BANGALORE, India, Oct. 1, 2020
BANGALORE, India, Oct. 1, 2020 /PRNewswire/ -- According to the Latest Market Research Report "Polylactic Acid Market Based on Application (Agriculture, Electronics, Packaging, Textiles, and Transport) and Region – Global Forecast to 2025", published on Valuates Reports
The Global Polylactic Acid Market size is expected to grow from USD 1,096.31 Million in 2019 to USD 2,424.62 Million by 2025 at a CAGR of 14.14% During the Forecast Period.
The major factor driving the PLA Market size is the widespread application of the product in various industries such as packaging, agriculture, transport, electronics, and textiles. One of the key applications is in the manufacture of PLA plastics, mainly used in packaging products that meet environmental standards.
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TRENDS INFLUENCING THE POLYLACTIC ACID MARKET SIZE
Increased bioplastics development and their growing penetration in various applications are expected to drive the PLA Market size. Polylactic acid packaging offers an environmentally friendly alternative, which helps to enhance the finished product's look. It has become an integral component of the green packaging of different food items.
Growing passenger car demand, as well as rising customer disposable income in developed economies, are expected to drive Polylactic Acid market size during the forecast period.
Stringent regulations imposed by different government bodies on non-biodegradable plastic are estimated to fuel the growth of the Polylactic Acid market size. Also, depleting oil reserves, coupled with a growing understanding of the PLA's benefits, would drive market growth.
POLYLACTIC ACID (PLA) MARKET SHARE ANALYSIS
North America is expected to hold the largest Polylactic Acid Market size during the forecast period. This dominance of North America is attributed to the increasing demand for bioplastics and the addition of new manufacturing facilities in the region. Furthermore, the regional market is characterized by strong demand for sustainability, which has contributed to the quest for sustainability in packaging and packaging.
The Asia-Pacific market is projected to expand at the highest CAGR due to increased awareness of the environment among consumers and plastic manufacturers, coupled with support from government laws and increased waste from landfills in different regions.
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POLYLACTIC ACID (PLA) MARKET SEGMENTATION & COVERAGE:
This research report categorizes the Polylactic Acid to forecast the revenues and analyze the trends in each of the following sub-markets:
Based on Application
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SIMILAR REPORTS :
The Global Bio-Polylactic Acid Market size is expected to grow from USD 612.92 Million in 2019 to USD 1,270.70 Million by the end of 2025 at a Compound Annual Growth Rate (CAGR) of 12.92% During the Forecast Period.
Positive growth indicators in the food & beverage industry and an increase in demand for food packaging for prolonged preservation drive the bio-PLA film market.
This report provides a complete quantitative data and qualitative analysis on the global market for Bio-polylactic Acid (PLA) Films. Market size is analyzed by country, product type, application, and competitors. Expanded coverage includes additional end-user industry breakdowns and in-depth producer profiles.
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