November 24, 2021 07:18 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, November 24, 2021 (GLOBE NEWSWIRE) - The global polylactic acid market is expected to reach US$2,306,708,200 by 2028. At the same time, the compound annual growth rate from 2021 to 2028 is impressive, reaching 16.3%. . Fortune Business Insights released. This information is in its latest report entitled "Polylactic acid market 2021-2028". The report further mentions that the market size in 2020 will be US$698.209 million. This growth is attributed to the development of the packaging industry and the growing demand for biodegradable plastics, which will drive the demand for advanced polylactic acid during the forecast period.
List of companies introduced in the global polylactic acid market:
The rising packaging industry is conducive to market growth
According to estimates by the United Nations Joint Expert Group on Marine Pollution Science (GESAMP), approximately 80% of land-based plastic sources contribute to global marine pollution. Growing concerns about plastic handling are expected to promote the adoption of biodegradable plastics, such as the use of polylactic acid extracted from biological raw materials in the entire packaging industry. Therefore, supported by the surge in demand for packaged goods in supermarkets and retail stores, the increasing use of sustainable packaging materials is expected to bode well for the global polylactic acid market price during the forecast period.
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We have segmented the market based on applications and regions. According to the application, the market is divided into packaging, textiles, consumer goods, agriculture and gardening. In addition, depending on the application, the packaging sector is expected to experience considerable growth due to the increasing use of this acid for food packaging, and the increasing attention of multiple industries around the world to the use of biodegradable plastics as packaging materials.
Finally, according to the region, the market is divided into Europe, Latin America, Asia Pacific, North America, the Middle East and Africa.
What does the report include?
The global polylactic acid market report includes detailed analysis using multiple research methods and focuses on key aspects such as leading companies, applications, and products. It also includes accurate insights into the latest market trends and highlights important industry developments. In addition, the report also covers various factors that will promote market growth from 2021 to 2028.
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Asia-Pacific region-Due to the high disposable income and the growing population in the region from 2021 to 2028, the demand for convenience foods continues to grow, and the region is expected to gain a considerable market share of polylactic acid.
North America-The market in this region is expected to grow exponentially in the next few years. This is due to factors such as the increasing consumption of ready-to-eat packaged foods since the emergence of the COVID-19 pandemic, and the consumption of these products has increased substantially.
Europe-This region is worth USD 285.5731 million in 2020 and is expected to occupy the highest position in the global market in the next few years. This is due to the increasing demand for organic and natural foods, which may drive the demand for polylactic acid for packaging purposes in the region.
Product innovations of well-known companies to maintain their market dominance
The global market is fragmented by the presence of major companies that focus on maintaining their dominant position by introducing innovative products and further expanding their product portfolio. In addition, other major players in the global market are taking advantage of opportunities to maintain their presence by adopting strategies such as facility expansion, mergers and acquisitions, and partnerships, which may herald market growth during the forecast period.
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