Dubai, UAE, Sept. 21, 2023 (GLOBE NEWSWIRE) -- As per the recent report published by Extrapolate, the Global Polylactic Acid Market size is anticipated to reach USD 2489.3 million by 2030 from USD 658.6 million in 2022, exhibiting a staggering CAGR of 18.32% between 2022 and 2030. The widespread application of polylactic acid in the manufacturing of microwaveable containers is expected to drive market growth.
The positive features of packed containers, including their visual appeal, improved processing, resistance to grease and oil, and other qualities, are facilitating the proliferation of the polylactic acid (PLA) market in food packaging on a global scale. Furthermore, the growth of flexible packaging, current retail trends, changing consumer lifestyles, and the increasing popularity of fast-food restaurants are fueling the development of the polylactic acid market.
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Competitive Landscape
The global polylactic acid market is fairly competitive in nature. Companies are implementing lucrative tactics, such as mergers, acquisitions, and collaborations, to increase their market shares. For instance, DuPont announced the purchase of Spectrum Plastics Group in May 2023. The planned acquisition expands DuPont's current line of medical equipment, processing, packaging, and biopharma products.
Prominent players in the global market include:
- BASF SE
- COFCO
- Futerro
- Jiangxi Keyuan Bio-Material Co., Ltd.
- Merck KGaA
- NatureWorks LLC
- Shanghai Tong-Jie-Liang Biomaterials Co., Ltd.
- Sulzer
- SUPLA (JIANGSU SUPLA BIOPLASTICS CO., LTD.)
- Total Corbion PLA
- Toray Industries, Inc.
- Zhejiang Hisun Biomaterials Co., Ltd.
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Market Segmentation:
By End User
- Packaging
- Agriculture
- Automotive & Transport
- Electronics
- Textile
- Others
Accelerated Use of Polylactic Acid for Packaging to Elevate Polylactic Acid Market Demand
Packaging dominated the end-use segment in 2022 due to the widespread use of PLA in the production of jars, containers, and bottles, as well as fresh food packaging. Manufacturers are increasingly using PLA in packaging since consumers throughout the world demand loose-fill and eco-friendly packaging.
Plastic bottles made of PLA are reusable, robust, and have qualities like gloss and transparency, which is promoting its penetration. Furthermore, strict laws against single-use plastics have spurred the demand for PLA in the packaging end-use sector in many nations, including Taiwan, the UK, Zimbabwe, New Zealand, and many US states like New York, Hawaii, and California.
By Raw Material
- Corn starch
- Sugarcane
- Others
Sugarcane to Drive Polylactic Acid (PLA) Growth through Renewable Resource Advantages
The remarkable features of sugarcane as a renewable resource account for its dominance in the raw materials segment. Sugarcane provides a plentiful and sustainable supply of feedstock for the synthesis of polylactic acid (PLA). Its high sugar content makes it is an excellent choice for creating lactic acid, a crucial precursor of PLA. These factors, along with rising sustainability and carbon footprint concerns, are impelling segmental growth.
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Surging Application of Polylactic Acid in Numerous Industries to Support Product Sales
Polylactic acid (PLA) demand is steadily rising due to several end-use industries, including agriculture, transportation, textiles, and packaging. The appealing characteristic of PLA is its lower carbon footprint compared to conventional polymers, which is fueling product uptake worldwide. The global packaging industry is expanding significantly due to the rising demand for flexible packaging. Increasing demand for packaged goods, snacks, and ready-to-eat meals is further predicted to drive a considerable expansion of the packaging sector. As a result, the growing packaging industry is likely to augment PLA market expansion in the coming years.
Burgeoning Need for Bioplastics in Europe to Promote Polylactic Acid Market Revenue
Europe is projected to hold a dominant market share due to the increasing need for bioplastics, which is one of the major products of polylactic acid. The region is expanding as a result of attempts to promote ecologically friendly products and the prevalent adoption of bioplastics. The market is also anticipated to be driven by the developing agricultural sector. The regional market is expanding due to the increased demand for natural ingredients and organic products.
The rising demand for exotic fruits and vegetables is positively influencing the regional market. Due to its strong economic growth and affluent lifestyle where people favor high-quality foods, Germany is the region's top user of polylactic acid, particularly for high-quality packaging applications.
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Soaring Demand for Eco-friendly Materials in North America to Support Market Progress
The polylactic acid market in North America is anticipated to register the highest CAGR between 2023 and 2030. The region's growing need for environmentally friendly and biodegradable materials as well as the expansion of end-use businesses utilizing PLA-based goods and packaging solutions are driving industry growth. The main producer and consumer of PLA in North America is the United States. Due to its biodegradability and compostability, PLA has become a well-liked alternative in the nation, which has been investing in the creation of sustainable materials to reduce reliance on conventional petrochemical-based plastics.
Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data Raw Material
2.3.1. Secondary Raw Material
2.3.1.1. Preliminary data mining
2.3.2. Primary Raw Material
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.2.1. Growing Demand in Different Industries Propelling the Market Growth
3.3. Market drivers
3.3.1. Increasing Packaging Across E-commerce Channels Surging Demand of Polylactic Acid
3.4. Market restraints
3.4.1. High Costs of Raw Materials Hampering the Market Growth
3.5. Market opportunities
3.5.1. Increasing Shifts to Biodegradable-based Products
3.6. Market Challenges
3.6.1. Concerns Pertaining to Environmental Impact Limiting the Market Growth
3.7. Porter’s Five Forces Analysis
3.7.1. Bargaining Corn starch of Suppliers
3.7.2. Bargaining Corn starch of Buyers
3.7.3. Threat of New Entrant
3.7.4. Threat of Substitutes
3.7.5. High Competitive Rivalry
3.8. Value chain analysis
Chapter 4. COVID-19 Impact on Polylactic Acid Market
Chapter 5. Global Polylactic Acid Market Overview, By Raw Material, 2018 - 2030 (USD Million)
Chapter 6. Global Polylactic Acid Market Overview, By End User, 2018 - 2030 (USD Million)
Chapter 7. Global Polylactic Acid Market Overview, By Geography, 2018 - 2030 (USD Million)
...
Chapter 13. Competitive Landscape
13.1. Competitive environment, 2021
13.2. Strategic framework
13.2.1. Partnership/agreement
13.2.2. Expansion
13.2.3. Mergers & Acquisitions
13.2.4. New Size development
Chapter 14. Key Vendor Analysis
Chapter 15. Sourcing Strategy and Downstream Buyers
15.1. Polylactic Acid Market Industrial Analysis
15.2. Downstream Buyers
Chapter 16. Marketing Strategy Analysis, Distributors/Traders
16.1. Marketing Channel
16.1.1. Direct Marketing
16.1.2. Indirect Marketing
16.1.3. Marketing Channel Development Trend
16.2. Market Positioning
16.2.1. Pricing Strategy
16.2.2. Brand Strategy
16.2.3. Target Client
16.3. Distributors/Traders List
Chapter 17. Market Effect Factors Analysis
17.1. Raw Material Progress/Risk
17.1.1. Substitutes Threat
17.1.2. Raw Material Progress in Related Size
17.2. Consumer Needs/Customer Preference Change
17.3. Economic/Political Environmental Change
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