Report Code : A02927
The demand for bio-polylactic acid film has grown rapidly from food & beverage, pharmaceutical, and agriculture industries, which is expected to drive the market during the forecast period. Increased health and environmental awareness among consumers is the key factor responsible for increased adoption of bio-polylactic acid films. In addition, the governments of various regions have implemented stringent regulations and policies to increase the popularity of bio-polylactic acid films
Eswara Prasad
Manager, Chemicals & Materials at Allied Market Research
According to a new report published by Allied Market Research titled, “Bio-polylactic Acid (PLA) Films Market by Technology and End-Use: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The global bio-polylactic acid films market was valued at $354.8 million in 2020, and is projected to reach $1,397.3 million by 2030, growing at a CAGR of 15.0% from 2021 to 2030.
Polylactic acid, also called polylactide, which is a thermoplastic polyester obtained by condensation of lactic acid. PLA has become popular material as it is being economically formed from renewable resources. The demand for bio-based materials has increased rapidly from food packaging industry due to their benefits over fossil-based plastics, such as the use of renewable resources in their manufacturing process and, compostability of the finished product, which offers an alternative to disposal in landfills.
Bio-polylactic acid films are used in specialty crop production systems due to their agronomic advantages. Biodegradable films offer an environmentally sustainable alternative to conventional polyethylene films, which need to be removed after use. Bio-polylactic acid films influence soil microbial communities in two ways, firstly, as a surface barrier prior to soil incorporation, and after soil incorporation, as direct input of physical fragments, which add microorganisms, additives, adherent chemicals, and carbon. Demand for biodegradable films has increased rapidly as it does not damage environment due to which demand for bio-polylactic acid films is expected to grow rapidly in the agriculture industry.
The bio-polylactic acid films market is categorized into technology, end-use, and region. By technology, the atomic layer deposition segment is expected to have a market share of 21.5% in 2020 and is projected to grow at a CAGR of 16.7% over the forecast period. It is useful for producing high-quality films in less time, which is required in various end-use industries.
By end-use, the food & beverage segment dominated the global market with a share of 37.9% in 2020, and medical & pharmaceutical segment is expected to show lucrative growth during the forecast period and is expected to grow with a CAGR of 16.8% during the forecast period. It is useful in various bio-pharmaceutical applications such as drug delivery systems and sutures.
By region, Europe dominates the global market with a market share of 41.0% in 2020, and the Asia Pacific is expected to grow with the fastest growth rate over the forecast period. Environmental awareness is rising among the Asia-Pacific population due to which the use of biodegradable materials is increasing in various end-use industries such as food packaging, agriculture, and others.
The key players operating in the global bio-polylactic acid films market include Amcor plc, Futerro, Hubei HYF Packaging Co., Ltd, Mondi Group, Natureworks LLC, Shandong Top Leader Plastic Packing Co., Ltd, Taghleef Industries Inc., Tejin Limited, TotalEnergiesCorbion, and Xiamen Changsu Industries Co., Ltd.
Key Findings Of Study
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Bio-polylactic Acid (PLA) Films Market by Technology (Sol-gel, Atomic Layer Deposition, and Multilayer) and End-use (Food & Beverages, Home & Personal Care, Medical & Pharmaceuticals, Agriculture, and Others): Global Opportunity Analysis and Industry Forecast 2021–2030
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