Global Polylactic Acid Market
Global Polylactic Acid Market
Dublin, June 23, 2022 (GLOBE NEWSWIRE) — The “Polylactic Acid (PLA) Market by Grade (Thermoforming, Extrusion, Injection Molding, Blow Molding), Application (Rigid Thermoform, Film & Sheet, Bottles), End-use Industry (Packaging, Consumer Goods, Agricultural, Textile, Biomedical) and Region – Global Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.
The global PLA market size is projected to grow from USD 1.0 billion in 2021 to USD 1.9 billion by 2026, at a CAGR of 12.2% between 2021 and 2026.
The market is driven by various factor such as increasing demand of PLA in packaging industry, government regulations in Europe, increased focus of government on green procurement policies, and shift in consumer preference toward eco-friendly and biodegradable plastic products.
Moreover, high potential in emerging countries of APAC such as India, and China, and multi-functionalities of PLA is expected to drive the market during the forecast period. However, the market is in the nascent stage in developing countries due to the challenges, such as processing after the end of life, fluctuation in oil prices, performance limitations of PLA, and limited regulations of PLA in developing countries.
Changing consumer preference toward eco-friendly plastic products is driving the demand for PLA during the forecast period
The PLA market in European countries such as Germany, and UK is expected to witness high growth, owing to Improving consumer awareness regarding sustainable plastic solutions. Moreover, increasing landfills and waste piles have emerged as serious environmental, and health hazards resulted in numerous adverse effects on the ecosystem. Rising consumer awareness due to adverse effects of traditional plastics is encouraging the use of PLA. Additionally, rising investment in new packaging technology, and strict government norms regarding plastic usage and ban on single-use plastics is expected to increase the growth rate in Europe, during the forecast period.
Government focus on green procurement policies and regulations to boost the demand for PLA during the forecast period
Rising prohibition against conventional plastics, and government regulations towards development of sustainable ecosystem is driving the PLA market worldwide. Developed countries such as Europe, and North America are becoming more stringent, and encouraging the use of sustainable and eco-friendly products. Various government are implementing new policies and programs such as green dot system in Europe, and initiatives such as “Bio Preferred” in North America to promote PLA. Moreover, to curb the use of conventional plastics, various governments are providing tax benefits, and incentives to promotes eco-friendly materials to reduce the consumption of plastics.
Europe to dominate the PLA market in 2020
Europe is the largest market for PLA, owing to the strict government norms regarding plastic usage and ban on single-use plastics. Additionally, European countries are investing heavily in new packaging technology to suit customer demands and needs. Countries such as Germany, and UK have established food & beverage industry (particularly packed food), and environmentally inclined rules & regulations is expected to boost the demand for the PLA market during the forecast period.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Developed Economies to Witness Relatively Higher Growth
4.2 Pla Market, by Grade
4.3 Pla Market, by Application
4.4 Pla Market, by End-Use Industry
4.5 Pla Market, by Country
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