Global Lactic Acid and Poly Lactic Acid (PLA) Market Growth 2023-2029

Global Lactic Acid and Poly Lactic Acid (PLA) Market Growth 2023-2029

Polylactide (PLA) is a biodegradable and bioactive thermoplastic aliphatic polyester derived from renewable resources, such as corn starch (in the United States and Canada), cassava roots, chips or starch (mostly in Asia), or sugarcane (in the rest of the world). In 2010, PLA had the second highest consumption volume of any bioplastic of the world.

LPI (LP Information)' newest research report, the “Lactic Acid and Poly Lactic Acid (PLA) Industry Forecast” looks at past sales and reviews total world Lactic Acid and Poly Lactic Acid (PLA) sales in 2022, providing a comprehensive analysis by region and market sector of projected Lactic Acid and Poly Lactic Acid (PLA) sales for 2023 through 2029. With Lactic Acid and Poly Lactic Acid (PLA) sales broken down by region, market sector and sub-sector, this report provides a detailed analysis in US$ millions of the world Lactic Acid and Poly Lactic Acid (PLA) industry.

This Insight Report provides a comprehensive analysis of the global Lactic Acid and Poly Lactic Acid (PLA) landscape and highlights key trends related to product segmentation, company formation, revenue, and market share, latest development, and M&A activity. This report also analyzes the strategies of leading global companies with a focus on Lactic Acid and Poly Lactic Acid (PLA) portfolios and capabilities, market entry strategies, market positions, and geographic footprints, to better understand these firms' unique position in an accelerating global Lactic Acid and Poly Lactic Acid (PLA) market.

This Insight Report evaluates the key market trends, drivers, and affecting factors shaping the global outlook for Lactic Acid and Poly Lactic Acid (PLA) and breaks down the forecast by type, by application, geography, and market size to highlight emerging pockets of opportunity. With a transparent methodology based on hundreds of bottom-up qualitative and quantitative market inputs, this study forecast offers a highly nuanced view of the current state and future trajectory in the global Lactic Acid and Poly Lactic Acid (PLA).

The global Lactic Acid and Poly Lactic Acid (PLA) market size is projected to grow from US$ 555.8 million in 2022 to US$ 2092.4 million in 2029; it is expected to grow at a CAGR of 2092.4 from 2023 to 2029.

The use of lactic acid in the manufacture of biodegradable plastics is one of the key growth factors of the lactic acid market. Rising environmental concerns due to dumping of plastics in landfills is promoting the use of bioplastics, which is indirectly benefitting the lactic acid market. Lactic acid is a carboxylic acid that is used across a host of end-use industries owing to its chemical properties. The increasing application of polylactic acid in the packaging industry is estimated to fuel growth of the polylactic acid market in the following years. The introduction of bio-based plastics and their increased usage in the food and beverage industry is expected to extend growth opportunities for the polylactic acid market in the near future. Polylactic is one of the most sought-after bioplastics and is an effective substitute to traditional petroleum-based plastics. Rising crude oil price are also estimated to drive the global PLA demand over the forecast period, owing to reduced dependency on traditional petroleum based products. North America is the largest market for global lactic acid & poly lactic acid market. Changing lifestyles along with rising consciousness regarding the enhancement of the overall personality of an individual in various countries including India, China, Malaysia, and Sri Lanka is expected to drive the global cosmetics market, which in turn is likely to spur growth.

This report presents a comprehensive overview, market shares, and growth opportunities of Lactic Acid and Poly Lactic Acid (PLA) market by product type, application, key manufacturers and key regions and countries.

Market Segmentation:

Segmentation by type
Lactic Acid
Poly Lactic Acid (PLA)

Segmentation by application
Industrial
Personal Care
Packaging
Petroleum Based Products
Textiles

This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Middle East & Africa
Egypt
South Africa
Israel
Turkey
GCC Countries

The below companies that are profiled have been selected based on inputs gathered from primary experts and analyzing the company's coverage, product portfolio, its market penetration.
BASF
Danimer Scientific
Henan Jindan Lactic Acid Technology
Synbra Technology
Dow Chemical
Corbion
Natureworks
Teijin
Wei Mon Industry

Key Questions Addressed in this Report

What is the 10-year outlook for the global Lactic Acid and Poly Lactic Acid (PLA) market?

What factors are driving Lactic Acid and Poly Lactic Acid (PLA) market growth, globally and by region?

Which technologies are poised for the fastest growth by market and region?

How do Lactic Acid and Poly Lactic Acid (PLA) market opportunities vary by end market size?

How does Lactic Acid and Poly Lactic Acid (PLA) break out type, application?

What are the influences of COVID-19 and Russia-Ukraine war?

Please note: The report will take approximately 2 business days to prepare and deliver.