Polylactic acid (PLA) is a biodegradable and bio-based thermoplastic aliphatic polyester derived from renewable resources such as corn starch, tapioca roots, chips, or starch. PLA possesses many good mechanical and physical properties such as biocompatibility, biodegradability, and renewability. It has high tensile strength and is rigid yet lightweight. PLA is slowly replacing petroleum-based plastics due to environmental concerns and rising awareness about sustainability. The global demand for PLA is rising in applications such as flexible packaging, rigid packaging, agriculture, textiles, consumer goods, automotive, electronics, and medical devices due to properties such as transparency, printability, high durability and heat resistance.
The Polylactic Acid Market is estimated to be valued at US$ 2,717.5 Mn in 2024 and is expected to exhibit a CAGR of 18. % over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Polylactic Acid Market are 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., BASF SE, Danimer Scientific, Mitsubishi Chemical America, Inc., UNITIKA LTD., Sulzer Ltd., Weforyou, Polysciences Inc., Musashino Chemical Laboratory Ltd., BEWiSynbra Group, Esun, and Danimer Scientific. The rapidly-growing packaging industry is driving the Polylactic Acid Market Size for PLA owing to increasing focus on sustainable and biodegradable materials for packaging applications. Technological innovations are allowing producers to modify PLA properties according to specific end-use applications.
Market Trends
Two key trends are driving growth in the Polylactic Acid Market. Firstly, there is increasing demand for environment-friendly and sustainable materials from various end-use industries which is propelling demand for bio-based plastics such as PLA. Secondly, producers are focusing on developing innovative production technologies that allow modifying PLA properties according to specific application needs. This is helping expand its applications.
Market Opportunities
Major opportunities in the Polylactic Acid Market include increasing focus on developing PLA for fibre and textile applications and utilizing waste/byproducts from the agricultural and food processing industries as raw materials. PLA fibres have properties comparable to polyester making it suitable for clothing, home textiles etc. Using agricultural/food waste would further improve supply sustainability.
Impact of COVID-19 on Polylactic Acid Market Growth
The COVID-19 pandemic has significantly impacted the growth of the polylactic acid market. During the initial lockdown phases implemented globally, the market witnessed a decline in demand due to the shutdown of manufacturing facilities and disruptions in the supply chain. This led to a slowdown in production volumes across major end-use industries such as packaging, textiles, automotive, electronics etc. However, with the ease of restrictions and resumption of operations, the demand for polylactic acid started reviving from late 2020 onwards. The pandemic increased the need for sustainable and biodegradable materials for medical, pharmaceutical and packaging applications. This boosted the use of polylactic acid in the production of face masks, medical equipment, personal protective wear, food packaging and home delivery items. The demand for bioplastics is further expected to increase in the coming years as businesses accelerate their transition towards eco-friendly alternatives post pandemic. Considering the rising environmental consciousness, key players are expanding their production capacities and diversifying the application areas of polylactic acid to leverage new opportunities for growth in the future.
Geographical Regions with Highest Value Concentration of Polylactic Acid Market
The Asia Pacific region holds the highest value concentration of the global polylactic acid market. This is primarily due to large scale production and consumption of polylactic acid in countries such as China, Japan, South Korea and India. The availability of raw materials, developing end-use industries and government support for bioplastics have been driving market growth in Asia Pacific. Another factor contributing to the regional dominance is the presence of leading global manufacturers with expansive production facilities based in the region. Europe is also among the top geographical markets for polylactic acid due to stringent environmental norms favoring the use of sustainable materials.
Fastest Growing Regional Market for Polylactic Acid
North America market is projected to exhibit the fastest growth during the forecast period. This can be attributed to rising environmental awareness and significant advancements in bioplastic technologies in the US and Canada. Additionally, the growing popularity of biodegradable alternatives to synthetic plastics for packaging food and beverages is fueling the demand from the food and beverage industry. Implementation of favorable legislations to promote the adoption of eco-friendly solutions is further expected to boost the consumption of polylactic acid in the region over the coming years.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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