The global Polylactic Acid market overview discusses a biodegradable thermoplastic aliphatic polyester made from renewable plant sources such as corn starch, tapioca roots, chips, or starch. Polylactic acid, commonly known as PLA, is made through a process of fermentation and purification and offers advantages like renewability, biodegradability and recyclability compared to conventional plastics while retaining mechanical properties. PLA is used to manufacture various biodegradable products like packaging films, bottles, bags, food service ware and 3D printing filaments. The bioplastic PLA has high strength, stiffness and heat resistance properties making it an ideal replacement for petroleum-based plastics. Increased environmental concerns are driving demand for more sustainable plastics.
The Global Polylactic Acid Market is estimated to be valued at US$ 2,717.5 Mn in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Polylactic Acid market are TotalEnergies Corbion bv, NatureWorks LLC, JIANGSU SUPLA BIOPLASTICS CO., LTD., Futerro, COFCO, Jiangxi Keyuan Biopharm Co.,Ltd., Shanghai Tong-jie-liang Biomaterials Co.,LTD., Zhejiang Hisun Biomaterials Co., Ltd., BASF SE, Danimer Scientific, Mitsubishi Chemical America, Inc., UNITIKA LTD., Sulzer Ltd., Weforyou, Polysciences Inc., Musashino Chemical Laboratory Ltd., BEWiSynbra Group, Esun, and Danimer Scientific. The Polylactic Acid Market Demand for biodegradable plastics from packaging industry is fueling the market growth. PLA is used to manufacture various packaging like bottles,films and food packaging. Increasing consumer preference for sustainable packaging is boosting the PLA packaging market. Key players are expanding their production facilities globally to cater to the rising demand. For instance, NatureWorks has capacity expansion plans in Asia Pacific and Europe. They are expanding their production facility in Thailand. Corbion is also planning capacity additions in Asia and Americas over the coming years.
Market drivers
The main driver for the Polylactic acid market growth is the increasing adoption of bioplastics due to stringent environmental regulations against single use plastics. Counties worldwide have either banned or levied heavy taxes on single use plastics which is boosting the demand for biodegradable alternatives like Polylactic Acid Companies. Rising consumer awareness about sustainability and demand for eco-friendly products from end use industries like packaging and textiles is also fueling the PLA market growth. PLA finds wide use in 3D printing filaments due to its biodegradability and printability on FDM 3D printers. Expanding 3D printing industry is another key growth driver. The current geopolitical situation is impacting the growth of the polylactic acid (PLA) market in several ways. With rising global trade tensions and supply chain disruptions due to the pandemic and the Russia-Ukraine war, companies manufacturing PLA are facing challenges in procuring raw materials at stable prices from different regions of the world. This is negatively impacting their production volumes. Many PLA manufacturers are also dependent on Europe and North America for demand. With the ongoing energy crisis in Europe along with recession fears in major economies, the consumption of PLA processed goods is reducing in these key markets in the short term. This is hampering the revenue growth prospects of PLA producers. However, countries are also exploring alternatives to reduce dependence on fossil fuel-based plastics and working towards achieving sustainability goals. The rising focus on developing bio-based and biodegradable materials is creating new opportunities for PLA. Manufacturers need to diversify their supply chain and identify reliable sourcing partners in different geographic regions to mitigate geo-political risks. They should also target high-growth regions like Asia Pacific which is transitioning towards green materials at a rapid pace. Developing innovative and specialized application-specific PLA grades can further aid the market’s growth prospects despite short-term disruptions. North America currently holds the highest share of the global PLA market in terms of value, given the large demand from packaging and textile industries in the US and Canada. Europe is also a major consumer owing to stringent environmental regulations favouring sustainable plastics. However, the Asia Pacific region is projected to emerge as the fastest growing market during the forecast period with countries like China, India, Indonesia enhancing PLA production and consumption. With growing environmental awareness and a rapidly expanding middle-class, the Asia Pacific PLA market is expected to witness an especially high CAGR between 2024-2031.
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Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the poly lactic acid market include BASF SE, Futerro, NatureWorks LLC, Hitachi Ltd., Sulzer Ltd., Zheijiang Hisun Biomaterials Co., Ltd., Thyssenkrupp AG, Teijin Ltd., Total Corbion PLA, Synbra Technology BV.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Polylactic acid Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/poly-lactic-acid-market/download-sampleMarket DynamicsThe rapidly expanding packaging industry and increasing adoption of eco-friendly packaging materials are the critical drivers for the growth of the polylactic acid market.
The increasing government initiatives to control pollution and pave the way for environment-friendly biodegradable products in the healthcare sector will be a market booster.
Easy availability of raw materials is a crucial factor in elevating the PLA market.
The main constraints hampering this market’s growth are the lack of strength, cost-effectiveness, and dependency on crops for production.
