Polylactic Acid Market Growth

The packaging segment emerged as the dominant sector in 2020, contributing to approximately 90% of the total market revenue.

The rapid expansion of the construction and building industry, along with the advantages of polylactic acid in construction applications, are driving the swift growth of the global market.”

— David Correa

WILMINGTON, DELAWARE, UNITED STATES, March 15, 2024 /EINPresswire.com/ — Allied Market Research recently released a report titled “Polylactic Acid Market by End Use Industry (Packaging, Textile, Agricultural, Electronics, Bio-Medical, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030.” According to the report, the global polylactic acid market is projected to reach a value of $4.0 billion by 2030, with a notable growth trajectory, expected to exhibit a CAGR of 17.2% from 2021 to 2030, starting from its $0.7 billion valuation in 2020.

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Key Growth Drivers:

The rapid expansion of the construction and building industry, along with the advantages of polylactic acid in construction applications, are driving the swift growth of the global polylactic acid market. Despite some drawbacks concerning packaging in the construction sector, innovative waste management solutions are anticipated to unlock lucrative growth opportunities in the foreseeable future.

Packaging Segment Dominance:

The packaging segment emerged as the dominant sector in 2020, contributing to approximately 90% of the total market revenue. This growth is primarily fueled by increased demand for packaged ready-to-eat meals, snacks, and various other packaged goods. Moreover, the bio-medical segment is forecasted to witness the fastest CAGR of 20.2% during the forecast period, driven by the essential role of polylactic acid in biomedical applications due to its favorable properties such as biodegradability and biocompatibility.

Regional Insights:

Europe, followed by North America, accounted for the largest market share in 2020, collectively contributing to about half of the global polylactic acid market. This growth is attributed to strong demand from the biomedical and packaging sectors. Conversely, Asia-Pacific is poised to experience the highest CAGR of 18.4% from 2021 to 2030, propelled by the rapid growth of textile, electronics, and agriculture industries in the region to meet the needs of a burgeoning population.

Key Market Players:

Some of the prominent players in the polylactic acid market include:

– Nantong Jiuding Biological Engineering Co. Ltd.
– Futerro
– Chongqing Bofei Biochemical Products Ltd.
– NatureWorks LLC.
– Hisun Biomaterials
– Corbion Purac
– Synbra

Want to Access the Statistical Data and Graphs, Key Players’ Strategies: https://www.alliedmarketresearch.com/polylactic-acid-market/purchase-options

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

David Correa
Allied Market Research
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Originally published at https://www.einpresswire.com/article/696149178/polylactic-acid-market-navigating-the-waves-future-proofing-your-business-in-a-shifting-market

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