Market Research Report
Polylactic Acid (PLA) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026
|Polylactic Acid (PLA) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026|
Published: December 10, 2021
IMARC Services Private Limited
Content info: 142 Pages
Delivery time: 2-3 business days
The global polylactic acid (PLA) market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 15% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Polylactic acid (PLA) is a thermoplastic aliphatic polymer with the chemical formula (C3H4O2)n. It is obtained from renewable sources, such as corn starch or sugar cane, and widely available in numerous forms, including coatings, fiber, and films and sheets. PLA is primarily employed in the food industry for the packaging of heat, light, and moisture-sensitive food products. Besides this, it is also used in the textile, medical, agriculture and automotive industries across the globe on account of its biodegradability and excellent mechanical strength.
PLA is used to produce microwaveable containers, including disposable cutlery and food containers. This can be accredited to its beneficial properties, which include improved aesthetic appeal and resistance to grease and oil. Apart from this, textiles made using PLA offer excellent breathability, drapability and durability. Their escalating demand represents another factor positively influencing the PLA market worldwide. Moreover, as PLA is derived from corn, it does not produce toxic fumes and can break down into natural elements in commercial compost facilities. With the rising environmental concerns and the urgency for adopting pollution control measures, governing agencies of different countries across the world are undertaking several initiatives to provide subsidies and promote the usage of biodegradable products like PLA. This, along with factors like unstable petroleum prices and the unavailability of sufficient resources for plastic production, is anticipated to catalyze the demand for PLA.