Global Polylactic Acid (PLA) market is slated to accrue revenue worth nearly 1.31 (USD Billion) by 2026 and record the CAGR of about 19.7% over the period from 2020 to 2026.
The global Polylactic Acid (PLA) market is slated to accrue revenue worth nearly 1.31 (USD Billion) by 2026 and record the CAGR of about 19.7% over the period from 2020 to 2026. The report offers assessment and analysis of the Polylactic Acid (PLA) market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
Polylactic acid (PLA) also sometimes referred to as Polylactide is a biodegradable polymer, biocompatible thermoplastic, and aliphatic polyester. Recently, it is the most popular material having huge growth potential. PLA is also considered as the ecofriendly polymer due to its compostable nature and ability to be recycled. The product exhibits a high elastic modulus and a high level of transparency. As per NCBI, Polylactic acid is one of the most traded polymers globally.
As per authentic reports, Polylactic acid was first synthesized in 1845 by France-based chemist known as Theophile-Jules Pelouze by poly-condensation of naturally occurring lactic acid. However, the average molecular weight of PLA produced due to poly-condensation was very low.
However, in 1989, Dr. Patrick R. Gruber devised a lowly-priced commercial method for manufacturing PLA with high molecular weight. This helped the product find lucrative applications in diversified areas including agricultural sheets and recyclable & disposable bags.
Market Growth Dynamics
With massive use of Polylactic acid in rigid containers for storing water, yogurt, and juice, the market for Polylactic acid (PLA) is projected to gain traction in the years to come. Apart from this, developed countries in Europe and North America & Japan make use of PLA-based packaging. According to NIH researchers, the polymer is one of the cost-effective bio-based product as well as bio-degradable substitute for petrochemical plastics.
Furthermore, Polylactic acid is most widely used biodegradable polymer across myriad sectors in the recent times. For instance, it finds plethora of applications in tissue engineering, drug delivery systems, temporary & long-term implantable devices, and other new rapidly emerging domains. It can be easily synthesized and can be customized for its use for varied therapeutic requirements.
In addition to this, the ability to customize to mechanical properties of a polymer as well as bio-degradation kinetics has made Polylactic acid products extremely useful in biomedical applications. Apart from this, PLA is widely utilized clinically as a biomedical scaffold for theranostics, implants, and drug delivery systems. This, in turn, will create lucrative growth avenues for the Polylactic acid industry over the years to come.
Apparently, PLA has gained massive popularity in packaging activities and is immensely used in fibers as well as chemical products. In addition to this, the product also finds use in manufacturing of films, bottles, coated paper, rigid containers, and myriad packaging applications. The thermoplastic polyester is also utilized in various products such as carpet, apparel, and nonwoven fiberfill owing to its exceptional features such as resilience & ultra-violet resistance. All these aforementioned factors will help the Polylactic acid (PLA) market gain traction in the years to come.
North America Market To Continue Dominance Over Forecast Timeline
The regional market growth over the forecast timeframe is credited to humungous presence of key players in the sub-continent including Danimer Scientific LLC, BASF SE, Nature Works LLC, and Hitachi, Ltd. In addition to this, increase in use of these recyclable polymers in the region along with its massive preference over petroleum-based products in the sub-continent will open new horizons of growth for the industry in North America over the years ahead.
Key players influencing the market growth and profiled in the report include Synbra Technology BV, NatureWorks LLC, Sulzer Ltd., Danimer Scientific, BASF SE, Futerro, Hitachi Ltd., Zhejiang Hisun Biomaterials Co., Ltd., and ThyssenKrupp AG.
The global Polylactic acid (PLA) market is segmented as follows:
The key growth drivers that will leverage the market growth include the extensive application of product in tissue engineering, drug delivery systems, temporary & long-term implantable devices, and other new rapidly emerging domains coupled with huge product scope in myriad industries.
The CAGR of the industry is expected to be nearly over 19.7% during the forecast timespan.
North American region will contribute remarkably towards the global market share over the estimated timeline.
The key market participants include Danimer Scientific, BASF SE, NatureWorks LLC, Futerro, Hitachi Ltd., Synbra Technology BV, Zhejiang Hisun Biomaterials Co., Ltd., Sulzer Ltd., and ThyssenKrupp AG.