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Polylactic Acid Market

Polylactic Acid Market

Polylactic Acid Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

146

Base Year:

2022

Date

Jun - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1679

Segments Covered
  • By Grades By Grades Thermoforming Grade, Injection Molding Grade, Extrusion Grade, Blow Molding Grade, Other Grades
  • By End-Use Industry By End-Use Industry Packaging Industry, Consumer Goods Industry, Agricultural Industry, Textile Industry, Medical Industry, Building & Construction Industry, Automotive Industry
  • By Region By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Base YearBase Year: 2022
Forecast YearsForecast Years: 2023 - 2030
Historical YearsHistorical Years: 2017 - 2021
Revenue 2022Revenue 2022: USD 1.5 Million
Revenue 2030Revenue 2030: USD 3.5 Million
Revenue CAGRRevenue CAGR (2023 - 2030): 12.89%
Fastest Growing Region Fastest Growing Region (2023 - 2030) Asia Pacific
Largest Region Largest Region (2022): North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Polylactic Acid Market Share

The global Polylactic Acid Market is valued at USD 1.5 Million in 2022 and is projected to reach a value of USD 3.5 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 12.89% between 2023 and 2030.

Premium Insights

PLA is a renewable and biodegradable polymer derived from lactic acid, a byproduct of cornflour, cassava, and sugarcane. It is widely employed in various industries, including packaging, textile, and biomedical.

Polylactic Acid Market Size, 2022 To 2030 (USD Million)

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The growing need for biodegradable and renewable packaging materials and increased awareness of environmental sustainability are driving market expansion. FOR EXAMPLE, the EU's single-use plastics legislation attempts to limit the environmental impact of single-use plastic products, which has spurred businesses to employ PLA packaging solutions. Several food and beverage firms, including Nestle and Danone, have also used PLA-based packaging to reduce their carbon footprint.

Furthermore, demand for PLA in the textile industry will likely rise as consumers' preference for eco-friendly clothes grows. PLA-based fibers are biodegradable, moisture-wicking, and comfortable to wear. Several textile businesses are already creating sustainable apparel lines with PLA-based textiles.

Report Coverage & Deliverables

PDF report & online dashboard will help you understand:

  • Real-Time Data Updates:
  • Competitor Benchmarking
  • Market Trends Heatmap
  • Custom Research Queries
  • Market Sentiment Analysis
  • Demographic and Geographic Insights

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The COVID-19 epidemic has also had an impact on the Polylactic Acid Market, with a considerable increase in demand for biodegradable personal protective equipment (PPE). Several firms are now making PLA-based face masks, gowns, and gloves that can be disposed of securely and do not harm the environment.

The Polylactic Acid Market's potential for growth is also spurred by ongoing innovation and the development of new applications. Several research projects are now underway to improve PLA's characteristics and explore new uses. For example, the development of PLA-based 3D printing filaments is gaining traction due to the growing need for environmentally friendly and biodegradable printing materials.

However, the market's expansion may be hampered by a lack of technological improvements and PLA's comparatively expensive production costs when compared to other polymers. PLA's low heat resistance and mechanical strength compared to standard petroleum-based polymers limit its use in certain industries.

Finally, the growing demand for ecologically friendly and sustainable products and the development of novel applications are projected to boost the expansion of the Polylactic Acid Market. The market's expansion can be aided further by research and development operations focused on increasing PLA characteristics and lowering production costs.

Economic Insights

The Russia-Ukraine conflict has hurt global financial markets. Fighting has disrupted global supply networks, raising food and gas prices and worrying many people about the future. These anxieties raised prices, slowing economic activity. This conflict has devastated Europe due to its energy dependence on Russia. Russia has struggled to sell oil due to EU sanctions. Energy price hikes have decreased consumer spending, raising European inflation.

Top Market Trends

  1. Increasing Demand for Biodegradable Materials: The growing need for biodegradable materials to lessen the environmental impact of plastic waste is a key market trend. Polylactic Acid (PLA) is a biodegradable polymer made from renewable resources such as corn starch or sugarcane that is an environmentally beneficial option. PLA is an appealing alternative to typical petrochemical-based polymers due to its biodegradability and sustainability. As a result, demand for PLA has increased in various industries, including packaging, textiles, and medical equipment. The growing need for biodegradable materials is projected to propel the Polylactic Acid Market forward in the approaching years.
  2. Growing Demand for Sustainable Packaging Solutions: Another trend is the increased need for environmentally friendly packaging solutions, particularly in the food and beverage industries. PLA's strong barrier characteristics, transparency, and printability make it an appealing material for packaging. The trend towards sustainable and ecologically friendly products is projected to fuel the Polylactic Acid Market growth in the next years. As customers become more concerned about their environmental effects, they seek products that correspond with their values, increasing demand for PLA-based packaging. In the future years, the Polylactic Acid Market will be driven by increased demand for sustainable packaging solutions.

Market Segmentation

The global Polylactic Acid market is segmented based on: Grade, End-User, and Region. Based on the Grade, the market is further segmented into Thermoforming Grade, Injection Molding Grade, Extrusion Grade, Blow Molding Grade, and Other Grades. Furthermore, based on the segment of the End-User, the market is further bifurcated into Packaging Industry, Textile Industry, Electronics Industry, Automotive Industry, Agriculture Industry, Medical Industry, Consumer Goods Industry, and Building and Construction Industry. Likewise, based on Region, the market is segmented into North America, Europe, North America, Latin America, and Middle East & Africa.

Below tree is interactive. You can click the nodes to get more information.

Based on Grade

Injection Moulding Grade is the Leading Category as it has Exceptional Qualities such as High Clarity, Impact Resistance, and Rigidity.

The Injection Moulding Grade is the dominant category in the Polylactic Acid Market. This grade is commonly used in various industries, including food packaging, cosmetic packaging, and disposable items. Polylactic Acid injection molding grade has exceptional qualities such as high clarity, impact resistance, and rigidity. Furthermore, it is biocompatible and biodegradable, making it an environmentally friendly option for manufacturers. The need for injection molding grade Polylactic Acid is predicted to expand in the next years due to increased environmental consciousness and the need for sustainable packaging solutions.

Based on End-User

Packaging Sector Dominates this Area, Accounting for Over 35% of Global Polylactic Acid Market

End consumers of Polylactic Acid include packaging, textiles, agriculture, healthcare, consumer products, automotive, and electronics. Among these, the packaging sector is the most important end-user of Polylactic Acid. PLA's biodegradability and environmental friendliness make it an appealing option for packaging applications. Furthermore, the rising need for sustainable and biodegradable packaging solutions is projected to drive PLA demand in the future years. The food and beverage segment contributes significantly to Polylactic Acid demand since it creates food packing containers, disposable flatware, and cups.

Based on Region

The North American region is the largest region in the Polylactic Acid Market due to the growing demand for sustainable and eco-friendly products.

The North American region is the largest region in the Polylactic Acid Market due to the growing demand for sustainable and eco-friendly products. The region is witnessing significant growth in various industries, such as packaging, automotive, textiles, and consumer goods, among others, which are the major end-users for PLA. The increasing focus on reducing carbon footprint and implementing stringent environmental regulations drive the adoption of biodegradable and compostable materials.

Moreover, the region has a well-established infrastructure for the production and distribution of PLA, along with the presence of top market players such as NatureWorks LLC and Corbion NV. These companies continuously invest in research and development to produce innovative, high-performance PLA products.

Another factor contributing to the growth of the North America Polylactic Acid Market is the rising popularity of 3D printing technology. PLA filaments are widely used in 3D printing due to their biodegradability, recyclability, and ease of use. The increasing adoption of 3D printing technology in various industries, such as aerospace, healthcare, and architecture, is expected to drive the demand for PLA filaments in the region.

Furthermore, the region is witnessing a growing trend of sustainability and eco-consciousness among consumers, which is driving the demand for eco-friendly and biodegradable products. Adopting PLA-based products by various industries, such as food packaging and disposable tableware, also contributes to the growth of the {region's {keyword}} market.

In conclusion, the North American region is expected to maintain its dominance in the Polylactic Acid Market due to the rising popularity of sustainable and eco-friendly products, well-established infrastructure, and the presence of prominent market players. The rising popularity of 3D printing technology and the growing trend of sustainability among consumers is further expected to drive the demand for PLA products in the region.

Competitive Landscape

Numerous international and regional actors compete fiercely on the global market. Major corporations engage in strategic alliances, mergers & acquisitions, and joint ventures to acquire a market advantage. In addition, manufacturers concentrate on capacity expansions and R&D for new product development to offer consumers products that are on trend. NatureWorks, a leading global PLA producer, announced in May 2022 that it will increase the production capacity of its Ingeo PLA plant in Thailand by 30%.

The key players in the global Polylactic Acid market include - 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) among others.

Recent Market Developments

  • April 2023: NatureWorks, a leading manufacturer of Polylactic Acid (PLA) biopolymers, announces the availability of an Ingeo PLA-based powder formulation for powder-bed fusion technologies, including selective laser sintering (SLS) printer platforms, in collaboration with Jabil Inc., a global manufacturing solutions provider. Compared to the incumbent PA-12, the new product, marketed as Jabil PLA 3110P, offers a more cost-effective choice, with a lower sintering temperature and an 89% reduced carbon footprint. Ingeo PLA is made entirely from renewable resources and hence meets the demand for a biobased alternative to petrochemical-based powders such as PA-12.
  • May 2023: TotalEnergies Corbion and Xiamen Changsu Industrial Pte Ltd (Changsu Industrial) have signed a strategic partnership agreement to improve the Polylactic Acid (PLA) industry. They will collaborate on market promotion, product development, and research and development of new biaxially oriented Polylactic Acid (BOPLA) technologies and applications.
  • February 2021: Danimer Scientific announced that it would develop a new biodegradable film product for textile applications using its Nodax™ PHA material, which can be blended with PLA.

Segmentation of the Global Polylactic Acid Market

Parameter Details
Segments Covered
  • Grades (Thermoforming Grade, Injection Molding Grade, Extrusion Grade, Blow Molding Grade, Other Grades)
  • End-Use Industry (Packaging Industry, Consumer Goods Industry, Agricultural Industry, Textile Industry, Medical Industry, Building & Construction Industry, Automotive Industry)
  • Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • 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)
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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FAQ
Frequently Asked Question
  • The global Polylactic Acid valued at USD 1.5 Million in 2022 and is expected to reach USD 3.5 Million in 2030 growing at a CAGR of 12.89%.

  • The prominent players in the market are 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).

  • The market is project to grow at a CAGR of 12.89% between 2023 and 2030.

  • The driving factors of the Polylactic Acid include

    • Changing consumer preference toward eco-friendly plastic products

  • North America was the leading regional segment of the Polylactic Acid in 2022.

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