Polylactic Acid Market to Reach Valuation of USD 1334.7 Million by 2028 – Growing Demand for Bioplastics and Increasing Demand from the Packaging Industry Drives the Market

In terms of revenue, the Global Polylactic Acid Market is expected to reach USD 1334.7 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 12.89% from 2022 to 2028.

Growing demand for bioplastics and increasing demand from the packaging industry are anticipated to augment the growth of the market during the forecast period.

Key Highlights from Report:

• The packaging end-use segment accounted for the largest revenue share in 2022, owing to its huge usage of Polylactic Acid for manufacturing bottles, jars, and containers, as well as for fresh food packaging. The customer inclination towards fill and sustainable packaging issues across the globe is growing and showing a positive sign for manufacturers to use Polylactic Acid in packaging.

• The textile segment is another important sector that can enter high markets and a high level of growth, as Polylactic Acid provides smooth and durable fabrics. In addition, PLA provides excellent moisture, moisture, breathability, and durability. These benefits are expected to further the PLA's inclusion in the textile industry during forecasting.

• Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. This is attributed to a rise in demand from numerous end-use industries, such as electronics, agriculture, biomedical, and others. This region is expected to dominate the packaging market during the forecast period due to the expanding food & beverage sector, particularly in India and China. Increasing demand for packaged food along with rising disposable income is estimated to propel the demand for flexible packaging during the forecast period.

Market Dynamics:

With Polylactic Acid, packaging is the main process. By 2019, packaging accounted for 59 percent of non-perishable plastics, according to European Bioplastics. A fraction (0.5 percent) of all plastic packaging is produced in perishable packaging. About 500,000 tons of non-perishable plastic are used in flexible packaging. In consumer-packaged markets, supermarkets, and food services, large international companies have taken steps or announced plans to significantly increase the use of perishable plastic. This furthers the need for PLA packaging for fresh fruit, food, and fertilized bags.

Greenpeace East Asia Magazine in its December 2020 issue stated that 164,000 tons of perishable food and beverages and food were processed in 2017. By 2022, that figure is expected to grow by about 10 percent. About volume usage Polylactic Acid tells about the most widely used bio plastic. The government is taking steps, providing support and support to increase the use of perishable products. Pollution control and environmental safety are major reasons why many stakeholders are turning to the use of bioplastic instead of the usual petroleum-based plastic. Technological advancement, technology transfer from developed countries, and the great need of consumers in developing countries are responsible for future developments in the packaging, textile, and electronics industries. Demand for these industries Polylactic Acid is a key driver of market growth in developing countries.

North America is expected to grow rapidly due to major driving factors including fuel shortages, increased demand for PLAs in developing countries such as Indonesia, Malaysia, and Thailand, and fluctuating petroleum prices. China leads the PLA regional market, in terms of volume and revenue, by 2020. The PLA market in the region is driven primarily by the growing demand for products from key industries including automotive and transportation, electricity, textiles, packaging, electronics, and medical.