New York, United States , April 18, 2024 (GLOBE NEWSWIRE) -- The Global Polylactic Acid Market Size is to Grow from USD 1.43 Billion in 2023 to USD 6.53 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 16.40% during the projected period.
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Polylactic acid (PLA) is a thermoplastic polyester manufactured from renewable sources such as fermented plant starch extracted from corn, cassava, sugarcane, or sugar beet pulp. PLA, also known as poly (lactic acid) or polylactide, is a biodegradable and environmentally friendly polymer that has gained popularity due to its renewable source, ease of manufacture, and recycling. It is a versatile polymer used in a variety of commercial applications, including medicine, food packaging, textiles, and automobiles. PLA's properties, such as biodegradability, biocompatibility, and bio-absorbability, make it a popular choice in biomedicine and sustainable packaging, facilitating its broad use as a substitute for traditional plastics. Polylactic acid (PLA) is gaining popularity as a solution to reduce fossil fuel reliance and transition towards a circular economy. Major multinationals are using biodegradable plastics in consumer goods, supermarkets, and food service markets. The growing demand for sustainable packaging and government initiatives to regulate non-biodegradable plastics are expected to fuel the polylactic acid market. However, traditional polylactic acid processing costs are offset by cheaper synthetic plastics, but technological hurdles and a shift towards bio-based feedstock pose challenges in manufacturing biodegradable plastics, potentially competing with food supplies. Hence, these factors may impede the market growth of the global polylactic acid market during the forecast period.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the " Global Polylactic Acid Market Size, Share, and COVID-19 Impact Analysis, By Raw Material (Corn, Cassava, Sugarcane, Sugar Beet, Others), By Form (Films & Sheets, Coatings, Fiber, Others), By Application (Packaging, Transport, Agriculture, Medical, Electronics, Textile, Hygiene, Others), By End User (Plastic Films, Bottles, Biodegradable Medical Devices), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033)."
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The corn segment is anticipated to hold the greatest share of the global polylactic acid market during the projected timeframe.
On the basis of raw material, the global polylactic acid market is divided into corn, cassava, sugarcane, sugar beet, and others. Among these, the corn segment is anticipated to hold the greatest share of the global polylactic acid market during the projected timeframe. The growth can be attributed to the corn is widely available and inexpensive, and many polylactic acid manufacturers employ corn starch to generate polylactic acid.
The films & sheets segment is predicted to grow at the fastest pace in the global polylactic acid market during the estimated period.
On the basis of form, the global polylactic acid market is divided into films & sheets, coatings, fiber, and others. Among these, the films & sheets segment is predicted to grow at the fastest pace in the global polylactic acid market during the estimated period. The segmental growth can be attributed to expanding the food, beverage, and packaging material.
The packaging segment is predicted to hold the greatest share of the global polylactic acid market during the estimated period.
On the basis of application, the global polylactic acid market is divided into packaging, transport, agriculture, medical, electronics, textile, hygiene, and others. Among these, the packaging segment is predicted to hold the greatest share of the global vaccine adjuvant market during the estimated period. The segmental growth can be attributed to the packaging industry being one of the primary consumers of biodegradable polymers boosting the Polylactic Acid market.
The biodegradable medical devices segment is predicted to hold the greatest share of the global polylactic acid market during the estimated period.
On the basis of end user, the global polylactic acid market is divided into plastic films, bottles, and biodegradable medical devices. Among these, the biodegradable medical devices segment is predicted to hold the greatest share of the global vaccine adjuvant market during the estimated period. The segmental growth can be attributed to the growing emphasis on sustainability and environmental concerns in the healthcare sector is driving up demand for biodegradable polymers like polylactic acid.
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Asia-Pacific is expected to hold the largest share of the global polylactic acid market over the forecast period.
Asia-Pacific is expected to hold the largest share of the global polylactic acid market over the forecast period. The growth can be attributed to the Asia Pacific has a big population and an expanding middle class, which leads to increased consumption of packaged goods and throwaway items, driving growing demand for PLA-based packaging materials. Government policies that promote environmentally friendly materials, as well as efforts to limit plastic waste, have increased PLA usage in the region, contributing to the market's rapid growth. Countries in Asia-Pacific invest in bioplastics to lessen their dependency on traditional plastics, with PLA's biodegradability and compostability appealing to the region's increasing middle class.
North America is predicted to grow at the fastest pace in the global polylactic acid market during the projected timeframe. The regional growth can be attributed to the expanding textile demand, fueled by uses in agriculture, transportation, construction, and medicine, which is predicted to increase polylactic acid consumption. The country is becoming a global leader in packaging materials, with increased food packaging production and consumption.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global polylactic acid market include BASF SE, The DOW Chemical Company, TotalEnergies Corbion bv, Corbion, TEIJIN LIMITED., JIANGSU SUPLA BIOPLASTICS CO., LTD., NatureWorks LLC., Synbra Technology, COFCO, Galactic, Zhejiang Hisun Biomaterials Co., Ltd., Sulzer Ltd., Futerro, Hitachi, Ltd., Musashino Chemical Laboratory, Ltd., Others.
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Recent Developments
- In April 2023, NatureWorks LLC stated its collaboration with Jabil Inc. to provide the latest polylactic acid-based powder for particular laser sintering 3D printing platforms.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global polylactic acid market based on the below-mentioned segments:
Global Polylactic Acid Market, By Raw Material
- Corn
- Cassava
- Sugarcane
- Sugar Beet
- Others
Global Polylactic Acid Market, By Form
- Films & Sheets
- Coatings
- Fiber
- Others
Global Polylactic Acid Market, By Application
- Packaging
- Transport
- Agriculture
- Medical
- Electronics
- Textile
- Hygiene
- Others
Global Polylactic Acid Market, By End User
- Plastic Films
- Bottles
- Biodegradable Medical Devices
Global Polylactic Acid Market, Regional Analysis
- North America
- US
- Canadas
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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