The global extruded polylactic acid fiber market size is projected to expand a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising demand from the packaging industry.
Extruded polylactic acid fiber is a sustainable polyester and nylon alternative. Polylactic acid is produced by fermenting cornstarch, sugar cane bagasse, tapioca roots, and other carbohydrates. The extruded hot polymer is exposed to a cold medium and is solidified with help of the melt spinning method. The same method is used to extrude the polylactic acid pellets in the form of fiber.
The sustainable polyester is used in various industries, including transportation, textiles, packaging, and healthcare. Extruded polylactic acid fibers can be found in everyday life and are utilized in a variety of applications, including industrial, commercial, and personal. Polylactic acid fibers can be used to produce active clothes, fishing nets, and car upholstery, among others.
Market Trends, Drivers, Restraints, and Opportunities:
- Growing demand for eco-friendly and recyclable alternatives for synthetic fibers is one of the major drivers contributing to the market growth.
- Increasing demand for polylactic acid fiber from developing countries is expected to spur the growth of the market.
- High cost of extruded polylactic acid fibers as compared to conventional fibers is anticipated to hamper the market growth.
- The decline in the manufacturing of automobiles due to chip shortage can inhibit the market growth for short period of time.
- The COVID-19 pandemic have hampered the extruded polylactic acid fiber market owing to supply chain disruption.
- Environment agencies and many government authorities are enforcing the use of extruded polylactic acid fiber, which can create lucrative opportunities for the market growth during the forecast period.
Scope of the Report
The report on the global extruded polylactic acid fiber market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Extruded Polylactic Acid fiber - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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End-user Industries (Packaging, Transportation, Biomedical, Textiles, and Other End-user Industries)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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BASF SE; TORAY INDUSTRIES, INC; NatureWorks LLC; Danimer Scientific; and KURARAY CO., LTD
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Extruded Polylactic Acid Fiber Market Segment Insights
Packaging segment is expected to grow at a rapid pace
Based on end-user industries, the market is divided into packaging, transportation, biomedical, textiles, and other end-user industries. The packaging segment is expected to grow at a rapid pace during the forecast period. This segment accounted for large market share market in 2020, in terms of revenue. Growing demand for packaging materials throughout the globe as a result of the expanding e-commerce activities and increasing disposable income. Furthermore, the food and beverage sector is driven by ready-to-cook items, boosting the growth of the packaging segment. Extruded polylactic acid fiber uses plant-based raw materials, which are widely used and readily available. Moreover, rising trend of ecofriendly and sustainable packaging practices are expected to proliferate the market growth. However, the textiles segment is anticipated to hold a key share of the market in the coming years. Rising use of biodegradable natural polymer is driving the segment growth.
Asia Pacific is anticipated to constitute a major market share
In terms of regions, the extruded polylactic acid fiber market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Asia Pacific is expected to constitute a large share of the market during the projected period. Increasing demand from countries such as China and Japan is driving the regional market growth. Furthermore, growing demand for environmentally friendly products in the region is expected to foster the market growth. On the other hand, the market in North America is anticipated to grow at a steady rate owing to rapid growth in the packaging industry.
Segments
Segments Covered in the Report
The global extruded polylactic acid fiber market has been segmented on the basis of
End-user Industries
- Packaging
- Transportation
- Biomedical
- Textiles
- End-user Industries
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- BASF SE
- TORAY INDUSTRIES, INC
- NatureWorks LLC
- Danimer Scientific
- KURARAY CO., LTD
Competitive Landscape
Key players competing in the extruded polylactic acid fiber market are BASF SE; TORAY INDUSTRIES, INC; NatureWorks LLC; Danimer Scientific; and KURARAY CO., LTD.
Companies are adopting strategies such as acquisitions, expansions, and capacity expansion to expand their market share.
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