According to a new market research report published by sheer analytics and insights, “The Global Polylactic Acid Market was $567.1 Mn in 2020, and it is expected to reach $1698.1 Mn by 2031. It is eventually growing at a commendable high compound annual growth rate CAGR of 10.2% between 2021-2031”, as per the latest market research report titled Global Polylactic Acid Market – Industry analysis, size, share, growth, trends and forecast, 2021 – 2031.
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The increased bioplastics application along with favorable regulations related to using bio-based materials will help to accelerate the growth of this market during the forecasted period. Increased demand for the personal protective apparels because of the increase of COVID-19 positive cases will help the textile market to grow during the forecasted period. During this COVID-19 there are many industries that are facing reduced demand especially the fashion apparel segment because there has been reduced demand from the end-use customers. Also the government initiatives taken to ban the use of single plastics in many countries along with the increased environmental concerns will help to increase the demand all over the world.
Geographically, The Global Polylactic Acid Market is divided into global regions like North America, Europe, Asia- Pacific, South America, Middle East, and Africa.
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The primary key players in the Global Polylactic Acid Market include BASF SE, Bayer, Corbian, Danimer Scientific, Dow-DuPont, Eastman Chemicals, Futerro, Henen Jindan Lactic Acid Technology, Mitsubishi Chemical, Natureworks, Sulzer, Synbra, Teijin, Wei Mon Industry, COFCO.
The Global Polylactic Acid Market Has Been Segmented Into:
Global Polylactic Acid Market, By End-Use
- Automotive & Transport
Global Polylactic Acid Market, By Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America, Middle East & Africa
- South Africa
- Rest of LAMEA
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