Polylactic Acid Market by End Use Industry (Packaging, Textile, Agricultural, Electronics, Bio-Medical and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030

Polylactic Acid Market by End Use Industry (Packaging, Textile, Agricultural, Electronics, Bio-Medical and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030

The polylactic acid market was valued at $0.7 billion in 2020, and is projected to reach $4.0 billion by 2030, growing at a CAGR of 17.2% from 2021 to 2030.

The thermoplastic aliphatic polymer polylactic acid (PLA) has the chemical formula (C3H4O2)n. Polylactic acid is a biodegradable, semi-crystalline hydrophobic polymer with good mechanical properties. Most notably, polylactic acid is compostable, meaning it can be broken down into biodegradable components under certain conditions, making it a popular material for packaging in industries, such as food and beverage and consumer goods.

In recent years, the market for polylactic acid has seen emerging trends, as evidenced by innovations and advances in a variety of end-user applications, including biopolymer, food & drinks, packaging, and electronics. The biodegradable polymers business has seen a considerable increase in demand, notably in the North American and European regions, as consumers have become more aware of polymers made with polylactic acid. Polylactic acid (PLA) is now being used in overall packaging applications by food packaging makers for making trays and yoghurt cups, as it is the most prevalent takeaway food packaging alternative. Packaging is the most common use for bioplastics, accounting for roughly 65% of the entire bioplastics market (1.2 million tonnes) in 2018. PLA (polylactic acid) and other innovative biopolymers are expected to be important drivers of the bio-based and biodegradable plastics industry's growth. The increase in demand for sophisticated biopolymers, end-user applications, and novel products is expected to fuel expansion for polylactic acid market during the forecast period.

However, the rise in cost of production due to higher transportation, raw material, and energy expenses, results in loss in manufacturer margins, making the end-user application prices expensive. For example, due to rise in raw material costs, most manufacturing companies are increasing their pricing globally for product categories, such as lactic acid and lactates. Furthermore, one of the major restrictions on the expansion of the polylactic acid market is the regulation of the number of bacteria that produce the acid by optimizing and controlling metabolic activity.

IMPACT OF COVID-19 ON GLOBAL POLYLACTIC ACID MARKET

COVID-19 has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.
Some of the major economies suffering from the COVID-19 crises include Germany, France, Italy, Spain, the UK, and Norway.
In many countries, the economy has dropped due to the halt of several industries, especially demand and supply chain. Demand for the product has been hindered as there is no development due to the lockdown.
The demand–supply gap, disruptions in raw material procurement, and price volatility are expected to hamper the growth of the industry during the COVID-19 pandemic.
Due to a scarcity of resources in various parts of the world, the COVID-19 epidemic has impacted negatively on the cosmetic and personal care industry. The industry's top players are concerned about the market's prospects and are rethinking their strategies to meet the challenge.
The substantial increase in demand for food packaging product sales during the pandemic, may contribute to the market recovery in the near future. Due to the pandemic, spending on packaged food has grown significantly, which could help boost demand for polylactic acid during the forecasted period.

KEY BENEFITS FOR STAKEHOLDERS

The report provides in-depth analysis of the global polylactic acid market along with the current trends and future estimations.
This report highlights the key drivers, opportunities, and restraints of the market along with the impact analysis during the forecast period.
Porter’s five forces analysis helps to analyze the potential of the buyers & suppliers and the competitive scenario of the global polylactic acid industry for strategy building.
A comprehensive market analysis covers factors that drive and restrain the global polylactic acid market growth.
The qualitative data about market dynamics, trends, and developments is provided in the report.

KEY MARKET SEGMENTS


By End-Use Industry

Packaging
Agriculture
Electronics
Textiles
Bio-Medical
Others

By Region

North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
UAE
Saudi Arabia
South Africa
Rest of LAMEA

KEY MARKET PLAYERS

Total Corbion PLA
Nature Works LLC
COFCO
Futerro
Jiangxi Keyuan Bio-Material Co., Ltd.
Zhejiang Hisun Biomaterials Co., Ltd.
Shanghai Tong-Jie-Liang Biomaterials Co., Ltd.
Corbion Purac
Hisun Biomaterials
Synbra Technology bv