(MENAFN- EIN Presswire) EINPresswire/ -- The global polylactic acid (PLA) market is expanding rapidly, driven by the growth of the construction and building sector and the increasing advantages of PLA-based materials in construction applications.

According to Allied Market Research's report,“Polylactic Acid Market by End Use Industry (Packaging, Textile, Agricultural, Electronics, Bio-Medical and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030),” the global PLA market is projected to reach $4.0 billion by 2030, up from $0.7 billion in 2020, registering a CAGR of 17.2% from 2021 to 2030.

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Prime Determinants of Growth

- Market expansion is primarily supported by the rising adoption of PLA in construction and building applications. However, limitations associated with PLA packaging in construction environments moderately restrain growth. Despite this, innovative waste-management solutions are expected to create lucrative opportunities over the coming years.

Packaging Segment Dominance

- By end-use industry, the packaging segment accounted for nearly 90% of market revenue in 2020, driven by increasing consumption of ready-to-eat meals, snacks, and packaged food products. The bio-medical segment is forecast to record the fastest CAGR of 20.2%, supported by PLA's biodegradability, biocompatibility, mechanical strength, and adaptability for medical applications.

Regional Insights

- Europe, followed by North America, held the highest share in 2020, representing about half of global PLA revenues due to strong demand from packaging and biomedical sectors. Asia-Pacific is expected to witness the fastest growth, with a projected CAGR of 18.4%, propelled by expansion in the textile, electronics, and agricultural industries across the region.

Key Market Players

. Nantong Jiuding Biological Engineering Co. Ltd.
. Futerro
. Chongqing Bofei Biochemical Products Ltd.
. NatureWorks LLC
. Hisun Biomaterials
. Corbion Purac
. Synbra

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Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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