Advantages of polylactic acid in the construction industry and developments in the building & construction industry drive the growth of the global polyactic acid market.
Allied Market Research published 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 industry was estimated at $0.7 billion in 2020, and is anticipated to hit $4.0 billion by 2030, registering a CAGR of 17.2% from 2021 to 2030.
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COVID-19 impact analysis
The outbreak of the COVID-19 pandemic left a significant impact on the global economy. The polylactic acid market report provides a detailed study of the micro- and macro-economic impacts of the pandemic. Moreover, the analysis depicts the direct impact of COVID-19 on the polylactic acid market. It recapitulates the detailed information about the market extent and shares owing to the impact of the outbreak. The report also emphasizes on the supply chain and the sales of the polylactic acid market. Last but not the least; the study also exhibits a post-COVID-19 scenario, portraying different measures and initiatives taken by the government bodies across the world.
The packaging segment held the major share in 2020, accounting for nearly 90% of the global polylactic acid market. Increase in demand for packaged foods, snacks, ready-to-eat (RTE) meals, and other items fuels the growth of the segment. The bio-medical segment, on the other hand, would register the fastest CAGR of 20.2% from 2021 to 2030.
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Some ruling enterprises in the global polylactic acid market are examined in the report along with the citation of innovative product launches by them, their collaborative undertakings & endeavors, several merges & acquisitions, and many more. The frontrunners operating in the global polylactic acid industry include Synbra, Corbion Purac, Hisun Biomaterials, NatureWorks LLC, Chongqing bofei biochemical products, Ltd., Futerro.
Asia-Pacific, however, is expected to showcase the fastest CAGR of 18.4% during the forecast period. This is attributed to the high growth of the agricultural, electronics, and textile industries to fulfill the demand of increase in population in the region.
Major Inclusions-
- Qualitative as well as quantitative assessment of the market on the basis of the detailed categorization involving both the economic and non-economic factors.
- Analysis at country and regional level, which portrays the share of the product or service in different regions.
- Elaborative company profiles section, which provides different pointers such as key executives, business enactment, company overview, product/service portfolio, R&D expenditure, current scenario, and prime strategies of the key market players.
- The forecasted market outlook of the polylactic acid market based on recent developments, which incorporate the analysis of drivers, market trends, and growth opportunities.
- The COVID-19 impact on the polylactic acid market
- Post-sales support and free customization
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