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Polylactic Acid Market

Polylactic Acid Market

Polylactic Acid Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

146

Base Year:

2021

Date

Jun - 2022

Format:

PDF XLS PPT

Report Code:

VMR-1679

Segments Covered
  • By Grades Thermoforming Grade, Injection Molding Grade, Extrusion Grade, Blow Molding Grade, Other Grades
  • By Applications Rigid Thermoforms, Films & Sheets, Bottles, Others
  • By End-Use Industry Packaging, Consumer Goods, Agricultural, Textile, Biomedical, Other End Use Industries
  • By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Forecast YearsForecast Years: 2022 - 2028
Historical YearsHistorical Years: 2016 - 2021
Revenue 2021Revenue 2021: USD 925.1 Million
Revenue 2028Revenue 2028: USD 1334.7 Million
Revenue CAGRRevenue CAGR (2022 - 2028): 6.3%
Fastest Growing Region Fastest Growing Region (2022 - 2028) Asia Pacific
Largest Region Largest Region (2021): North America
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report
  • Go To Market Strategy
  • Region Specific Market Dynamics
  • Region Level Market Share
  • Import Export Analysis
  • Production Analysis
  • Others Request Customization Speak To Analyst
Polylactic Acid Market Share

Market Synopsis:

The Global Polylactic Acid Market is valued at USD 925.1 Million in the year 2021 and is projected to reach a value of USD 1334.7 Million by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 6.3% over the forecast period.

The thermoplastic polymer materials that are often on the market are not the same as Polylactic Acid (PLA) products. It is primarily made from renewable materials like sugar cane or maize starch. In comparison to other biodegradable polymers, Polylactic Acid (PLA) is relatively inexpensive and has several advantageous mechanical qualities, which has led to its popularity as a material. Growing initiatives to stop using non-biodegradable conventional plastics and raising consumer knowledge of sustainable plastic alternatives both help PLA's market share expand. Plastics made from petroleum that are still commonly used take decades to breakdown and spend a lot of time to disintegrate and pollute acres of landfills. When Polylactic Acid (PLA) is removed and reabsorbed into the natural system, it degrades more quickly. Additionally, compared to conventional plastics, biodegradable polymers decompose significantly more quickly because to the actions of microbes.

Polylactic Acid Market Size, 2021 To 2028 (USD Million)

However, one of the main performance problems with Polylactic Acid is that it has low barriers to air, water, and oxygen as well as low heat resistance. This limits its spread in several sectors, including the electronics and automobile industries. Additionally, Polylactic Acid's ability to penetrate a variety of applications is being hampered by its poor mechanical qualities, including low impact and tensile strength. The performance restrictions of PLA pose a significant barrier to the market's expansion. Furthermore, in several application categories, the market's growth is constrained by PLA's higher price compared to conventional polymers. The cost of producing PLA is typically more than that of traditional polymers. Since most techniques are still in the development stage and have not yet reached economies of scale, this is mostly caused by the high polymerization cost of PLA.

Market Segmentation:

The Polylactic Acid Market is segmented based on Grades, Applications and End-Use Industry. Based on Type of Grades the market is further sub- segmented as Thermoforming Grade, Injection Molding Grade, Extrusion Grade, Blow Molding Grade and Other Grades. Based on Applications the market is sub-segmented as Rigid Thermoforms, Films & Sheets, Bottles and Other Applications. Based on End-Use Industry the market is further sub-segmented as Packaging, Consumer goods, Agricultural, Textile, Biomedical and Others.

Based on End-Use Industry:

Based on type of End-Use Industry, the Packaging sub-segment is the biggest End-Use Industry for PLA, with a high Compound Annual Growth Rate (CAGR) during the forecast time frame. The requirement for practical arrangements has incorporated a few industry verticals, including food and refreshments, web-based business, and FMCG. The novel properties of packaging empower its utilization in different food and non-food applications like cigarettes, bread rolls, sugar candy stores, prepared products, noodles, and different tidbits. The ascent in web-based business has likewise expanded packaging necessities.

Based on Grades

On the basis of Grades, the Thermoforming Grade sub-segment has tremendous development potential in different bundling applications like food, refreshments, and other shopper items. Thermoformed parts made of PLA have astounding clearness, similar to those shaped in situated polystyrene (OPS) and polyethylene terephthalate (PET). This, joined with the temperature prerequisites for item capacity, make thermoformed PLA reasonable for food bundling plate for prepared products, organic products, and vegetables.

North America dominated the market in 2021 whereas, Asia Pacific is projected to grow at the fastest CAGR during the forecast period

The highest geographical share in 2021—more than 40%—belonged to North America. The rising demand for bioplastics, one of the biggest markets for polylactic acid, is credited with this high share, which is followed by the Asia Pacific region. The market in North America is anticipated to be driven by initiatives encouraging environmentally friendly products as well as a rising demand for bioplastics.

Asia Pacific region is predicted to expand quickly in the Polylactic Acid market due to several key factors, including a shortage of fossil fuel resources, rising PLA demand from developing nations like Indonesia, Malaysia, and Thailand, and fluctuating oil costs. In terms of volume and revenue, China dominated the Asia Pacific Polylactic Acid Market. The growing demand for the product from sectors including automotive & transportation, electronics, textile, packaging, appliance, and medicine is what largely fuels the Polylactic Acid Market in Asia Pacific. Due to the rising food and beverage industry, notably in India and China, this region is anticipated to dominate the packaging market throughout the forecast period. During the projected period, it is anticipated that increased disposable income and a rise in packaged food demand will fuel demand for flexible packaging.

Competitive Landscape:

The key players in the Global Polylactic Acid Market include- NatureWorks LLC (US), Total Corbion PLA (Netherlands), BASF SE (Germany), Futerro (Belgium), Cofco (China), Mitsubishi Chemicals Corporation (Japan), Danimer Scientific (US), Unitika Ltd. (Japan), Evonik Industries (Germany), Toray Industries Inc (Japan) and others.

Segmentation of the Global Polylactic Acid Market:

Parameter Details
Segments Covered
  • Grades (Thermoforming Grade, Injection Molding Grade, Extrusion Grade, Blow Molding Grade, Other Grades)
  • Applications (Rigid Thermoforms, Films & Sheets, Bottles, Others)
  • End-Use Industry (Packaging, Consumer Goods, Agricultural, Textile, Biomedical, Other End Use Industries)
  • 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 (US)
  • Total Corbion PLA (Netherlands)
  • BASF SE (Germany)
  • Futerro (Belgium)
  • Cofco (China)
  • Mitsubishi Chemicals Corporation (Japan)
  • Danimer Scientific (US)
  • 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

Polylactic Acid Market to Reach Valuation of USD 1334.7 Million by 2028 – Growing Demand for Bioplastics and Increasing Demand from the Packaging Industry Drives the Market
In terms of revenue, the Global Polylactic Acid Market is expected to reach USD 1334.7 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 6.3% from 2022 to 2028. Growing demand for bioplastics and increasing demand from the packaging industry are anticipated to augment the growth ...
FAQ
Frequently Asked Question
  • The global Polylactic Acid valued at USD 925.1 Million in 2020 and is expected to reach USD 1334.7 Million in 2028 growing at a CAGR of 6.3%.

  • The prominent players in the market are NatureWorks LLC (US), Total Corbion PLA (Netherlands), BASF SE (Germany), Futerro (Belgium), Cofco (China), Mitsubishi Chemicals Corporation (Japan), Danimer Scientific (US), Unitika Ltd. (Japan), Evonik Industries (Germany), Toray Industries Inc (Japan).

  • The market is project to grow at a CAGR of 6.3% between 2021 and 2028.

  • 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 2020.