The global polylactic acid market size was USD 1,072.3 million in 2023 and is projected to grow from USD 1,248.6 million in 2024 to USD 4,220.0 million in 2032, exhibiting a CAGR of 16.3% during the forecast period.This information is published by Fortune Business Insights in its latest report, titled, “Polylactic Acid Market, 2024-2032.”
Source: https://www.fortunebusinessinsights.com/polylactic-acid-pla-market-103429
Increasing Demand for PLA and Composites in Medical Industry
In September 2020, Total Corbion PLA announced its plan to build its second PLA facility with an aim to manufacture up to 100,000 tons of PLA and its composites annually. According to the company, the new plant will be operational from 2024 at Grandpuits, France. The growing demand for biocompatible and biodegradable polymers across the medical industry for tissue engineering, medical implants, drug delivery systems, and orthopedic devices is expected to boost the market’s demand in the forthcoming years.
Market Segmentation:
We have bifurcated the market based on application and region. On the basis of application, the market is categorized into packaging, textiles, consumer Goods, agriculture & horticulture, and others. Lastly, based on region, the market is segmented into Europe, Asia-Pacific, Latin America, the Middle East and Africa, and North America.
What does the Report Provide?
The market report provides in-depth analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2024 and 2032.
DRIVING FACTORS
Increasing Demand for Sustainable Energy Systems to Augment Polylactic Acid Market Growth
Polylactic acid (PLA) provides several eco-friendly advantages such as reduced reliance on fossil resources, significant decrease in carbon footprint, and others compared to other carbon-based products.