The Polylactic Acid (PLA) Market was previously valued at USD 535.6 million in 2019. The market is expected to obtain a CAGR of 16.3% and USD 1500 million by 2022 – 2030 in the forecast period.
The rising consumer awareness for sustainable plastic solutions and the increasing developmental techniques to eliminate the non-biodegradable conventional plastics are chiefly driving the growth of the Polylactic Acid (PLA) Market. Conventional petroleum-based plastics consume hundreds of years to degrade. The PLA breaks down easily and gets discarded and absorbed into the natural system. The decomposition rate of biodegradable plastics is faster than other plastic forms.
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The growing focus on sustainability and initiatives taken by the government for green procurement policies have brought significant growth opportunities in industrial sectors such as biomedical, electronics, and automotive. The industrial players are investing heavily in research and development activities for the upgradation of PLA. This has improved the application features which are booming in the medical industry. PLA is used in medical devices and equipment. Also, the market’s application in the automotive sector makes it fuel efficient. It is also used in electrical equipment to make it cost-effective.
Moreover, the packaging application and usage in the agriculture sector contribute to the market’s growth. The growing demand for biodegradable plastic for cutleries, trays, and cups in the food sector. These applications are bringing up huge growth opportunities for the Polylactic Acid (PLA) Market in the forecast period.
The Polylactic Acid (PLA) Market is segmented into type and application segments.
The type segment is sub-classified into PDLLA (Poly-DL-lactic Acid), PLLA (Poly-L-lactic Acid), PDLA (Poly-D-lactic Acid), and many others.
The application segment is subdivided into consumer goods, textiles, automotive, packaging, electrical and electronics, and many others.
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The Polylactic Acid (PLA) Market covers the major countries of the Latin American region, Asia-Pacific region, European region, North American region, and the Middle East and African region. The largest market share in the global market is covered by the Asia-Pacific region. Also, it is observing continuous growth in the packaging and automotive industry. Additionally, countries such as Japan, China, Thailand, Vietnam, South Korea, Singapore, India, and Malaysia, are showing huge growth opportunities for the market.
The European region occupies the second-largest market share. Countries such as the UK, Spain, France, Russia, Germany, and Poland, are the major consumer markets. Continuous development in the transportation sector with strict regulations is driving the regional market here.
The North American region takes the third lead in terms of share due to steady regional market growth. The growing investment in consumer goods and electronics is also a driving factor.
The fourth-largest market share value is captured Latin American region—countries like Brazil, Venezuela, and Columbia. This is because of the higher spending in the automotive sector and the electronic sector.
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In September 2022, the Korea Advanced Institute of Science and Technology’s (KAIST) joint research team developed a bio-friendly adhesive with a mixture of tannic acid with bio-compatible polymers to improve hair transplant methods.
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