DUBLIN, 23 october 2020 / PRNewswire / – The report, “Polylactic Acid (PLA) Market – By Application (Packaging, Agriculture, Transportation, Electronics, Textiles, and Others) and Regions – Global Industry Outlook, Comprehensive Analysis, and Forecast, 2020 -2026 “has been added to ResearchAndMarkets.com offer.
The global polylactic acid (PLA) market is expected to generate revenue worth nearly 1.31 (billion USD) by 2026 and register a CAGR of around 19.7% over the period from 2020 to 2026.
The report offers historical data from 2017 to 2019 as well as a forecast for 2020 to 2026 based on revenue (in billions of US dollars).
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, restraints, sales estimates, opportunities, evolving trends, and validated industry data.
Polylactic acid (PLA) also sometimes referred to as polylactide is a biodegradable polymer, a biocompatible thermoplastic, and an aliphatic polyester. Recently, it is the most popular material with enormous growth potential. PLA is also considered the environmentally friendly polymer due to its compostable nature and ability to be recycled. The product has a high modulus of elasticity and a high level of transparency. According to the NCBI, polylactic acid is one of the most marketed polymers in the world.
Market growth dynamics
With the massive use of polylactic acid in rigid containers for the storage of water, yogurt and juices, the polylactic acid (PLA) market is expected to gain ground in the coming years. Apart from this, the developed countries of Europe and North America & Japan use PLA-based packaging. According to NIH researchers, the polymer is one of the cost-effective bio-based products as well as a biodegradable substitute for petrochemical plastics.
Additionally, polylactic acid is the most widely used biodegradable polymer in a myriad of industries lately. For example, it finds a plethora of applications in tissue engineering, drug delivery systems, temporary and long-term implantable devices, and other rapidly emerging new areas. It can be easily synthesized and can be customized for its use for various therapeutic needs.
In addition to this, the ability to adapt to the mechanical properties of a polymer as well as the kinetics of biodegradation has made polylactic acid products extremely useful in biomedical applications. Apart from this, PLA is widely used 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 in the years to come.
Apparently, PLA has gained popularity in packaging business and is used immensely in fibers as well as in chemicals. In addition to this, the product also finds use in the manufacture of films, bottles, coated paper, rigid containers and a myriad of packaging applications. Thermoplastic polyester is also used in various products such as carpets, clothing and non-woven fibers due to its exceptional characteristics such as resilience and UV resistance. All of these aforementioned factors will help the polylactic acid (PLA) market to gain ground in the coming years.
The North American market will continue to dominate the forecast schedule
The growth of the regional market during the forecast period is attributed to the increased presence of key players in the subcontinent including Danimer Scientific LLC, BASF SE, Nature Works LLC and Hitachi, Ltd.
In addition to this, the increase in the use of these recyclable polymers in the region as well as its overwhelming preference for petroleum-based products in the subcontinent will open up new avenues of growth for the industry in North America over the coming years.
The major players influencing the growth of the market and presented in the report include
The global polylactic acid (PLA) market is segmented as follows:
For more information on this report, visit https://www.researchandmarkets.com/r/u4bmw5
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SOURCE Research and Markets