Press Release - | Polylactic Acid Market to Reach Valuation of USD 1334.7 Million by 2028 – Growing Demand for Bioplastics and Increasing Demand from the Packaging Industry Drives the Market |
Vantage Market Research | 27 Jun 2022
Chemicals
Polylactic Acid Market to Reach Valuation of USD 1334.7 Million by 2028 – Growing Demand for Bioplastics and Increasing Demand from the Packaging Industry Drives the Market
In terms of revenue, the Global Polylactic Acid Market is expected to reach USD 1334.7 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 6.3% from 2022 to 2028.
Growing demand for bioplastics and increasing demand from the packaging industry are anticipated to augment the growth of the market during the forecast period.
Key Highlights from Report:
Market Dynamics:
With Polylactic Acid Market, packaging is the main process. By 2019, packaging accounted for 59 percent of non-perishable plastics, according to European Bioplastics. A fraction (0.5 percent) of all plastic packaging is produced in perishable packaging. About 500,000 tons of non-perishable plastic are used in flexible packaging. In consumer-packaged markets, supermarkets, and food services, large international companies have taken steps or announced plans to significantly increase the use of perishable plastic. This furthers the need for PLA packaging for fresh fruit, food, and fertilized bags.
Greenpeace East Asia Magazine in its December 2020 issue stated that 164,000 tons of perishable food and beverages and food were processed in 2017. By 2022, that figure is expected to grow by about 10 percent. About volume usage Polylactic Acid Market tells about the most widely used bio plastic. The government is taking steps, providing support and support to increase the use of perishable products. Pollution control and environmental safety are major reasons why many stakeholders are turning to the use of bioplastic instead of the usual petroleum-based plastic. Technological advancement, technology transfer from developed countries, and the great need of consumers in developing countries are responsible for future developments in the packaging, textile, and electronics industries. Demand for these industries Polylactic Acid Market is a key driver of market growth in developing countries.
North America is expected to grow rapidly due to major driving factors including fuel shortages, increased demand for PLAs in developing countries such as Indonesia, Malaysia, and Thailand, and fluctuating petroleum prices. China leads the PLA regional market, in terms of volume and revenue, by 2020. The PLA market in the region is driven primarily by the growing demand for products from key industries including automotive and transportation, electricity, textiles, packaging, electronics, and medical.
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Chemicals
Polylactic Acid Market to Reach Valuation of USD 1334.7 Million by 2028 – Growing Demand for Bioplastics and Increasing Demand from the Packaging Industry Drives the Market
27 Jun 2022
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Polylactic Acid Market to Reach Valuation of USD 1334.7 Million by 2028 – Growing Demand for Bioplastics and Increasing Demand from the Packaging Industry Drives the Market
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