Dublin, Nov. 28, 2024 (GLOBE NEWSWIRE) -- The "Polylactic Acid Global Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
The global polylactic acid market reached a value of nearly $1.13 billion in 2023, having grown at a compound annual growth rate (CAGR) of 14.18% since 2018. The market is expected to grow from $1.13 billion in 2023 to $2.8 billion in 2028 at a rate of 19.75%. The market is then expected to grow at a CAGR of 18.13% from 2028 and reach $6.44 billion in 2033.
Going forward, the rising demand for sustainable packaging, growing focus on addressing climate change, strong economic growth in emerging markets and increasing expansion of the e-commerce industry will drive the market. Factors that could hinder the growth of the polylactic acid market in the future include fluctuating raw material prices.
The polylactic acid market is segmented by type into PLLA (Poly-L-Lactic Acid), PDLA (Poly-D-Lactic Acid) and PDLLA (Poly-DL-Lactic Acid). The PDLA (Poly-D-Lactic Acid) market was the largest segment of the polylactic acid market segmented by type, accounting for 46.53% or $529.31 million of the total in 2023. Going forward, the PDLA (Poly-D-Lactic Acid) segment is expected to be the fastest growing segment in the polylactic acid market segmented by type, at a CAGR of 20.69% during 2023-2028.
The polylactic acid market is segmented by form into films and sheets, coatings, fiber and other forms. The films and sheets market was the largest segment of the polylactic acid market segmented by form, accounting for 43.91% or $499.45 million of the total in 2023. Going forward, the films and sheets segment is expected to be the fastest growing segment in the polylactic acid market segmented by form, at a CAGR of 20.74% during 2023-2028.
The polylactic acid market is segmented by raw material into corn starch, sugarcane and sugar beet, cassava and other raw materials. The corn starch market was the largest segment of the polylactic acid market segmented by raw material, accounting for 66.03% or $751.09 million of the total in 2023. Going forward, the corn starch segment is expected to be the fastest growing segment in the polylactic acid market segmented by raw material, at a CAGR of 20.34% during 2023-2028.
The polylactic acid market is segmented by application into packaging, agriculture, transport, electronics, textiles and other applications. The packaging market was the largest segment of the polylactic acid market segmented by application, accounting for 44.94% or $511.14 million of the total in 2023. Going forward, the textiles segment is expected to be the fastest growing segment in the polylactic acid market segmented by application, at a CAGR of 22.62% during 2023-2028.
North America was the largest region in the polylactic acid market, accounting for 36.89% or $419.6 million of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the polylactic acid market will be Asia-Pacific and Western Europe, where growth will be at CAGRs of 22.27% and 19.97% respectively. These will be followed by Eastern Europe and South America, where the markets are expected to grow at CAGRs of 19.78% and 19.30% respectively.
The global polylactic acid market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 60.1% of the total market in 2022. TotalEnergies Corbion was the largest competitor with a 10.5% share of the market, followed by Toray Industries Inc. with 10.4%, BASF SE with 10.2%, Mitsubishi Group with 9%, TEIJIN LIMITED. with 6.5%, Sulzer Ltd with 4.9%, UNITIKA LTD. with 2.5%, NatureWorks LLC with 2.5%, COFCO Group with 2.1% and Danimer Scientific Inc. with 1.5%.
The top opportunities in the polylactic acid market segmented by type will arise in the PDLA (Poly-D-Lactic Acid) segment, which will gain $825.98 million of global annual sales by 2028. The top opportunities in the polylactic acid market segmented by form will arise in the films and sheets segment, which will gain $782.3 million of global annual sales by 2028.
The top opportunities in the polylactic acid market segmented by application will arise in the packaging segment, which will gain $700.33 million of global annual sales by 2028. The top opportunities in the polylactic acid market segmented by raw material will arise in the corn starch segment, which will gain $1.14 billion of global annual sales by 2028. The polylactic acid market size will gain the most in the USA at $474.83 million.
Market-trend-based strategies for the polylactic acid market include growing investments to support expansion of PLA production, growing investments to support expansion of PLA production, developing products from recycled PLA to minimize waste and strategic partnerships among market players to expand capabilities.
Player-adopted strategies in the polylactic acid market include focus on collaborating with partners to innovate and streamline processes, developing a strategic partnership to utilize surplus agricultural residues for sustainable fiber and resin production and leveraging eco-friendly materials innovation to pioneer sustainable packaging solutions for industry-leading clients.
To take advantage of the opportunities, the analyst recommends the polylactic acid companies to focus on sustainable innovation and circular economy practices, focus on launching recycled biobased products, focus on strategic investments in production capacity, focus on the PDLA segment, focus on the films and sheets segment, focus on the corn starch segment to drive growth, expand in emerging markets, focus on strategic partnerships to expand capabilities, focus on expanding distribution channels, provide competitively priced offerings, focus on developing competitive pricing strategies, continue to use B2B promotions, participate in trade shows and events, focus on educating consumers about environmental benefits and focus on tailoring marketing efforts to industry needs.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 310 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $1.13 Billion |
| Forecasted Market Value (USD) by 2031 | $6.44 Billion |
| Compound Annual Growth Rate | 18.9% |
| Regions Covered | Global |
Major Market Trends
- Growing Investments to Support Expansion of PLA Production
- Focusing on Sustainable Innovation and Circular Economy to Maximize Resource Utilization
- Developing Products From Recycled PLA to Minimize Waste
- Strategic Partnerships Among Market Players to Expand Capabilities
Markets Covered:
- Type: PLLA (Poly-L-Lactic Acid); PDLA (Poly-D-Lactic Acid); PDLLA (Poly-DL-Lactic Acid)
- Raw Material: Corn Starch; Sugarcane and Sugar Beet; Cassava; Other Raw Materials
- Form: Films and Sheets; Coatings; Fiber; Other Forms
- Application: Packaging; Agriculture; Transport; Electronics; Textiles; Other Applications
Competitive Landscape and Company Profiles
- TotalEnergies Corbion
- Toray Industries Inc
- BASF SE
- Mitsubishi Corporation
- Teijin Limited
Key Mergers and Acquisitions
- Balrampur Chini Mills Acquired a Minority Stake in Konkan Speciality Polyproducts
- Carbios Acquired Carbiolice
Companies Featured
- TotalEnergies Corbion
- Toray Industries Inc.
- BASF SE
- Mitsubishi Group
- TEIJIN LIMITED
- Sulzer Ltd
- UNITIKA LTD.
- NatureWorks LLC
- COFCO Group
- Danimer Scientific Inc.
- Dynamic Group
- K T S Polymers
- Sperene Compounding
- Kuraray Co., Ltd.
- Shin-Etsu Chemical Co., Ltd.
- SK Global Chemical Co., Ltd.
- Kumho Petrochemical
- China Petroleum and Chemical Corporation (Sinopec)
- Zhejiang Heshi New Material Co., Ltd.
- Thyssenkrupp
- Xiamen Changsu Industrial Pte Ltd
- BCML
- Sulzer
- Wacker Chemie AG
- Arkema SA
- Solvay SA
- Carbios
- Carbiolice
- Nouryon Chemicals
- Futerro
- Plaskolite
- Palram Americas
- Celanese Corporation
- LG Chem
- United Chemicals International Fzco
- TIPA Corp
- Gulf Biopolymers Industries Ltd. (GBI)
- Enviromall
For more information about this report visit https://www.researchandmarkets.com/r/taejeo
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