Polylactic Acid Market to Cross $2438.56 million Revenue by 2030
Polylactic Acid Market Growth Analysis report (By Raw Material: Corn starch, Sugarcane & sugar beet, Cassava, and Others; By Application: Packaging, Agriculture, Transport, Electronics, Textiles, Others) -Market Growth, Trends Analysis, Regional Outlook and Forecasts, Till 2023 – 2030
Categories: Chemical & Material
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Polylactic Acid Market Overview
“The Polylactic Acid Market Predictable at $1040.85 million in 2022, is estimated to increase at a CAGR of 15.48% from $1285.65 million in 2023 to $2438.56 million by 2030.”
The global packaging sector is expected to expand due to the growing demand for eco-friendly alternatives to traditional plastic packaging, particularly polylactic acid. The need for physical or chemical modification of polylactic acid for various applications is also expected to boost the market.
Polylactic acid's increasing use in various industries, including electronics, textiles, medicine, tableware, automotive, packaging, and 3D printing, is expected to boost demand, offering advantages like carbon dioxide start-up.
This acid, with its diverse chemical properties, is widely used as a raw material in various applications due to its non-toxicity and biodegradability, which key players are increasingly pursuing.
Polylactic acid is being utilized by major companies in healthcare, medical equipment, and tires to reduce fuel consumption. It will be used in implants, screws, and stitching materials, and in tires with starch-based compounds in the automotive industry.
Total Corbion PLA, a Netherlands-based technology leader, is set to launch Luminy polylactic acid in October 2021, the world's first commercially available bioplastic product, made from chemically recycled post-consumer and post-industrial trash.
NatureWorks, a US-based bioplastics producer, introduced Ingeo 3D700 in April 2021 to expand its biopolymers portfolio. This product is primarily intended for additive manufacturing and large-format 3D printing, causing a surge in the demand for polylactic acid over the next decade.
The growth of the market is primarily driven by the entry of new players and their innovations, while the increasing demand for eco-friendly packaging due to pollution consciousness is expected to drive polylactic acid adoption across various sectors.
Polylactic acid (PLA) is gaining industry attention due to its biodegradability, aesthetic appeal, and resistance to oil, grease, and UV radiation. Made from renewable resources like sugarcane and corn starch, PLA is used in various industries, including food packaging and medical equipment. The growing investment in the PLA sector is driven by its wide range of applications, biodegradability, aesthetic appeal, and improved printability.
Key Notable Points
Initiatives by governments to promote the development and usage of biodegradable products
Bioplastic is becoming more popular over traditional plastic.
The cosmetic sector is increasing its demand for polylactic acid.
Raw ingredients for the manufacturing of PLA are readily available.
Consumers are becoming more conscious of the importance of green packaging and sustainability.
Capacity expansion by important companies in the target industry
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Market Dynamics
Key Trends
The PLA market is experiencing growth due to increased demand for bio-based, biodegradable polymers, driven by increased production in both developing and developed countries. This demand is also linked to advancements in the medical industry, particularly in the manufacturing of stents and sutures.
PLA, a biodegradable and biocompatible material, has been used in personal care production due to its biodegradability. However, many countries lack sufficient infrastructure for composting PLA-based products, leading to concerns among stakeholders and increasing criticism of PLA-based technologies.
The volatility of raw material costs is a concern, but governments are addressing it to promote PLA manufacture. The growing demand for eco-friendly polymers in various industries is driving growth in the PLA market.
Restraints
Reduced Packaging Industry Demand During COVID-19 to Limit Market Growth
The global response to the epidemic has included lockdowns, trading suspensions, and factory closures, but these measures have significant economic impacts.
In April 2020, the International Monetary Fund (IMF) projected a 3% fall in global economic activity for 2020, which is higher than the 2009 slowdown.
The global demand for poly-lactic acid has been impacted by the ban on single-use plastics in countries like the UK, Taiwan, New Zealand, Zimbabwe, and the US. The decrease in fashion apparel sales has also contributed to this trend. Cities like Los Angeles and Portland have banned plastic or PLA straw use in restaurants, citing lack of infrastructure for biodegradation and the prohibition of compostable plastics. The COVID-19 pandemic has also led to lower demand from the packaging and textile industries for polylactic acid.
Competitive Landscape of the Polylactic Acid Market
- Synbra
- Futerro
- Nantong Jiuding Biological Engineering Co. Ltd
- Hisun Biomaterials
- NatureWorks LLC
- Corbion Purac
- Chongqing bofei biochemical products co., ltd.
Recent Developments in Polylactic Acid Market
NatureWorks LLC, the leading player in the polylactic acid industry, has launched its new product ingeo 3D450, in 2019. This product introduced on account of dual extrusion 3D printers as well as for the printing purpose.
Further, in 2016, USD 1 Million were invested by the NatureWorks LLC, for the comprehensive research and development on the bio plastics.
Moreover the NatureWorks LLC, announced to that the company will start its polylactic acid manufacturing facility which is a USD 200 million plant either in the Malaysia or Thailand in recent period of time.
In June 2021, the Thailand Board of Investment approved the construction of the completely integrated Ingeo Polylactic Acid manufacturing plant of NatureWorks. The plant is anticipated to be in function by 2024 with a production capacity of 75000 tons of Ingeo biopolymer.
In April 2021, Total Corbion PLA announced the exhibition of number of partner application based on Luminy, its Polylactic resins (PLA) portfolio which includes both standard and high heat grade PLA grades.
Regional Insights
According to estimates, North America is the largest market for polylactic acid
The research paper explores the trends and prospects of polylactic acid products in North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America dominates the market due to favorable government mandates and easy availability of raw materials. Asia-Pacific is expected to grow rapidly due to increased R&D expenditure and increased awareness about bioplastics.
Governments in the Asia Pacific region are offering subsidiaries for biodegradable product manufacturing to address environmental concerns, which is expected to drive market expansion in these countries.
Why is the United Kingdom poised to become a leading producer of polylactic acid?
The formation of the 'Bio-Plastics Europe' Project to Increase Demand for Polylactic Acid Biopolymers in the United Kingdom
The UK's growing preference for bio-based plastics presents opportunities for polylactic acid makers in Europe. The Bio-Plastics Europe project is developing sustainable solutions for bio-based plastic manufacturing to maintain land and sea quality. Bioplastics are becoming more popular in UK plastic bag production due to their environmental benefits. Government adoption of these materials is expected to boost market growth.
Segments Covered in the Polylactic Acid Market
Polylactic Acid Market By Raw Material
- Corn starch
- Sugarcane & sugar beet
- Cassava
- Others
Polylactic Acid Market By Application
- Packaging
- Agriculture
- Transport
- Electronics
- Textiles
- Others
Polylactic Acid Market By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Frequently Asked Questions:
How much was the polylactic acid market size in 2020?
The Polylactic Acid Market Predictable at $1040.85 million in 2022, is estimated to increase at a CAGR of 15.48% from $1285.65 million in 2023 to $2438.56 million by 2030.
What is the CAGR of global polylactic acid market?
The polylactic acid market is growing with a CAGR of 15.48% from 2023 to 2030.
Which factors are driving the polylactic acid market growth?
Increasing focus and initiatives of governments across the globe for the production and use of biodegradable products is major factor driving growth of the global polylactic acid market. Additionally, governments of developed as well as emerging economies are providing subsidies for the production of the polylactic acid which is expected to fuel growth of the target industry in the near future. Moreover, increasing preferences for the bioplastic over conventional plastic by the stakeholders on account of environmental safety and pollution control is among major factors propelling growth of the global market over the forecast period.
How much is the revenue share of North America in the global polylactic acid market?
In 2020, North America dominated the global market with a market share of more than 34.52%. Which major companies are functioning in the polylactic acid market?
What are the uses of polylactic acid?
Polylactic acid is commonly preferred for the commercial purpose since it is derived from biomass. Demand for the polylactic acid is rapidly increasing for the manufacturing of medical devices, plastic bottles, and plastic films.
Base Year:2022
Historical Data:2018-2022
No of Pages:123
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