Wilmington, Delaware, Nov. 07, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Polylactic Acid Market by End Use Industry (Packaging, Textile, Agricultural, Electronics, Bio-Medical and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030." The report indicates that the global polylactic acid market is expected to value at $4.0 billion by 2030. The industry garnered $0.7 billion in 2020 and is anticipated to display the fastest growth with 17.2% CAGR during the forecast period of 2021 to 2030.
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Prime determinants of growth:
The global polylactic acid market is expanding rapidly due to factors such as expansion of the construction and building industry and benefits of polylactic acid for the construction sector. However, some disadvantages regarding packaging in the construction industry hamper the market growth to some extent. Nevertheless, productive solutions for waste management will provide remunerative growth opportunities in the upcoming years.
The packaging segment to lead the trail by 2030
By end-use industry, the packaging segment garnered the major share in 2020, contributing to nearly 90% of the total market revenue. The growth is driven by a surge in demand for packaged ready-to-eat (RTE) meals, snacks, packaged foods, and other items. However, the bio-medical segment would display the fastest CAGR of 20.2% throughout the forecast timeframe. The growth is attributed to the significance of polylactic acid as a vital polymeric material for biomedical applications due to its qualities like process ability, mechanical strength, biodegradability, and biocompatibility.
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Europe, followed by North America, held the highest market revenue
Under the regional analysis, Europe followed by North America, held the largest market share in 2020, contributing to around half of the global market for polylactic acid, owing to robust demand from the biomedical and packaging sectors. On the other hand, Asia-Pacific would cite the fastest CAGR of 18.4% from 2021 to 2030. The high growth rate of the textile, electronics, and agriculture industries to satisfy the demand of surging population across the region drives the growth of the market.
Top players in the market
- Nantong Jiuding Biological Engineering Co. Ltd.
- Futerro
- Chongqing bofei biochemical products, Ltd.
- NatureWorks LLC.
- Hisun Biomaterials
- Corbion Purac
- Synbra
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