Rising recyclability concerns and increasing government initiatives towards promoting sustainable living are expected to drive growth of global polylactic acid market during forecast period
According to TechSci Research report, “Global Polylactic Acid Market By Raw Material, By Form, By Application, By Region, Competition, Forecast & Opportunities, 2024”, global polylactic acid market is expected to register CAGR to close to 17% over the forecast period on account of rising demand for flexible packaging, growing consumption of shopping bags and disposable cutlery and rising recyclability concerns. Additionally, environmental safety and pollution control are the key reasons for diverting major stakeholders towards bio plastic usage other than using conventional plastic which is synthesized from petroleum. Furthermore, technological advancements coupled with government initiatives by providing subsidies and support for enhancing usage of biodegradable products is further expected to aid the growth of global polylactic acid market. However, the cost of polylactic acid is higher when compared to synthetic plastics, thus acting as a primary restraining factor for the growth of global polylactic acid market.
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Global polylactic acid market can be segmented based on raw material, form, application, region and company. Considering the applications, the market can be segmented into packaging, agriculture, electronics, textiles, bio-medical. Out of which, the packaging segment held the majority share in terms of revenue of the global polylactic acid market until 2018. This growth is attributable to the increasing demand from biomedical, electronics, textiles and automotive industries.
Corbion N.V., Galactic S.A., Henan Jindan Lactic Acid Co., Ltd., Jungbunzlauer AG, Musashino Chemical Laboratory, Ltd., BASF SE, NatureWorks, Henan Jindan Lactic Acid Technology, Mitsubishi Chemical Holdings Corporation, Synbra Technology BV among others are the leading players operating in the global polylactic acid market.
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“Regionally, the polylactic acid market is gaining traction and expanding to Asia-Pacific, North America, South America, Europe, and Middle East & Africa. Among these regions, North America dominated the market until 2018, which can be mainly attributed to growing biodegradable polymer consumption and increasing composting infrastructure. In addition to this, high growth in drug manufacturing is supplementing the demand for polylactic acid products in developed countries like U.S, which is further anticipated to propel the growth of polylactic acid market over the next 5 years. Asia-Pacific is also forecasted to register tremendous growth through 2024 owing to rising focus on product developments, rising investments in research & development activities, and increasing production capacities. Furthermore, expanding consumer base of FMCG companies in developing economies such as China and India are anticipated to further augment the overall market growth over the coming years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Polylactic Acid Market By Raw Material, By Form, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global polylactic acid market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers to take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global polylactic acid market.
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