by The Polylactic Acid market is primarily driven by the increasing demand from the packaging industry due to its biodegradable and recyclable properties. PLA is produced from renewable feedstock such as corn starch, sugarcane, and tapioca starch. It is widely being used for packaging of various food & beverage products like fresh produce, carbonated drinks, etc. owing to its gas barrier and heat resistance properties.
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 key opportunities in the Polylactic Acid Market Size include increasing demand for bioplastics from rigid packaging applications. Also, the growing adoption of PLA fiber in textiles owing to its breathability and moisture-wicking properties is fueling market growth.
The global expansion of the PLA market is majorly driven by the growing investments in bioplastics across North America and Europe. Stringent regulations banning single-use plastics are further propelling the demand for biodegradable alternatives like PLA. The Asian countries like China, India, and Japan are also emerging as high growth markets.
Market drivers
The major market driver for Polylactic Acid is the increasing demand from flexible packaging industry. PLA can be easily thermoformed or blown into bottles and jugs making it ideal for food & beverage packaging applications. It decomposes quickly in natural conditions and emit fewer greenhouse gases than traditional plastics during decomposition. The inherent biodegradability and recyclability of PLA makes it an environment-friendly alternative to fossil fuel-based plastics.
PEST Analysis
Political: Polylactic acid faces regulations around its production and use. Any changes in environmental or agricultural policies could impact the supply of raw materials or use of polylactic acid products.
Economic: The global economy affects demand for polylactic acid. Economic growth typically leads to higher demand for packaging, textiles and other end use industries for polylactic acid. High raw material costs also impact the polylactic acid market.
Social: Rising awareness around sustainability and plastic waste is driving demand for biodegradable and green alternatives like polylactic acid. Customers prefer products with minimal environmental footprint.
Technological: Advances in fermentation and production processes have improved the efficiency and yields of polylactic acid manufacturing. Ongoing research also aim to develop novel applications and modify properties to expand end use segments.
Geographical regions of concentration
North America accounts for the largest share of the polylactic acid market regional analysis value due to substantial demand from packaging and food and beverage industries in the US and Canada. Europe is another major regional market led by countries like Germany, Italy and France.
Fastest growing region
The Asia Pacific region is expected to grow at the fastest pace during the forecast period. Rapid industrialization and economic growth in countries such as China and India are driving increased consumption of polylactic acid across various end use industries in the region. Supportive government policies around sustainable materials also contribute to market expansion.
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
