Luton, Bedfordshire, United Kingdom, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Polylactic Acid (PLA) Market.
The global polylactic acid market is expected to grow at 16% CAGR from 2023 to 2029. It is expected 3o reach above USD 1.98 billion by 2029 from USD 0.52 billion in 2022.
Polylactic acid (PLA) is a type of renewable plastic primarily derived from renewable materials like corn starch and sugarcane. Polylactic acid (PLA) possesses several beneficial mechanical properties over other biodegradable polymers. Polylactic acid (PLA) is a thermoplastic aliphatic polymer, and this bioplastic is produced from the crystallization of lactic acid. Having a chemical formula (C3H4O2) n, the polylactic acid (PLA) is a semi-crystalline and biodegradable hydrophobic polymer. Polylactic acid (PLA) can be broken down into a range of biodegradable components, which makes it ideal for application by a wide range of applications.
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Recent Developments
- October 2021, for instance, Total Corbion PLA, a technology leader based in the Netherlands, introduced Luminy polylactic acid. It is made with chemically recycled post-consumer and post-industrial waste. The company claims it to be the world’s first-ever commercially available bioplastic product.
- June 2022: NatureWoks LLC began construction of its new PLA biopolymer manufacturing facility in Thailand. This facility would have an annual capacity of 75,000 tons.
- January 2021: Sulzer Chemtech gained a contract to supply lactide production equipment to a project at Zhejiang Depei New Material Co.’s latest plant in Ningbo, Zhejiang Province, China.
Top Trends Propelling Sales of Polylactic Acid across the Globe
Increasing Demand for Biodegradable Plastics to Boost Sales by 2029
The rising tendency for bio-based, biodegradable polymers that are favoured by a broad range of end-use sectors is one of the significant factors anticipated to support development in the global polylactic acid market during the assessment period. Businesses in both developing and established economies have expanded their bioplastics output over the past few years. Global medical progress is another reason for the rising demand for polylactic acid used to make stitches and tubes.
North America accounted for the largest revenue share of over 42% in 2022.
This large share is attributed to the high demand for bioplastics, which is one of the largest markets for PLA. Moreover, several initiatives promoting environmentally-friendly products by the regional government are supporting market growth. U.S. represented the highest share in the North American region primarily due to easy availability of raw material for the production of polylactic acids, along with the favourable government policies for the polylactic acid production in the region. Further increasing awareness regarding usage of bioplastic and presence of key companies in the country are other important factors to contribute the high market share of the United States over the forecast period. Further Europe is an important market in the polylactic acid.
Technology advancementS are a significant market factor for polylactic acid.
Technological advancement, technological transfer from developed countries and high consumer demand in developing countries are responsible for upcoming new set ups in packaging, textiles and electronics industries. These industries’ demand for Polylactic acid is the key market growth driver in developing countries.
Additionally, governments of developed as well as emerging economies are providing subsidies for the production of the polylactic acid which is expected to fuel growth of the target industry in the near future. Moreover, increasing preferences for the bioplastic over conventional plastic by the stakeholders on account of environmental safety and pollution control is among major factors propelling growth of the global market over the forecast period. Furthermore, growing demand for the polylactic acid from cosmetic industry for the manufacturing of personal care products such as shampoos, creams and others anticipated to support the target market growth in the next few years.
Polylactic Acid Market Report Scope
| Report Attribute | Details |
| Market size value in 2022 | USD 0.52 billion in 2022 |
| Revenue forecast in 2029 | USD 1.98 billion by 2029 |
| Growth rate | CAGR of 16% from 2023 to 2029 |
| Base year for estimation | 2022 |
| Historical data | 2018 - 2022 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, application, region |
| Regional scope | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
| Key Market Drivers | Increasing focus and initiatives of governments across the globe for the production and use of biodegradable products is major factor driving growth of the global polylactic acid market. |
| Key companies profiled | Total Corbion PLA, Nature Works LLC, COFCO, Futerro, Jiangxi Keyuan Bio-Material Co., Ltd., Zhejiang Hisun Biomaterials Co., Ltd., Shanghai Tong-Jie-Liang Biomaterials Co., Ltd., Corbion Purac, Hisun Biomaterials, Synbra Technology bv. |
Competitive Landscape
Product Innovation by Prominent Companies to Maintain their Market Dominance
The global market for polylactic acid is fragmented by the presence of major companies focusing on maintaining their dominance by introducing innovative products and further expanding their portfolio. In addition to this, other key players in the global marketplace are leveraging the opportunities to maintain their presence by adopting strategies such as facility expansion, merger and acquisition, and partnership that is likely to bode well for the market growth during the forecast period.
The Polylactic acid market key players include Total Corbion PLA, Nature Works LLC, COFCO, Futerro, Jiangxi Keyuan Bio-Material Co., Ltd., Zhejiang Hisun Biomaterials Co., Ltd., Shanghai Tong-Jie-Liang Biomaterials Co., Ltd., Corbion Purac, Hisun Biomaterials, Synbra Technology bv.
Browse Summary of this Research Report:
https://exactitudeconsultancy.com/reports/10378/polylactic-acid-market/
Key Market Segments: Polylactic acid Market
Polylactic Acid Market by End Use Industry, 2023-2029, (USD Million)
- Packaging
- Textile
- Agricultural
- Electronics
- Bio-Medical
- Others
Polylactic Acid Market by Region, 2023-2029, (USD Million)
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Polylactic Acid (PLA) Market Dynamics
Drivers
- Increasing demand for biodegradable packaging alternatives from the packaging industry
The epidemic has had a favourable effect on the expansion of the packing sector. High demand for plastic packaging, including environmentally favourable plastic alternatives like PLA-based packaging materials, has been the outcome. Initially choosing other kinds of packaging, food makers have started using PLA-based packaging because the materials are affordable, secure, and long-lasting. Additionally, because PLA decomposes into water and carbon dioxide in between 47 and 90 days, PLA-based packing materials are becoming more popular as the packaging industry strives to be more sustainable while keeping product quality.
- Increasing need for bio-based polymers in agricultural
Applications of polylactic acid-based mulch films are anticipated to expand in agriculture as people become more conscious of the difficulties in disposing of non-degradable films. Film mulch is widely used in the production of crops and veggies. PLA has advantages over current mulch film products in that it is fully biodegradable in just one growth season while maintaining similar mechanical qualities. This will have a favourable effect on market expansion and serve as a market catalyst for polylactic acid (PLA) worldwide.
- Imposition of strict regulations on environmental safety by various governments
Regulatory agencies like the EPA, FDA, and many others are increasingly choosing biodegradable plastics like polylactic acid (PLA) and concentrating on raising customer knowledge about the need for the use of biodegradable products due to environmental concerns and rapidly changing climate factors.
Key Industry Insights & Findings from the report:
- In 2022, packaging emerged as the largest end-use segment, contributing to over 36.7% share, owing to its wide usage in fresh food wrapping as well as manufacturing containers, jars, and bottles.
- In 2022, North America accounted for more than 42% share of the overall revenue owing to the mounting demand for 3D printing filaments, as well as the accessibility of raw materials, which are promoting the product growth regionally.
- In 2022, the U.S. dominated the regional polylactic acid market of the packaging end-use segment, contributing to 90.60% volume share, and is anticipated to maintain its dominance during the forecast period.
- In 2022, China led the Asia Pacific market with nearly 49% share in terms of revenue, which is anticipated to grow owing to the rising demand for the product in end-use areas, including automotive & transport, agriculture, appliances, electronics, and textile.
Key Question Answered
- What is the current size of the polylactic acid market?
- What are the key factors influencing the growth of polylactic acid?
- What are the major applications for polylactic acid?
- Who are the major key players in the polylactic acid market?
- Which region will provide more business opportunities for polylactic acid in future?
- Which segment holds the maximum share of the polylactic acid market?
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