Report : Comprehensive insight into regional dynamics, growth drivers, and market segmentation.
MARKET OVERVIEW:
The global market for biodegradable polylactic acid (PLA) was valued at USD 132 million in 2023 and is projected to reach USD 184.50 million by 2030. This indicates a compound annual growth rate (CAGR) of 4.90% during the forecast period.
The expansion of the PLA market is driven by increasing environmental awareness and the adoption of sustainable materials in various industrial applications. As more companies adopt greener technologies, the demand for biodegradable plastics, especially PLA, is expected to increase significantly.
MARKET INSIGHT & GROWTH DRIVERS:
CAGR 2032
132 million USD 184.50 million 4.90%
This market is gaining traction due to stricter environmental regulations worldwide, particularly in industries such as power generation, cement production, and metal processing..
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MARKET DYNAMICS
Stringent Environmental Regulations Driving
Adoption of DeNOx Catalytic Filter Bags
Environmental Benefits: PLA's biodegradability makes it an attractive alternative to conventional plastics, which take hundreds of years to break down. This environmental advantage is a primary driver for increased demand in various sectors.
Government Regulations and Policies: Many governments worldwide are introducing stricter environmental regulations concerning plastic waste. These regulations are accelerating the shift towards biodegradable materials such as PLA, further driving its adoption.
MARKET OPPORTUNITIES
Advancements in PLA Production: Technological advancements in production processes are expected to reduce the cost of PLA production, making it more competitive with conventional plastics. Ongoing research into improving PLA’s properties, such as its heat resistance, opens up new application areas. Increasing Application in Packaging: The demand for sustainable packaging is on the rise as consumers and businesses look for alternatives to single-use plastic. PLA is well-positioned to capture a large share of this growing market due to its versatility and biodegradability.
COMPANY MISSION
Boron neutron capture therapy (BNCT) is emerging as a promising cancer treatment modality, particularly for difficult-to-treat tumors like glioblastoma. Japan has led clinical adoption with over 200 patients treated since 2020, while China and Europe are ramping up clinical trials. The precision targeting capability of boron-10, when irradiated with low-energy neutrons, minimizes damage to healthy tissues - a significant advantage over conventional radiotherapy. Pharmaceutical companies are investing in boron-containing drug development, with several boron-10 based compounds currently in Phase II/III trials for various oncology indications.
REGIONAL MARKET OUTLOOK
North America
In 2023, North America’s biodegradable PLA market size stood at USD 34.40 million. The region is expected to grow at a CAGR of 4.20% through 2030, with the US leading the market. The market growth is propelled by stringent regulations concerning plastic waste and rising demand for sustainable alternatives in sectors such as packaging, consumer goods, and food packaging.
Europe
Europe is another key market for biodegradable PLA, driven by high environmental consciousness, government policies promoting green technologies, and initiatives to combat plastic waste. Countries like Germany, France, and the UK have been at the forefront of adopting PLA-based solutions.
COMPETITIVE LANDSCAPE
• NatureWorks LLC
• Total Corbion PLA
• Futerro
• Toray Industries
• Mitsui Chemicals DOWNLOAD
These companies represent some of the major key players driving innovation and growth in the market, contributing significantly to global supply and competitive dynamics.
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