Polylactic Acid

Polylactic Acid

Global Polylactic Acid Market to Reach US$3.3 Billion by 2030

The global market for Polylactic Acid estimated at US$1.1 Billion in the year 2023, is expected to reach US$3.3 Billion by 2030, growing at a CAGR of 16.5% over the analysis period 2023-2030. Packaging Application, one of the segments analyzed in the report, is expected to record a 18.0% CAGR and reach US$1.5 Billion by the end of the analysis period. Growth in the Textiles Application segment is estimated at 16.1% CAGR over the analysis period.

The U.S. Market is Estimated at US$283.6 Million While China is Forecast to Grow at 20.7% CAGR

The Polylactic Acid market in the U.S. is estimated at US$283.6 Million in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$427.9 Million by the year 2030 trailing a CAGR of 20.7% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 13.1% and 14.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 14.6% CAGR.

Global Polylactic Acid Market - Key Trends and Drivers Summarized

Polylactic acid (PLA), also known as Polylactide, is essentially a biodegradable polymer, aliphatic polyester and biocompatible thermoplastic. Owing to its compostable nature and recyclability, the material has attracted huge interest as an environmental-friendly alternative to petrochemical industry plastics (polyethylene, polystyrene and polypropylene). The biodegradable polymer is derived from several different renewable materials such as sugarcane or corn starch or tapioca roots and is extracted through bacterial fermentation. With characteristics that are similar to common petrochemical derived plastics,

The production and application of PLA have evolved significantly, driven by advances in polymer chemistry and consumer demand for sustainable products. Innovations in PLA formulation have improved its physical properties, such as heat resistance and tensile strength, making it more competitive with conventional plastics in more demanding applications. Traditionally used only for biomedical and packaging uses, the development of new PLA-improved materials for durable applications, such as transportation, electrical applications and electronics bodes well for market growth. As the bioplastic industry evolves, the rising demand for durable bioplastics having high biobased content throws the spotlight on PLA. Moreover, PLA is increasingly used in 3D printing, where its ability to be easily molded and shaped adds substantial value. Companies are also developing blending techniques with other biopolymers or additives to enhance PLA`s functionality, such as increasing its barrier properties or biodegradation rate, tailoring solutions to specific industrial requirements.

The growth in the PLA market is driven by several factors, including heightened consumer awareness and regulatory pressures concerning environmental sustainability, which encourage both individuals and corporations to shift towards greener alternatives. The expanding regulations on single-use plastics globally have propelled the adoption of PLA in disposable products and packaging solutions. Additionally, technological advancements in PLA production, which improve its performance and cost-effectiveness, have broadened its appeal across various sectors. There is especially rising demand for bio-based materials to be used as food packaging materials, given their advantages over plastics based on fossil fuels. This is due to the numerous advantages offered through the use of bio-based materials including compostability or biodegradability of final product, use of renewable resources in production, and ability to avoid disposal into landfill. As industries and consumers increasingly prioritize eco-friendly products, the demand for PLA is expected to continue its upward trajectory, reinforcing its position in the marketplace as a leading sustainable material.

Select Competitors (Total 57 Featured) -

• Eastman Chemical Company
• Bayer AG
• Corbion NV
• Formlabs, Inc.
• Danimer Scientific
• Futerro
• China Hi-Tech Group Corporation
• Fillamentum Manufacturing Czech s.r.o.
• Hatchbox
• ColorFabb B.V.
• Floreon-Transforming Packaging Limited
• Arris Composites, Inc.
• Divya Global Private Limited
• Green Century Enterprises Inc.
• Cellulac

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