Dublin, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The "Polylactic Acid Market Size, Share & Trends Analysis Report By End-use (Packaging, Agriculture, Automotive & Transport, Electronics, Textile), By Region (North America, Asia Pacific), And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global polylactic acid market size is expected to reach USD 2,772.93 million by 2030, registering a CAGR of 21.4%
The global polylactic acid (PLA) market is experiencing significant growth, fueled by rising environmental concerns, increased consumer awareness, and stringent government regulations. PLA, a bio-sourced alternative to traditional plastics, is gaining prominence for its biodegradability and reduced carbon footprint compared to petroleum-based plastics.
As the world shifts towards sustainable products, the flexible packaging industry is witnessing substantial growth, with a consequent reduction in the consumption of petroleum-based plastics in favor of bio-based alternatives like PLA. This shift towards sustainability is driving the demand for PLA, especially in the manufacturing of single-use packaging materials such as shopping bags and disposable cutlery.
PLA is becoming a preferred environmentally friendly choice for various applications, particularly in flexible and rigid packaging, thanks to its bio-based, compostable, and biodegradable nature. The demand for bioplastics, including PLA, is expected to continue growing, with countries like India, Saudi Arabia, China, Japan, and Germany showing significant interest in flexible packaging.
In 2022, North America dominated the global PLA market, reflecting a strong appetite for sustainable products in the region. Initiatives by the U.S. Department of Agriculture to promote eco-friendly products are expected to further boost the demand for bioplastics, including PLA, in North America.
Meanwhile, Asia Pacific is anticipated to experience the fastest growth, with a CAGR of 22.2% in terms of revenue during the forecast period. The region's key industries such as automotive, electronics, textiles, packaging, appliances, and medical are driving the demand for PLA products.
Within the PLA market, the packaging segment held a significant share of over 36.0% in 2022. The increasing demand for packaged foods, including frozen meals, cake mixes, and snack foods, is expected to drive the growth of the packaging industry, further boosting the demand for PLA in the coming years.
In March 2023, Toyota Boshoku Corp. announced a $54.4 million investment in its Jackson metal stamping facility, leading to improved production and the creation of 80 additional jobs in Madison County. This expansion includes adding 87,000 square feet to the Jackson location, allowing the company to streamline manufacturing activities and serve Toyota Boshoku America's subsidiary locations effectively.
The global PLA market continues to evolve, driven by environmental consciousness and the shift towards sustainable alternatives, with significant growth opportunities in various regions and industries.
Company Profiles
- 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.
Key Topics Covered:
Chapter 1 Methodology and Scope
1.1 Market Segmentation & Scope
1.2 Market Definitions
1.3 Information Procurement
1.4 Research Scope and Assumptions
Chapter 2 Executive Summary
2.1 Market Snapshot 2022
2.2 Segment Snapshot
2.3 Competitive Landscape Snapshot
Chapter 3 Polylactic Acid Market: Variables and Trends
3.1 Market Lineage Outlook
3.1.1 Global Polylactic Acid Market
3.2 Penetration & Growth Prospect Mapping
3.3 Industry Value Chain Analysis
3.3.1 Raw Material Trends
3.3.1.1 Lactic Acid
3.3.1.2 Lactide
3.3.2 Regulatory Framework
3.3.2.1 Standard & Compliances
3.3.2.2 U.S. FDA
3.3.3 EU Commission
3.3.4 Regulations for bioplastics in the flexible packaging market
3.3.5 Asia Pacific regulatory framework
3.3.5.1 China
3.3.5.2 India
3.3.5.3 Japan
3.3.5.4 Philippines
3.3.5.5 Australia & New Zealand
3.3.5.6 Safety
3.4 Market Dynamics
3.4.1 Market Driver Impact Analysis
3.4.1.1 Growing demand for bioplastics
3.4.1.2 Growing demand from the flexible packaging industry
3.4.2 Market Restraint Impact Analysis
3.4.2.1 Price Competitiveness
3.5 Industry Analysis Tools
3.5.1 Porter's analysis
3.5.2 Macroeconomic Analysis
Chapter 4 Polylactic Acid (PLA) Market: Technology Assessment
4.1 Polylactic Acid (PLA) Market-Technology Landscape
4.1.1 Polycondensation
4.1.2 Ring-opening polymerization (ROP)
4.1.3 Comparison pf polycondensation & ring-opening polymerization and recommendations (ROP)
4.1.4 Production Technology Overview (C6 Sugar Fermentation)
4.2 Commercial Technology Case Studies
4.2.1 PLAneo Technology Overview (Thyssenkrupp AG)
4.2.1.1 Properties & Application of PLA developed by PLAneo Technology
4.2.1.2 Lactic Acid to Polylactic acid fully Integrated process
4.2.1.3 Advantages Of Planeo Technology
4.2.2 PLAnet PLA Technology Overview
4.2.2.1 Properties and Application of PLA developed by PLAnet Technology
4.2.2.2 Key Equipment for polylactic acid production by PLAnet technology
4.2.2.3 Services offered by PLAnet Technology provider
4.2.3 Comparison of PLAneo and PLAnet Technologies and Recommendations
4.3 Potential Technology Partner
4.3.1 Thyssenkrupp AG
4.3.1.1 Company Overview
4.3.1.2 Technology Assessment
4.3.2 Sulzer, Futerro, and TechnipFMC (Joint Venture)
4.3.2.1 Sulzer LTd
4.3.2.2 Company Overview
4.3.2.3 Futerro
4.3.2.4 Company Overview
4.3.2.5 Technipfmc plc
4.3.2.6 Company Overview
4.3.2.7 Technology Assessment
4.3.2.7.1 TechnipFMC Contact & address
4.3.2.7.2 Futerro Contact & address
4.3.2.7.3 Sulzer Ltd Contact & address
Chapter 5 Polylactic Acid Market: End-Use Estimates & Trend Analysis
5.1 End-Use Movement Analysis & Market Share, 2022 & 2030
5.2 End-Use Movement Analysis & Market Share, 2022 & 2030
5.3 Polylactic Acid Market Estimates & Forecast, By End-Use (Kilotons) (USD Million)
5.3.1 Packaging
5.3.2 Agriculture
5.3.3 Automotive & Transport
5.3.4 Electronics
5.3.5 Textile
5.3.6 Others
Chapter 6 Polylactic Acid Market: Regional Estimates & Trend Analysis
6.1 Polylactic Acid Market: Regional Outlook
Chapter 7 Polylactic Acid Market - Competitive Landscape
7.1 Recent Developments & Impact Analysis, By Key Market Participants
7.2 Company Categorization
7.3 Participant's Overview
7.4 Financial Performance
7.5 Product Benchmarking
7.6 Company Heat Map Analysis
7.7 Strategy Mapping
7.7.1 Expansion
7.7.2 Mergers & Acquisition
7.7.3 Collaboration
7.7.4 New Product Launches
7.7.5 Research & Development
For more information about this report visit https://www.researchandmarkets.com/r/oqv22f
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