[150+ Pages Report] The polylactic acid market size in terms of value is projected to reach $ 2466.49 million by 2027, at a CAGR of 15.9% between 2020 and 2027, according to a 2021 study by Precedence Research, the Canada based market insight company.
The study provides the overall revenue of the global polylactic acid market from 2016 to 2027, considering 2020 as the base year and 2027 as the forecast year.
The global polylactic acid market research report gives a brief summary of definitions, size analysis, and place of production, sales, applications, types, and major players/key vendors of the polylactic acid industry. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace. This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers a competitive scenario that comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.
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Increasing focus and initiatives of governments across the globe for the production and use of biodegradable products is major factor driving growth of the global polylactic acid market. Additionally, governments of developed as well as emerging economies are providing subsidies for the production of the polylactic acid which is expected to fuel growth of the target industry in the near future. Moreover, increasing preferences for the bioplastic over conventional plastic by the stakeholders on account of environmental safety and pollution control is among major factors propelling growth of the global market over the forecast period. Furthermore, growing demand for the polylactic acid from cosmetic industry for the manufacturing of personal care products such as shampoos, creams and others anticipated to support the target market growth in the next few years. Raw materials used for the production of PLA are easily available worldwide which is further expected to augment global polylactic acid industry growth in the coming years. Growing awareness among the consumers regarding green packaging, sustainability as well as recyclability are likely to boost the target market growth in future. Nevertheless, emerging applications of polylactic acid is anticipated to create potential opportunities for the growth of the target market.
- Among the raw material segment, cornstarch segment is dominated the overall market. The sugarcane and sugar beet raw material segment is expected to grow at a significant CAGR during the forecast time-frame.
- Among the application type, packaging segment accounted for the largest revenue with significant share of around 35% in 2020. This is growth is due to the increasing demand for the packaging from food and beverage industry and cosmetic industries across the globe. Automotive and transport are expected to grow at a significant CAGR during the forecast time-frame.
- NatureWorks LLC, accounted for a significant share of the global polylactic acids market.
|Market Size||US$ 2466.49 million by 2030|
|Growth Rate||CAGR of 15.9% from 2021 to 2030|
|Historic Data||2017 to 2020|
|Forecast Period||2021 to 2030|
|Segments Covered||Raw Material, Application|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||NatureWorks LLC, Corbion Purac, Chongqing bofei biochemical products co., ltd., Synbra, Futerro, Nantong Jiuding Biological Engineering Co. Ltd, Hisun Biomaterials|
The report covers data for North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2020, North America dominated the global market with a market share of more than 35%. U.S. represented the highest share in the North American region primarily due to easy availability of raw material for the production of polylactic acids, along with the favorable government policies for the polylactic acid production in the region. Further increasing awareness regarding usage of bioplastic and presence of key companies in the country are other important factors to contribute the high market share of the United States over the forecast period. Further Europe is an important market in the polylactic acid.
The growth of the polylactic acid industry in the countries of the Europe is attributed to growing adoption of the polylactic acids in the various end use applications. Further, supporting policies for the use of polylactic acids by the European government in the European region is also expected to boost the demand for polylactic acids market in the near future. Asia Pacific anticipated to grow at the maximum CAGR in the forecast period due increasing implementation and focus on the government regulations in account to mitigate environmental concerns in the countries of the region especially in India, China and Japan of the region. Also, volatility in the petroleum prices and lack of fossile fuels in the Asian countries are other factors responsible for the high demand for polylactic acid in the region. Latin America and the African and Middle Eastern region will display noticeable growth over the forecast period.
Top Players Contending in the Market:
The key companies are aiming towards advanced innovations and are predictable to dominate the target market. Foremost players inspiring in the global polylactic acid market are as follows:
- NatureWorks LLC
- Corbion Purac
- Chongqing bofei biochemical products co., ltd.
- Nantong Jiuding Biological Engineering Co. Ltd
- Hisun Biomaterials
By Raw Material
- Corn starch
- Sugarcane & sugar beet
- North America (U.S. and Canada)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
- Latin America (Brazil and Rest of Latin America)
- Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)
Some of the key highlights of the report are:
- Market Demand Outlook – The report offers refined forecasts on potential growth prospects for the market. Based on data derived after thorough research by a team of expert analysis, Precedence Research presents the most precise rate of growth for the market for the assessment period starting from 2021 – 2030.
- Supply Chain Analysis – The purpose of the survey is to help companies identify potential scope for supply chain expansion. The study also presents analysis of unprecedented threats.
- Competitive Landscape Analysis – Some of the leading companies operating in the polylactic acid market are profiled in the market study. The report also underscores winning strategies adopted over the last few years and gauges impact of the same on growth trajectory exhibited by the market over the last few years.
Why should you invest in this report?
If you are aiming to enter the global polylactic acid market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for polylactic acid are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2020-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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