WASHINGTON, June 29, 2023 (GLOBE NEWSWIRE) -- The Global Polylactic Acid Market accounted for USD 1.50 Million in 2022 and is expected to have USD 3.5 Million by 2030 at a CAGR of 12.89% over the projected period of 2023-2030.
The Polylactic Acid Market is one of the fastest-growing markets economically, and consistent expansion is expected in the forecast period. Regardless of the industry's difficulties, various factors could influence its growth. This report evaluates current trends and future developments to provide a comprehensive industry view. It also includes information on the major industry players and their expansion initiatives.
The research examines worldwide producers and suppliers in-depth, as well as their recent state and future possibilities. It also discusses the global drivers of demand for this market in-depth, such as increased investment requirements, developing technology, and new laws.
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Market Overview
According to Vantage Market Research, some of the key factors are expected to accelerate the Polylactic Acid Market growth over the forecast period. The growing demand from the packaging sector is one of the primary reasons driving the Polylactic Acid market. Concerns about the environmental impact of typical petroleum-based plastics have led to a transition towards sustainable packaging materials. Polylactic Acid is a biodegradable and compostable alternative to traditional plastics that are being used to create packaging for food, cosmetics, and other consumer goods. Regulations such as the restriction on used plastics have also contributed to the increase in demand for Polylactic Acid, making it a highly desired commodity among producers.
We Forecast that in 2030, One of the major factors driving the growth of the Polylactic Acid (PLA) market is the demand for green and sustainable products. PLA is a bioplastic manufactured from renewable materials such as maize starch, sugarcane, and cassava. PLA is gaining popularity as a replacement for conventional non-biodegradable plastics as the world becomes more ecologically concerned. PLA use decreases the carbon footprint and waste and promotes sustainability. The growing demand for PLA in various end-use industries like packaging, textiles, agriculture, and medicine will drive the PLA market forward in future years.
The Asia Pacific is the largest region in the Polylactic Acid market, accounting for the majority of revenue and demand for the material. The region's fast industrialization, growing population, and rising disposable income have resulted in an increase in demand for environmentally friendly and sustainable products, which are important drivers of the PLA market. Furthermore, the region is home to some of the world's major Polylactic Acid producers and users, including China, Japan, and South Korea. Polylactic Acid demand is also being boosted by the region's growing number of bioplastic manufacturers and favorable government initiatives.
Market Dynamics
Environment-Friendly and Biodegradable Products Drive the Market
PLA is a biodegradable thermoplastic derived from renewable sources such as corn starch, sugarcane, and cassava. PLA's prominence in a variety of industries, including packaging, textiles, agriculture, and medical equipment, is attributed to its eco-friendliness, durability, and versatility. With a growing demand for environmentally friendly products, the worldwide Polylactic Acid market is likely to expand significantly in the next years.
Increasing Demand for Biodegradable Plastics in Various End-Use Industries Like Food Packaging, Textiles, and Medical Implants to Promote Market Growth
The growing need for biodegradable plastics in a variety of end-use industries, including food packaging, textiles, and medical implants, is driving market expansion. This is owing to the promising properties of biodegradable plastics, which are environmentally beneficial and sustainable. These bioplastics break down into natural elements and are easily compostable, decreasing waste and the creation of greenhouse gases. With increased concern about environmental issues and the detrimental consequences of standard plastics, many sectors are exploring biodegradable alternatives. This tendency is projected to drive the biodegradable plastics market growth in the approaching years.
Top Players in the Global Polylactic Acid Market
- NatureWorks LLC (U.S.)
- Total Corbion PLA (Netherlands)
- BASF SE (Germany)
- Futerro (Belgium)
- Cofco (China)
- Mitsubishi Chemicals Corporation (Japan)
- Danimer Scientific (U.S.)
- Unitika Ltd. (Japan)
- Evonik Industries (Germany)
- Toray Industries Inc (Japan)
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Top Trends in the Global Polylactic Acid Market
- One trend that Vantage Market Research (VMR) expects to see in the Polylactic Acid Market is the growing demand for bioplastics in packaging applications. Growing environmental consciousness has resulted in a surge in demand for sustainable packaging solutions, and Polylactic Acid is an appropriate bioplastic that can meet this demand. Polylactic Acid is becoming a popular alternative for packaging materials in a variety of industries, including food and beverage, pharmaceutical, and cosmetics, due to its great qualities, such as biodegradability, compostability, and non-toxicity.
- Another trend that VMR predicts will continue in Polylactic Acid Market is the rising demand for 3D printing applications. Polylactic Acid is an excellent material for 3D printing since it has good strength and heat resistance. Furthermore, it is simple to use and has low toxicity, making it a safe option for usage in the printing sector. Polylactic Acid demand is being driven by the increasing usage of 3D printing technology in a variety of industries, from automotive to medical. The growing need for advanced printing materials, as well as the trend towards environmentally sustainable manufacturing practices, are expected to fuel Polylactic Acid growth in the 3D printing market.
Top Report Findings
- Based on Grade, the Injection Moulding Grade segment dominates the PLA Market. This grade is widely used in a wide range of industries, including food packaging, cosmetic packaging, and disposable products. The injection molding grade of Polylactic Acid possesses remarkable properties such as high clarity, impact resistance, and rigidity. It is also biocompatible and biodegradable, making it an environmentally friendly choice for producers. Because of rising environmental consciousness and the need for sustainable packaging solutions, the demand for injection molding grade Polylactic Acid is expected to grow in the coming years.
- Based on End-User, the food and beverage industry is one end-user area of the Polylactic Acid market. Polylactic Acid is widely utilized in the manufacture of biodegradable and food-safe packaging. This form of packaging is perfect for food and beverage goods since it is environmentally friendly, recyclable, and has excellent barrier characteristics to keep the product fresh. Furthermore, Polylactic Acid-based packaging may be customized to match specific design requirements, making it an appealing alternative for businesses looking to boost their branding efforts while promoting environmentally responsible practices. Polylactic Acid-based packaging in the food and beverage industry is predicted to rise as consumers want more sustainable and eco-friendly products.
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Top 10 Players Generate More Than 62% of the Global Polylactic Acid Market Revenue.
According to the analysis, the top three important companies in the Polylactic Acid Market are NatureWorks LLC, Total Corbion PLA, and Danimer Scientific. These companies will likely gain from expanding demand for their services and increased investment in new technologies to improve their offerings. BASF SE, Futerro S.A., Cofco International, Mitsubishi Chemicals Corporation, Unitika Ltd., Evonik Industries, and Toray Industries Inc. are the other key competitors. According to a recent analysis issued by Vantage Market Research, the top ten firms generate more than 62% of the market's revenue.
Automotive Industry to Generate Over 23% Revenue.
Vantage Market Research analyzed the market for Polylactic Acid Market to understand its recent situation and potential future growth factors. For better understanding, based on the End-User, the Polylactic Acid Market is categorized into; Packaging Industry, Textile Industry, Electronics Industry, Automotive Industry, Agriculture Industry, Medical Industry, Consumer Goods Industry, and Building and Construction Industry.
In recent years, there has been an increasing shift towards environmentally friendly and sustainable economic practices. The automobile sector is no exception, and as a result, the demand for bio-based materials in manufacturing is increasing. Polylactic Acid (PLA) is a bio-based polymer made from renewable resources like corn starch or sugar cane. It is biodegradable and compostable, and it has outstanding material qualities that make it suited for a wide range of automotive applications. PLA used in the automobile industry can assist lower carbon footprint and address environmental issues. This, together with the growing demand for lightweight, fuel-efficient automobiles, makes PLA a potential substitute for older petroleum-based polymers. As a result, the automotive industry is projected to continue to dominate the PLA market in the coming years.
The packaging and biodegradable plastic segment was valued for the majority of sales in the Polylactic Acid Market in 2022 due to the increase in environmental awareness and regulations. Polylactic Acid, also known as PLA, is a sustainable alternative to traditional petroleum-based plastics that are harmful to the environment. The demand for eco-friendly packaging solutions has driven the growth of PLA in the packaging industry, with major companies like Coca-Cola and Nestlé adopting PLA packaging for their products. Additionally, the biodegradable nature of PLA makes it an ideal material for single-use items like cutlery and straws. As governments and consumers continue to push for sustainability, the packaging and biodegradable plastic segment is expected to remain the leading end-use application for PLA.
Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on Polylactic Acid Market Forecast Report (2023-2030).
Global Polylactic Acid Market Segmentation
By Grade
- Thermoforming Grade
- Injection Molding Grade
- Extrusion Grade
- Blow Molding Grade
- Other Grades
By End-User
- Packaging Industry
- Textile Industry
- Electronics Industry
- Automotive Industry
- Agriculture Industry
- Medical Industry
- Consumer Goods Industry
- Building & Construction Industry
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 1.5 Million |
| Revenue Forecast by 2030 | USD 3.5 Million |
| CAGR | 12.89% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | NatureWorks LLC, Total Corbion PLA, BASF SE, Futerro, Cofco, Mitsubishi Chemicals Corporation, Danimer Scientific, Unitika Ltd., Evonik Industries, Toray Industries Inc |
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