Polylactic Acid Market Exceeds USD 98.5 Million in 2022, Predicts 15.5% CAGR Triumph Until 2030

How big is the Global Polylactic Acid market?

According to MarkNtel Advisors study, The Global Polylactic Acid Market size was valued at around USD 98.5 Million in 2022 and is estimated to grow at a CAGR of about 15.5% during the forecast period, i.e., 2024-30.

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Global Polylactic Acid Market Trend:

Amplifying Adoption of PLA among Medical Devices Companies – In recent years, several medical device companies have been observed to incline toward the usage of PLAs for the production of medical devices like coronary stents, and other medical implants. Also, with the rising incidence of coronary artery diseases worldwide, especially across Asia Pacific, and Europe, owing to the rising adoption of unhealthy and sedentary lifestyles among consumers, demand for coronary stents has been increasing significantly across the globe.

The rise in such diseases amplified the demand for different types of coronary stents like drug-eluting or bioabsorbable stents, during historical years to revascularize the clogged arteries and vessels. Hence, medical device companies have been observed to largely incline toward Polylactic acids for stent production, as they are designed to biodegrade over time.

Moreover, as these companies are also inclining towards sustainability, the demand for biodegradable materials like PLAs is further projected to amplify in the coming years for the production of other devices like implantable drug dispensers, orthopedic devices, etc.

Leading Companies in the Global Polylactic Acid market:

Total Corbion PLA
Nature Works LLC
COFCO
Futerro
Jiangxi Keyuan Bio-Material Co., Ltd.
Zhejiang Hisun Biomaterials Co., Ltd.
Shanghai Tong-Jie-Liang Biomaterials Co., Ltd.
Sulzer Ltd
BASF SE
Danimer Scientific
Toray Industries
INC
Evonik Industries
Unitika Ltd.
Mitsubishi Chemicals
Other

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Global Polylactic Acid Market Segmentation:

By Product Form

Films and Sheets- Market Size & Forecast 2019-2030, USD Million
Pellets- Market Size & Forecast 2019-2030, USD Million
Fibers- Market Size & Forecast 2019-2030, USD Million
Others (Filaments, Granules, etc.) - Market Size & Forecast 2019-2030, USD Million

Among them, Films & Sheets are foreseen to hold a prominent position in the Global Polylactic Acid Market during 2024-2030, driven by the surging expansion of the food & beverage and packaging Industry.

By End Users

Packaging- Market Size & Forecast 2019-2030, USD Million
Textiles - Market Size & Forecast 2019-2030, USD Million
Agriculture- Market Size & Forecast 2019-2030, USD Million
Electronics- Market Size & Forecast 2019-2030, USD Million
Consumer Goods- Market Size & Forecast 2019-2030, USD Million
Others (Medical, Automotive, etc.) - Market Size & Forecast 2019-2030, USD Million

Regional/ Countries Insight:

North America
South America
Europe
The Middle East & Africa
Asia-Pacific

Among them, Asia Pacific is witnessing a substantial growth rate in the Global Polylactic Acid Market driven by the surging investments in packaging, electronic manufacturing, healthcare manufacturing, etc., by domestic as well as international firms.

Note: Should you require specific information beyond the current scope of the report, we are prepared to furnish it as part of our customization services.

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About MarkNtel Advisors:

MarkNtel Advisors is a leading consulting, data analytics, and market research company that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.