(EMAILWIRE.COM, October 27, 2023 ) In the realm of the chemical industry, one name that is garnering attention for its sustainable attributes is Polylactic Acid or PLA. The report “Poly Lactic Acid Market by Grade (Thermoforming, Extrusion, Injection Molding, Blow Molding), Application (Rigid Thermoform), End-use Industry (Packaging, Consumer Goods, Agricultural, Textile, Biomedical) & Region – Global Forecast to 2028”, The PLA market is projected to reach USD 3.3 billion by 2028, at a CAGR of 17.1% from USD 1.5 billion in 2023. The PLA market is mainly driven by the increase in consumer awareness and growing demand in end-use industries like packaging, consumer goods, agriculture, biomedical, textiles among other industries. Moreover, it is also driven by the rapidly developing market in the Asia Pacific region.
Download PDF brochure of the Report @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=29418964
Browse in-depth TOC on “Poly Lactic Acid (PLA) Market
235 – Market Data Tables
48 – Figures
242 – Pages
This biodegradable and bioactive thermoplastic is changing the landscape, driven by its eco-friendly qualities and versatility in various end-use industries.
Packaging: A Sustainable Shift
In the packaging industry, where sustainability and environmental consciousness are paramount, PLA is gaining prominence. It’s used for manufacturing biodegradable packaging materials, reducing the carbon footprint and minimizing plastic waste.
Consumer Goods: A Green Revolution
PLA-based consumer goods are making their way onto store shelves. From eco-friendly cutlery to biodegradable textiles and toys, PLA is replacing conventional plastics in everyday products.
Agricultural: Biodegradable Mulch Films
In agriculture, PLA is used to manufacture biodegradable mulch films. These films, when left in the field after crop cultivation, break down into natural components, reducing the environmental impact.
Textile: Sustainable Fabrics
PLA is also making strides in the textile industry. It’s used to produce sustainable fabrics, offering comfort and performance while being biodegradable at the end of its lifecycle.
Biomedical: Safe and Bioactive
PLA’s biocompatibility makes it a valuable material in the biomedical field. It’s used in medical implants, drug delivery systems, and tissue engineering due to its safety and bioactive properties.
Get Sample Pages of This Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=29418964
The Growing Demand for PLA
The demand for PLA is on the rise, fueled by several key factors:
Sustainable Initiatives
Consumer and industry demand for sustainable alternatives to conventional plastics has put PLA in the spotlight. Companies are actively seeking eco-friendly materials to align with global sustainability goals.
Regulatory Support
Increasingly stringent regulations against single-use plastics have propelled the demand for PLA-based packaging and products, especially in the food and beverage industry.
Innovation
Research and development in PLA production have led to improved material properties, expanding its applications and meeting the specific requirements of diverse industries.
Consumer Awareness
Growing environmental awareness among consumers is driving the demand for PLA products. As eco-consciousness spreads, so does the interest in sustainable alternatives.
The Future of PLA in the Chemical Market
PLA is well-positioned to be a game-changer in the chemical market. Its biodegradability, versatility, and low environmental impact make it a preferred choice for industries aiming to reduce their carbon footprint. As research and innovation continue to advance PLA’s properties, we can expect to see this sustainable material play an even more significant role in shaping the future of the chemical industry. Whether in packaging, consumer goods, agriculture, textiles, or biomedical applications, PLA is not just a material; it’s a symbol of the chemical industry’s evolving commitment to sustainability.
Packaging industry is projected to grow at fastest CAGR, in terms of value, during the forecast period.
Packaging is the largest end-use industry for PLA, during the forecast period. Several industrial sectors, including food and beverage, e-commerce, and FMCG, have seen the need for sustainable solutions. Packaging’s special qualities make it suitable for use in a range of culinary and non-food applications, including the packaging of cigarettes, cookies, sugar confections, baked goods, noodles, and other snacks. In addition, packaging requirements have grown as e-commerce has grown.
Don’t miss out on business opportunities in Flame Retardants Market. Speak to Our Analyst and gain crucial industry insights that will help your business grow. https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=29418964
Thermoforming grade is expected to lead the PLA market during the forecast period, in terms of value.
Thermoforming grade PLA is in high demand in the PLA market due to its exceptional characteristics that make it well-suited for thermoforming processes. Thermoforming involves heating a plastic sheet and molding it into desired shapes. PLA’s thermoforming grade offers excellent heat resistance, dimensional stability, and clarity, making it ideal for packaging, disposable food containers, and consumer products. Its transparency allows for appealing product displays, while its ability to maintain shape and withstand elevated temperatures ensures durability. Moreover, PLA’s biodegradability and renewable nature align with consumer preferences for eco-friendly packaging solutions, further driving the demand for thermoforming grade PLA.
Asia Pacific is expected to be the fastest growing market for PLA during the forecast period, in terms of value.
Asia Pacific is expected to be the fastest growing market for PLA due to several key factors. The region’s strong industrial and manufacturing sectors, particularly in countries like China, Japan, and South Korea, are driving the demand for PLA across diverse applications such as packaging, textiles, and automotive. Moreover, the region’s large population, coupled with a growing middle class, is leading to increased consumption of packaged goods and disposable products, thereby fueling the demand for PLA-based packaging materials. Additionally, governments in the Asia Pacific region are implementing favorable policies to promote eco-friendly materials and reduce plastic waste, which is further driving the adoption of PLA and contributing to its rapid market growth.
Poly Lactic Acid (PLA) Market Key Players
New product launches, acquisitions, investments, and expansions are the major growth strategies adopted by the key players in the market. The key global players in the PLA market include NatureWorks LLC (US), TotalEnergies Corbion (Netherlands), BASF SE (Germany), COFCO (China), Futerro (Belgium), Danimer Scientific (US), Toray Industries Inc. (Japan), Evonik Industries (Germany), Mitsubishi Chemical Corporation (Japan), Unitika Ltd. (Japan).
About MarketsandMarkets
MarketsandMarkets has been recognized as one of Americas best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The Knowledge Store (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
