The Global Polylactic Acid Market was $567.1 Mn in 2020, and it is expected to reach $1698.1 Mn by 2031. It is eventually growing at a commendable high compound annual growth rate CAGR of 10.2% between 2021-2031. But due to the current COVID-19 pandemic, there might be a slight difference in the growth rate in the present year. The increased bioplastics application along with favorable regulations related to using bio-based materials will help to accelerate the growth of this market during the forecasted period. Increased demand for personal protective apparel because of the increase of COVID-19 positive cases will help the textile market to grow during the forecasted period.
Global Polylactic Acid Market Is Estimated To Witness Remarkable Growth
Source: SAI Research
The Global Polylactic Acid Market has been segmented into End-use. On The Basis of end-use, the Global Polylactic Acid Market has been segmented into Packaging, Agriculture, Automotive & Transport, Electronics, Textiles, Others.
By Region, North America Is Holding The Major Market Share
The Global Polylactic Acid Market has been geographically segmented into North America, Asia Pacific, Latin America, Middle East, and Africa region. in addition to North America, Global Polylactic Acid Market is holding the largest market share at present and is estimated to witness high compound annual growth rate during the upcoming forecasted period. the regional market is characterized by the demand for sustainable products has led to strong demand for sustainability in packaging. So this is the main factor that has led this region dominates the market. Besides this Asia Pacific is also going to witness remarkable growth during the forecasted period.
Major Players in Global Polylactic Acid Market
Some of the major players in the Global Polylactic Acid Market include BASF SE, Bayer, Corbin, Danimer Scientific, Dow-DuPont, Eastman Chemicals, Futerro, Henen Jindan Lactic Acid Technology, Mitsubishi Chemical, Natureworks, Sulzer, Synbra, Teijin, Wei Mon Industry, COFCO.
The Global Polylactic Acid Market Has Been Segmented Into:
Global Polylactic Acid Market, By End-Use
Global Polylactic Acid Market, By Region