Austin, Jan. 08, 2025 (GLOBE NEWSWIRE) -- The Polylactic Acid Market size was valued at USD 1.2 Billion in 2023 and is expected to reach USD 5.2 Billion by 2032, growing at a CAGR of 17.7% over the forecast period 2024-2032.
The Polylactic Acid Market: A Catalyst for Sustainable Innovation in Packaging, Agriculture, and Consumer Goods
The polylactic acid market witnessed explosive growth with increasing worries about the environmental costs of plastic waste and the need for sustainable alternatives to petroleum-based plastics, consumers have a unique opportunity to help make that shift. PLA, on the other hand, is plant-based and biodegradable; it is derived from renewable natural resources like corn starch or sugarcane. Due to this, it is widely used in industries like packaging agriculture textiles and consumer goods. Several countries have recently adopted laws mandating the use of biodegradable plastics.
Like other industries, the PLA market is influenced by new trends. Such as changes in production technologies that have increased the efficiency and lowered costs of PLA production.
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Key Players:
- NatureWorks (Ingeo biopolymer, Ingeo PLA)
- Cargill (NatureWorks Ingeo, Cargill PLA)
- TotalEnergies Corbion (Luminy PLA, Luminy Biopolymer)
- BASF (Ecoflex, Ecovio)
- Novamont (Mater-Bi, Mater-Bioplastics)
- Futerro (Futerro PLA, Futerro Bio-Polymer)
- Braskem (I’m green, I’m green Bio Plastic)
- PLA Plant (PLA Resins, PLA 4042D)
- SK Chemicals (Skygreen PLA, Ecoflex PLA)
- Hisun Biomaterials (HISUN PLA, HISUN Bio-PLA)
Polylactic Acid (PLA) Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 1.2 Billion |
| Market Size by 2032 | USD 5.2 Billion |
| CAGR | CAGR of 17.7% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Raw Material (Corn starch, Sugarcane, Cassava, Others) • By Grade (Thermoforming, Injection Molding, Extrusion, Blow Molding, Others) • By Application (Rigid thermoform, Film & sheets, Bottles, Others) • By End-use (Packaging, Agriculture, Automotive & Transportation, Electronics, Textile, Consumer goods, Bio-medical, Others) |
| Key Drivers | • Increased environmental awareness and the shift towards eco-friendly alternatives are driving demand for PLA, especially in sectors like packaging and textiles. • Governments worldwide are introducing regulations to reduce plastic waste, which promotes the adoption of biodegradable materials like PLA in industries such as packaging and agriculture. |
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Polylactic Acid Market Trends by Raw Material, Application, and End-Use (2023)
By Raw Material: The Corn starch segment dominated the market share with more than 63% in 2023. The reason behind this significant share is to be found in corn's ready abundance and low cost as a material PLA manufacturing (biodegradable bioplastic). Areas like the U.S. and Brazil have seen high proportions of PLA and low additives. This growth is helped by agricultural subsidies, government policies to facilitate upgrading of resources and economies in rural areas where these materials are grown.
By Application: The rigid thermoform segment dominated with the market share over 43% in 2023. This dominance is primarily attributed to the growing adoption of biodegradable rigid thermoform packaging in the food packaging sector. Rising environmental concerns and regulatory initiatives, including directives from the European Union, are motivating the food industry to shift toward sustainable packaging solutions.
By End-use: The packaging segment dominated with the market share over 36% in 2023. This dominance stems from a growing global focus on sustainable packaging solutions. Governments and environmental organizations are actively encouraging the reduction of plastic usage to address mounting concerns over plastic waste. Consequently, industries are shifting toward biodegradable options such as polylactic acid (PLA) as a viable alternative.
North America's Dominance and Asia-Pacific's Growth: Key Drivers Shaping the Global PLA Market
North America region dominated with the market share over 42% in 2023. This major portion of the market can be attributed to the attractiveness of its government policies that advocate ecological sustainability and move away from petroleum-based plastics in favor ecological substitutes. A worldwide program, perhaps most notably led in the United States by the U.S. Agency for Environmental Protection (EPA), has driven the growth of PLA materials.
Asia-Pacific region will see rapid growth during the forecast period, driven by increased industrialization and awareness of environmental protection. Nations like China and India are making big bets with solar power and bioplastics as key drivers of polylactic acid products expansion across Asia. The Asian Development Bank (ADB) points out that these countries are determined to meet sustainable development objectives, namely cutting down on greenhouse gas emissions and plastic waste.
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Recent Developments
In October 2023: NatureWorks announced the commencement of its PLA manufacturing facility in Thailand. This facility, expected to be fully operational by 2025, will have a production capacity of 75 kilotons per annum, enabling the company to meet the rising global demand for PLA.
In March 2023: TotalEnergies Corbion, POSCO International, and ESOL Partnership these companies announced a collaboration to develop PLA recycling infrastructure in South Korea. This initiative aims to advance recycling technologies and support the South Korean government's Carbon Neutrality framework.
Table of Contents – Major Key Points
1. Introduction
- Market Definition
- Scope (Inclusion and Exclusions)
- Research Assumptions
2. Executive Summary
- Market Overview
- Regional Synopsis
- Competitive Summary
3. Research Methodology
- Top-Down Approach
- Bottom-up Approach
- Data Validation
- Primary Interviews
4. Market Dynamics Impact Analysis
- Market Driving Factors Analysis
- PESTLE Analysis
- Porter’s Five Forces Model
5. Statistical Insights and Trends Reporting
- Production Capacity and Utilization, by Country, by Type, 2023
- Feedstock Prices, by Country, by Type, 2023
- Regulatory Impact, by Country, by Type, 2023
- Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region
- Innovation and R&D, by Type, 2023
6. Competitive Landscape
- List of Major Companies, By Region
- Market Share Analysis, By Region
- Product Benchmarking
- Strategic Initiatives
- Technological Advancements
- Market Positioning and Branding
7. Polylactic Acid (PLA) Market Segmentation, By Raw Material
8. Polylactic Acid (PLA) Market Segmentation, By Grade
9. Polylactic Acid (PLA) Market Segmentation, By Application
10. Polylactic Acid (PLA) Market Segmentation, By End-use
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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