to maintain their presence by adopting strategies such as facility expansion, merger and acquisition, and partnership that is likely to bode well for the market growth during the forecast period.
Industry Development:
October 2019 – Evonik introduced the first-ever bioresorbable series of polylactide-polyethylene glycol (PLA-PEG) copolymers. The company reports that the copolymers can be extensively adopted for implantable medical device applications.
Inquire Before Buying This Research Report:
https://www.fortunebusinessinsights.com/enquiry/queries/polylactic-acid-pla-market-103429
Detailed Table of Content:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Emerging Trends
Key Insights
Key Emerging Trends – For Major Countries
Industry SWOT Analysis
Regulatory Analysis
Recent Industry Developments - Policies, Partnerships, and Mergers & Acquisitions
Qualitative Insights – Impact of COVID-19 on Global Polylactic Acid Market
Supply Chain Challenges
Steps taken by Government/Companies to overcome this impact
Potential opportunities due to COVID-19 outbreak
TOC Continued…!
Have a Look at Related Research Insights:
Synthetic Rubber Market Size, Share & COVID-19 Impact Analysis, By Type (Styrene Butadiene Rubber, Nitrile Rubber, Polybutadiene Rubber, Butyl Rubber, and Others), Application (Tire, Non-tire Automotive, Industrial Rubber Goods, Footwear, and Others), and Regional Forecast, 2020-2027
Fluoroelastomer Market Size, Share & COVID-19 Impact Analysis, By Type (Fluorocarbon Elastomers [FKM], Fluorosilicone Elastomers [FVMQ], and Perfluorocarbon Elastomers [FFKM]), By End-Use (Automotive, Industrial, Aerospace, Oil & Gas, and Others) and Regional Forecast, 2020-2027
Automotive Plastics Market Size, Share & COVID-19 Impact Analysis, By Type (Polypropylene, Polyurethane, Polyamide, Polyvinylchloride, Acrylonitrile Butadiene Styrene, Polycarbonate, Polyethylene, and Others), By Application (Interior, Exterior, and Under Bonnet), and Regional Forecast, 2020-2027
Window Film Market Size, Share & COVID-19 Impact Analysis, By Type (Sun Control Films, Decorative Film, Safety & Security Film, Privacy Film, and Others), By Application (Automotive, Building & Construction, (Residential and Commercial), Marine and Others), and Regional Forecast, 2020-2027
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights™, we aim at highlighting the most lucrative growth opportunities for our clients. We, therefore, offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Phone:
US: +1 424 253 0390
UK: +44 2071 939123
APAC: +91 744 740 1245
Email: sales@fortunebusinessinsights.com
