Polylactic Acid Market: Current Analysis and Forecast (2021-2027)

Polylactic Acid Market: Current Analysis and Forecast (2021-2027)

The global polylactic acid market is likely to showcase a growth of around 18% during the forecast period. Global plastic production reached 460 million tons (Mt) in 2019, which has doubled from 234 Mt in 2000, showcasing a rapid increase in demand owing to population growth and higher incomes coupled with their lightweight, inexpensive, readily processable, and durable properties. In addition, during the same period, plastic waste generation has increased by 197 Mt surpassing the growth of plastic production. Further, it is expected that the amount of plastic waste will increase to 850 Mt per annum by 2050. As a result, increasing concern among the environmental bodies to control plastic waste generation. This, in turn, promotes the use of recycling or biodegradable plastics. Polylactic acid is one of the most widely consumed bioplastics and has similar characteristics to polypropylene (PP), polyethylene (PE), or polystyrene (PS), as well as being biodegradable. The material properties of PLA make it suitable for the manufacture of plastic film, bottles, and biodegradable medical devices, including screws, pins, plates, and rods that are designed to biodegrade within 6 to 12 months. Therefore, it is expected that as the world is moving rapidly toward sustainable alternatives, the demand for polylactic acid is likely to showcase bolstering growth during the foreseeable future.

Insights Presented in the Report
"Amongst grades, thermoforming held a prominent share in the market in 2020”

Based on grades, the market is categorized into thermoforming, injection molding, extrusion, blow molding, and others. Among these, thermoforming accounted for a significant share in the market and is likely to maintain a strong position during the forecast period. This can be attributed to its fully compostable and degradable properties coupled with similar properties to a number of conventional petrochemical-based resins. As a result, it is used in many application areas like food & beverage packaging. 
"Amongst end-user, packaging accounted for a significant share in 2020”

Based on end-user, the market is categorized into packaging, consumer goods, agricultural, textile, medical, and others. Among these, packaging accounted for a prominent share in the market owing to the large and growing packaging industry and increasing adoption of sustainable packaging solutions. Further, it is expected to grow at a substantial rate over the forecast period as governments across the globe are trying to ban the use of single-use plastic. This can help in promoting the market for biodegradable plastics. For instance, in January 2020, the Chinese government banned several types of single-use plastics, effective in major cities by the end of 2020 and nationwide by 2025. Notably, “degradable plastics” are exempt from the single-use plastics ban.
"Asia-Pacific is expected to showcase significant growth during the forecast period”

For a better understanding of the market adoption of polylactic acid, the market is analyzed based on its worldwide presence in the countries such as North America (the United States, Canada, Rest of North America), Europe (Germany, the UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific is expected to showcase significant growth over the forecast period owing to the growing end-use industry, increasing regulation on reducing the use of non-degradable plastics, and rising adoption of sustainable packaging solutions among consumers.

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