Polylactic Acid Market Analysis, Development, Revenue, Future Growth and Forecast to 2028
The global polylactic acid market size is expected to gain momentum by reaching USD 2,306,708.2 thousand by 2028 while exhibiting an impressive CAGR of 16.3% between 2021 and 2028. Fortune Business Insights published this information in its latest report, titled, “Polylactic Acid Market, 2021-2028.” The report further mentions that the market stood at USD 698,200.9 thousand in 2020. Information source: -
We have segmented the market based on application and region. On the basis of application, the market is divided into packaging, textiles, consumer Goods, agriculture & horticulture, and others. Additionally, based on application, the packaging segment is expected to experience considerable growth due to the increasing adoption of polylactic acid for food packaging and the growing focus on adopting biodegradable plastics as packaging materials by several industries globally.
Rising Packaging Industry to Favor Market Growth
According to the United Nations Joint Group of Experts on the Scientific Aspects of Marine Pollution (GESAMP), it is estimated that around 80% of the land-based plastic sources account for the overall marine pollution globally.