With 12.89% CAGR, Polylactic Acid Market Size Worth $3.5 Million by 2030 | Vantage Market Research

WASHINGTON, Nov. 13, 2023 (GLOBE NEWSWIRE) -- Global Polylactic Acid Market is valued at USD 1.5 Million in 2022 and is projected to reach a value of USD 3.5 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 12.89% over the forecast period 2023-2030.

One of the most significant economic areas is the Polylactic Acid business, and consistent expansion is projected going forward. Despite the industry's turmoil, numerous things could affect its development or demise. This study assesses both the current trends and the anticipated future changes to provide a full insight of the sector. Additionally, it provides details on the significant industry players and their expansion strategies.

The report provides a thorough analysis of international producers and suppliers, as well as their current situation and future prospects. It also goes into detail about the global drivers of the demand for Polylactic Acid, including rising investment requirements, developing technology, and new laws.
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Market Overview

According to Vantage Market Research, some of the key factors anticipated to accelerate the Polylactic Acid market growth over the forecast period. One of the main factors favorably affecting the demand for Polylactic Acid is the rising prevalence of 3D Printing due to its biocompatibility and biodegradability properties.

We forecast that the 3D printing category in Polylactic Acid market sales will account for more than 30% of total sales by 2028 due to is application in medical, pharmaceutical and other sectors.

The growth of the polylactic acid market in North America is largely attributable to the expansion of biodegradable polymers in a variety of applications. Considering the need for biodegradable polymers, North America ranks among the top areas due to its strict laws and policies on the disposal of plastic waste. The region's polylactic acid market now offers several prospects for expansion as a result of the increased demand for environmentally friendly and sustainable products and the growing public awareness of environmental problems.

Market Dynamics

Rising Prevalence of 3D Printing to Drive the Market:

The film segment is expected to account for the lion's share of the global market over the forecast period. Since polylactic acid films are less expensive than other goods, they are employed exponentially in the field of 3D printing. Polylactic acid sheets also have a substantial impact on a package's carbon footprint reduction. As an alternative to traditional polyethylene films, these films are environmentally friendly.

Increased Demand for Biodegradable Plastic to Promote Market Growth:

The rising trend towards bio-based, biodegradable polymers, which are favoured by a broad variety of end-use sectors, is one of the significant factors anticipated to boost expansion in the worldwide polylactic acid market during the evaluation period. Bioplastics manufacturing has expanded in both developing and developed nations in recent years. Global medical progress is another reason for the rising demand for polylactic acid used to make sutures and stents.

Top Players in the Global Polylactic Acid Market

  • NatureWorks LLC
  • Total Corbion PLA
  • Futerro
  • Teijin Limited
  • Sulzer Ltd.
  • Mitsubishi Chemical Corporation
  • Synbra Technology BV
  • Toray Industries Inc.
  • Danimer Scientific Inc.

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Top Trends in Global Polylactic Acid Market   

  • One trend that Vantage Market Research (VMR) expects to see in the Polylactic Acid industry is the rising demand for Sustainable and Biodegradable Materials. Growing environmental sustainability concerns are driving the demand for biodegradable, sustainable materials. Being a biodegradable polymer made from renewable resources, polylactic acid is becoming a more widely used material for a variety of uses, such as packaging, textiles, and biomedical equipment.
  • Another trend that VMR predicts will continue in the Polylactic Acid industry is rise in packaging and textiles applications. Polylactic acid is becoming more popular in the packaging and textile industries because to its biodegradability and high strength, giving it a viable alternative to existing plastics. As more businesses look for sustainable solutions for their products, this trend is anticipated to continue in the future.

Top Report Findings

  • Based on product type, the film category dominated the Polylactic Acid market. This trend is anticipated to continue because of its use in 3D printing as they are less exorbitant than others.
  • Based on product type, the polylactic acid sheets category is also driving the Polylactic Acid market, and it is anticipated that this trend will continue because of its biocompatibility and biodegradability properties.
  • Based on End-Use, the 3D printing category dominated the Polylactic Acid market, and this trend is anticipated to continue. Properties like biocompatibility, biodegradability, thermomechanical and not toxicity makes polylactic acid effective for usage in medical and pharmaceutical applications .

Top 10 Players Generates More Than 45% of the Global Polylactic Acid Market Revenue

The report also found that the largest players in the Polylactic Acid market are technology providers such as NatureWorks LLC, Total Corbion PLA, Futerro and Teijin Limited. These companies are expected to benefit from increased demand for their products and services, as well as growing investments in new products. Other major players include NatureWorks LLC, Total Corbion PLA, Futerro, Teijin Limited, Sulzer Ltd., BASF SE, Mitsubishi Chemical Corporation, Synbra Technology BV, Toray Industries Inc., Danimer Scientific Inc. and others. As per latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% revenue of the market.

3D Printing Category in Polylactic Acid Market to Generate Over 30% Revenue

In 2022, the worldwide polylactic acid market is expected to be dominated by the 3D printing end-use category. Polylactic acid is an excellent choice for usage in a variety of medical applications, notably medical implants, because to its biocompatibility, biodegradability, and non-toxicity. Its thermomechanical characteristics also make it an excellent fit.

Pharmaceutical firms are continually working to enhance the way medications are delivered in order to maximise therapeutic effects while minimising negative effects. Due to their biodegradability and adaptable mechanical properties, polyesters like polylactic acids have been widely used in medication administration.
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Global Polylactic Acid Market Segmentation

By Product Type

  • Films
  • Sheets
  • Coatings
  • Fibers

By End-Use

  • Packeging
  • BioMedical
  • 3D Printing

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Browse market data Tables and Figures spread through 146 Pages and in-depth TOC on Polylactic Acid Market Forecast Report (2023-2030).

Scope of the Report:    

Report AttributesDetails
Market Size in 2022USD 1.5 Million
Revenue Forecast by 2030USD 3.5 Million
CAGR12.89% from 2023 to 2030
Base Year2022
Forecast Year2023 to 2030
Key PlayersNatureWorks LLC, Total Corbion PLA, Futerro, Teijin Limited, Sulzer Ltd., BASF SE, Mitsubishi Chemical Corporation, Synbra Technology BV, Toray Industries Inc., Danimer Scientific Inc.
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