The global extruded PLA fiber market is expected to grow with a CAGR greater than 15% during the forecast period. One of the major factors driving the market is the growing demand from the Packaging Industry. However, the high prices in comparison to conventional Fibers are hindering the growth of the market studied.
- Among the end-user industries, the packaging is likely to dominate the market studied during the forecast period.
- Asia-Pacific accounts for the highest share of the market currently and is likely to continue dominating the market during the forecast period.
Key Market Trends
Packaging Industry to Dominate the Market
- Currently, the packaging industry accounts for the highest market share in the global extruded PLA fiber market among the end-user industries.
- The increasing demand for recyclable and eco-friendly products in packaging is a major driving factor for the growing demand for extruded PLA fiber in the packaging industry as it is made from natural sources of starch, like tapioca, sugarcane, cornstarch, etc.
- The growing demand for packaging materials across the globe owing to the growing penetration of e-commerce and increasing disposable incomes is driving the packaging industry which in turn is driving the market studied.
- Hence, owing to the above-mentioned reasons, the packaging industry is likely to dominate the market studied during the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific accounts for the major share of the global extruded PLA fiber market currently owing tot he high demand from countries like China, Japan, etc.
- In China, there has been a significant increase in the demand for local consumption of extruded PLA fiber.
- Additionally, the increasing demand for eco-friendly products in Asian countries is a major driving factor for the market studied.
- However, the decline in automotive production is expected to have a negative effect on the demand for extruded PLA in the coming years.
- Hence, owing to the above-mentioned factors, Asia-Pacific is likely to dominate the global extruded PLA fiber market during the forecast period.
The global extruded PLA fiber market is moderately consolidated as the majority of the market share is divided among few players. Some of the key players in the market include BASF SE, TORAY INDUSTRIES, INC, Danimer Scientific, Futerro, and KURARAY CO., LTD, among others.
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support