(MENAFN- GlobeNewsWire - Nasdaq) The global bio-polylactic acid (PLA) films market size is anticipated to grow from USD 500 million to USD 1552.92 million in 10 years. The market will experience rapid growth during the forecast period due to favourable government regulations encouraging using biopolylactic acid films.
Newark, Dec. 12, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 500 million in 2022 global bio-polylactic acid (PLA) films market will reach USD 1552.92 million in 2032. Lactic acid CHCOOH condenses to produce polylactic acid, a thermoplastic polyester. PLA is derived from renewable, organic materials like sugar cane or maize starch. It is a semi-crystalline, glassy, amorphous polymer. PLA offers a great deal of industrial application potential. Because of its unique properties, PLA can be utilized to create biodegradable bottles, plastic film, and medical equipment. It also functions well as a shrink-wrap material. The requirement for bio-polylactic acid (PLA) films will be driven by the food and beverage industry's growing need for food packaging for long-term preservation.
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Key Insight of the Global Bio-polylactic acid (PLA) films Market
Asia Pacific will dominate the Market during the forecast period.
The growing population is driving the need for food and beverages. The Market's expansion is also aided by China's and India's substantial pharmaceutical industries. Furthermore, the market for personal and home care is being driven by rapidly urbanizing areas, encouraging the sector's growth. Asia Pacific will continue to lead the Market during the forecast period since these sectors will continue to flourish in the region due to the developing economies.
In 2022, the multilayer segment dominated the Market with the largest market share of 39% and market revenue of 195 million.
The technology segment is divided into sol-gel, multilayer, and atomic layer deposition. In 2022, the multilayer segment dominated the Market with the largest market share of 39% and market revenue of 195 million.
In 2022, the food and beverages segment dominated the Market with the largest market share of 34% and market revenue of 170 million.
The end-use segment is divided into food and beverages, pharmaceuticals, home and personal care, agriculture, and others. In 2022, the food and beverages segment dominated the Market with the largest market share of 34% and market revenue of 170 million.
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Advancement in Market
Luminy Polylactic Acid (PLA) bioplastics from TotalEnergies Corbion have successfully complied with the strict requirements of the European Union (EU) Taxonomy Regulation on climate change adaptation and mitigation. The evaluation is contained in the recently released whitepaper "Planting the Future with PLA," which explores more sustainable elements of biobased materials and includes a detailed description of the rule. The accomplishment highlights the company's crucial position in the world's sustainable economy.
Market Dynamics
Driver: The packaging industry's growing need for bio-polylactic acid films.
Due to a larger population and rising disposable income, the demand for packaged goods has expanded, ranging from foods and beverages to personal care and household items. Over the past few years, the pharmaceutical business has likewise experienced exponential growth. Given the two-year pandemic era, there has been a notable increase in online delivery and e-commerce platforms. The demand for packaging has expanded due to all these industry trends, which will fuel the expansion of the global bio-polylactic Market.
Restraints: high costs of bio-PLA films.
The high price of bio-polylactic acid films even though they are an environmentally benign, biodegradable, and sustainable packaging material. However, the cost of making these films is far more than that of packaging solutions made of synthetic materials or fossil fuels, which will restrict the Market's expansion.
Opportunities: Government regulations.
The growing worries about environmental degradation and climate change necessitate adjustments to policies that support ecologically friendly and sustainable practices, processes, and goods. Government authorities are pushing the usage of bio-polylactic acid films across sectors since they are ideal and compliant with such rules. Therefore, throughout the projected period, the Market's expansion will be driven by the strict laws supporting the implementation of bio-polylactic acid films.
Challenges: Underdeveloped Technological.
The technology to produce or manufacture bio-polylactic films is still underdeveloped or at its nascent stages, which increases the production costs and, therefore, the retail prices of these products. The lack of technological advancement to produce or enhance bio-polylactic films to widen their applications will likely challenge the Market's growth during the forecast period.
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Some of the major players operating in the global bio-polylactic acid (PLA) films market are:
. Xiamen Changsu Industries Co., Ltd.
. TotalEnergiesCorbion
. Tejin Limited
. Taghleef Industries Inc.
. Shandong Top Leader Plastic Packing Co., Ltd.
. Natureworks LLC
. Mondi Group
. Hubei HYF Packaging Co., Ltd
. Futerro
. Amcor plc
Key Segments Covered in the Market:
By Technology
. Sol-Gel
. Multilayer
. Atomic Layer Deposition
By End Use
. Food and Beverages
. Pharmaceuticals
. Home and Personal Care
. Agriculture
. Others
By Region
. North America (U.S., Canada, Mexico)
. Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
. Asia-Pacific (China, Japan, India, Rest of APAC)
. South America (Brazil and the Rest of South America)
. The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The Market is analyzed based on value (USD Million). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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