New York, Oct. 23, 2023 (GLOBE NEWSWIRE) -- As per marketresearch.biz, the Polylactic Acid Market is set to surge from USD 0.62 billion in 2022 to a substantial USD 4.9 billion by 2032, showcasing a robust 23.7% CAGR from 2023 to 2032.
Polylactic acid (PLA) is a type of eco plastic that is derived from corn starch and sugarcane. It is well known for its properties making it a popular choice, in various industries. The consumption of bioplastics, PLA has been on the rise due to government support and growing environmental concerns. Developing nations are witnessing growth in industries such as packaging, textiles and electronics thanks to knowledge sharing and increased consumer demands.
PLAs versatility has contributed to its usage in applications like plastic films, bottles and medical devices. Despite the challenges posed by the pandemic there has been an increased demand for clothing, which has further boosted the use of PLA in the textile industry. The United States currently leads the PLA market due to its materials and key manufacturers operating within its borders.
Gain a competitive edge with market intelligence, Request a Polylactic Acid Market sample report at - https://marketresearch.biz/report/polylactic-acid-market/request-sample/
Key Takeaways
- PLA thermoforming grade has a sizable market share, excelling in applications requiring resistance to heat, stability, and crystal clarity.
- Rigid thermoforms have emerged as the main application category in the PLA market, owing to PLA's exceptional clarity, which allows for translucent and attractive packaging solutions.
- The packaging industry leads in PLA usage, owing to an increase in demand for sustainable and eco-friendly packaging methods.
- North America led the market with a commanding 43.0% revenue share, owing to a boom in bioplastics demand.
- Europe is the second-largest market for Polylactic acid, with Asia Pacific exhibiting strong development potential, fueled by a rising tide of eco-friendly activities.
Driving Factors
Packaging Industry Application Expansion
The packaging industry has seen an increase, in the use of PLA due to its biodegradability and compostability. PLA finds applications in areas such as films, bottles and food containers within this industry. The growing demand can be attributed to two factors. Firstly, customers are becoming more environmentally conscious and are therefore opting for packaging solutions that are eco-friendly. In response, to this changing customer preference companies are actively exploring alternatives.
PLA Manufacturing Technological Advancements
The progress made in science and technology has greatly influenced the production of PLA leading to improvements, in its properties and reduced manufacturing costs. Two notable breakthroughs, advancements in polymerization techniques and the introduction of PLA blends have expanded the potential applications of PLA across various industries. As a result, PLA has gained acceptance, in sectors.
Curious about market insights? Start a conversation with us - Inquire now - https://marketresearch.biz/report/polylactic-acid-market/#inquiry
Restraining Factors
Mechanical Characteristics and Heat Resistance Are Limited
Polylactic Acid (PLA) falls short in terms of its heat resistance and mechanical strength compared to plastics, like PET or HDPE. This means that PLA may not be the choice for applications that require materials of withstanding high temperatures or being highly durable. Industries such as automotive or aerospace which often encounter temperatures and mechanical stress may find PLAs properties inadequate, for their needs.
Growth Opportunities
3D Printing and Additive Manufacturing
PLA, known for its user friendliness, toxicity and ability to decompose naturally has emerged as a choice, in the 3D printing industry. As the utilization of 3D printing expands across sectors like healthcare, automotive and consumer goods the demand, for PLA filaments and powders is anticipated to witness growth.
Sustainable Packaging Solutions
PLA stands out as a choice, for eco packaging due to its ability to biodegrade and decompose naturally. With the growing awareness of concerns there is an increasing need for packaging options across different industries. The fact that PLA comes from sources and can easily break down makes it a leading contender in the market, for conscious packaging solutions.
Get the data you need for effective decision-making - Request a sample report
Report Scope
| Report Attribute | Details |
| Market Value (2022) | US$ 0.62 Billion |
| Market Size (2032) | US$ 4.9 Billion |
| CAGR (from 2023 to 2032) | 23.7% from 2023 to 2032 |
| North America Revenue Share | 43.0% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Regional Analysis
North America leads with a 43.0% revenue share driven by Europe's growing demand for bioplastics. This surge is fueled by stringent government regulations favouring bioplastics over traditional petroleum-based ones. The availability of subsidies and technical expertise further propels the demand for Polylactic acid in Europe. This trend is set to drive the global Polylactic acid market's growth in the coming years.
Uncover actionable intelligence - Request your sample report here - https://marketresearch.biz/report/polylactic-acid-market/request-sample/
Segment Analysis
PLAs thermoforming grade dominates the market because of its properties making it perfect for thermoforming processes. In thermoforming a plastic sheet is heated until it becomes flexible and then molded into shape. PLAs thermoforming grade is known for its ability to withstand temperatures maintain stability and have a crystal clear appearance. This makes it highly preferred, for packaging, disposable food containers and various consumer goods. Its transparent nature enhances product visibility while its durability, in temperatures ensures lasting functionality.
Moving on to types of applications Rigid thermoformed products are quite popular. Hold a portion of the PLA market. The clear nature of PLA makes it an excellent option, for packaging solutions that require appeal and transparency. Moreover, its inherent strength and rigidity make it suitable for a variety of products that need integrity. Additionally, the renewable characteristics of PLA align with the increasing consumer demand for friendly packaging options. These factors contribute to the growth of thermoforming applications, in the PLA industry.
The food and beverage industry along with the sector drives the demand for packaging making it a leading end use industry. This strong demand plays a role in the dominance of packaging, within the application segment of the PLA market. Furthermore, the transportation sector is expected to witness growth during the projected period.
Segments Covered in the Report
By Grade
- Thermoforming
- Extrusion
- Injection Molding
- Blow Molding
By Application
- Rigid Thermoform
- Films & sheets
- Bottles
- Others
By End-Use
- Packaging
- Consumer Goods
- Agricultural
- Textile
- Biomedical
By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Harness market intelligence - Start by inquiring about our reports - https://marketresearch.biz/purchase-report/?report_id=8582
Competitive Landscape Analysis
Several prominent companies, in the chemical market are collaborating to provide tailored solutions to meet the demand, for Polylactic acid. Both European and American firms are taking measures to boost production in the expanding Asia Pacific market by sharing their technology and expertise. One such example is DuPont, which announced its intention to acquire Spectrum Plastics Group in May 2023. This acquisition aims to bolster DuPonts portfolio of products in biopharma and pharma processing, packaging and medical devices.
Key Market Players
- 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.
- Corbion Purac BV
- Mitsui Chemicals, Inc.
- Hitachi, Ltd.
- BASF SE
- Braskem
- Uhde Inventa-Fischer
- Toray
- Synbra Technology
- Sulzer
- Teijin
- Toyobo
- Hisun Biomaterials
Recent Developments
- NatureWorks is currently constructing a manufacturing facility, in the Nakhon Sawan Province of Thailand. This facility will be fully integrated for producing Ingeo PLA biopolymer. Is expected to be completed by October 2023.
- In September 2023, BASF SE revealed their range of additives known as biomass balance additives. These innovative additives are designed to promote the use of feedstock of fossil feedstock aligning with the companys commitment, to sustainability goals.
- In May 2023, TotalEnergies Corbion and Xiamen Changsu Industrial Pte Ltd entered into a partnership. Their collaboration aims to drive advancements in the acid market focusing on efforts, in marketing, research & development and the creation of innovative applications and technologies, for biaxially oriented Polylactic acid (BOPLA).
Browse More Related Reports
Dermal Filler Market Size is expected to be worth around USD 11.5 Bn by 2032 from USD 4.8 Bn in 2022, growing at a Compound Annual Growth Rate (CAGR) of 9.4% during the forecast period from 2023 to 2032.
Bio Based Platform Chemicals Market size is expected to be worth around USD 52.5 Bn by 2032 from USD 16.1 Bn in 2022, growing at a CAGR of 12.9% during the forecast period from 2023 to 2032.
Honeysuckle Market size is expected to be worth around USD 2.9 Bn by 2032 from USD 1.6 Bn in 2022, growing at a CAGR of 6.2% during the forecast period from 2023 to 2032.
Silicones Market size is expected to be worth around USD 29.8 Bn by 2032 from USD 20.7 Bn in 2022, growing at a CAGR of 3.8% during the forecast period from 2023 to 2032.
Polyurethane Foam Market size is expected to be worth around USD 93.3 Bn by 2032 from USD 49.6 Bn in 2022, growing at a CAGR of 6.7% during the forecast period from 2023 to 2032.
About Us:
MarketResearch.Biz (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. MarketResearch.Biz provides customization to suit any specific or unique requirement and tailor-made reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.
Follow Us on LinkedIn: https://www.linkedin.com/company/marketresearch-biz/
Follow Us on Facebook: https://www.facebook.com/marketresearch.biz
Follow Us on Twitter: https://twitter.com/PrudourResearch
