According to the latest report by IMARC Group, titled “Polylactic Acid (PLA) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global polylactic acid (PLA) market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the global polylactic acid (PLA) market to grow at a CAGR of around 15% during 2021-2026. Polylactic acid (PLA) refers to a thermoplastic aliphatic polymer with the chemical formula (C3H4O2)n. It is procured from renewable sources, such as sugar care or corn starch, and is widely available in various forms, including fibers, coatings, films and sheets. PLA is mainly employed in the food industry for the packaging of light, heat and moisture-sensitive food products. It is also used in the medical, textile, agriculture and automotive industries across the world on account of its biodegradability and mechanical strength.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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The expanding food and beverage industry is primarily driving the growth of the PLA market. Owing to its resistance to grease and oil, PLA is widely used to produce microwaveable containers, including disposable cutlery and food containers. Besides this, the increasing adoption of PLA in the manufacturing of textiles is also augmenting the market growth. Textiles made using PLA provide excellent breathability, durability and drapability. Moreover, with the rising environmental concerns, the governments of several countries are undertaking initiatives to promote the usage of biodegradable products like PLA. This, in turn, is providing a thrust to the global market. Various other factors, including unstable petroleum prices and the unavailability of sufficient resources for plastic production, are anticipated to further catalyze the demand for PLA in the coming years.
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Key Market Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- BASF SE
- Evonik Industries AG
- Jiangsu Supla Bioplastics Co. Ltd.
- Jiangxi Keyuan Bio-Material Co. Ltd.
- Mitsui Chemicals Inc.
- NatureWorks LLC (Cargill Incorporated)
- Shanghai Tong-Jie-Liang Biomaterials Co. Ltd.
- Total Corbion PLA.
Breakup by Raw Material:
- Sugarcane and Sugar Beet
Breakup by End Use Industry:
- Automotive and Transport
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the Report:
- Market Performance (2015-2020)
- Market Outlook (2021-2026)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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