Global Polylactic Acid (PLA) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Polylactic Acid (PLA) Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Market Overview:

The latest research study on the global Polylactic Acid (PLA) market finds that the global Polylactic Acid (PLA) market reached a value of USD 1864.64 million in 2022. It’s expected that the market will achieve USD 5022.64 million by 2028, exhibiting a CAGR of 17.96% during the forecast period.

The range of PLA applications is increasing

Similar to other sustainable bioplastics, the PLA market size has great potential as the material has been used in a variety of packaging applications for food, beverage and other consumer products with short shelf life. In addition, because of its versatility, the material is used in many more fields, including a variety of high-value applications in end-user industries, including textiles, construction and automobiles. As a result, governments around the world are promoting the production and consumption of sustainable materials. Over the past five to six years, the demand for PLA has increased.

The development of the PLA industry has been driven by increased consumer awareness

Polylactic acid (PLA) is a novel biodegradable material made from starch derived from renewable plant resources such as corn. he starches was prepared from glucose by saccharification, and then the high purity lactic acid was produced by fermentation of glucose and certain bacteria, and then the polylactic acid with certain molecular weight was synthesized by chemical synthesis. With good biodegradability, it can be completely degraded by microorganisms in nature after use, and eventually produce carbon dioxide and water, which is not polluting the environment, which is very beneficial to environmental protection, and is recognized as an environmentally friendly material. So increased consumer awareness in terms of recyclability, green packaging and sustainability is likely to drive PLA consumption in the coming years.

The cost of PLA is relatively higher than that of synthetic plastics, so it is a constraint to market growth.

The production process of polylactic acid is pollution-free, and the product can be biodegradable, to achieve the cycle in nature, is an ideal green polymer material. So PLA plastic does not form white pollution, it is biodegradable. However, the high price, the price of lactic acid and the polymerization process determine the high cost of PLA. The price of PLA is about 3-4 times that of polyethylene. The main reason for the high production cost of PLA polylactic acid is the process of producing lactic acid with high optical purity (98-99%). In the traditional lactic acid fermentation process, the key to maintaining high fermentation efficiency lies in the control of concentration, temperature, PH value and the cultivation of highly active fermentation bacteria.

Region Overview:

In global comparison, a significant portion of the revenue was generated in North America (48.55% in 2022).

Company Overview:

NATUREWORKS is one of the major players operating in the Polylactic Acid (PLA) market, holding a share of 45.51% in 2020.

NATUREWORKS

NatureWorks, LLC develops biopolymers for a sustainable source of plastics. The Company uses carbohydrates from plants to produce products such as textiles, durable goods, films, packaging, disposable flatware, and adhesives and other chemicals. NatureWorks operates in worldwide. Headquartered in Minnetonka, Minnesota, NatureWorks is jointly owned by Cargill and PTT Global Chemical, a Thai state-owned company.

SUPLA

JIANGSU SUPLA BIOPLASTICS CO., LTD. is located in Suqian, Jiangsu SUPLA™ is a high-tech enterprise focusing on the bio-based full-degradable polylactic acid (PLA) materials which combines R&D, production and sales together.

Segmentation Overview:

By type, Corn segment accounted for the largest share of market in 2022.

Application Overview:

By application, the Packaging segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Polylactic Acid (PLA) market covered in Chapter 3:

Futerro
DZhejiang Hisun Biomaterials
Natureworks
Sulzer
SUPLA
Jilin COFCO
Synbra
Tongjieliang

In Chapter 4 and Chapter 14.2, on the basis of types, the Polylactic Acid (PLA) market from 2018 to 2029 is primarily split into:

Corn
Cassava
Sugarcane & Sugar Beet
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Polylactic Acid (PLA) market from 2018 to 2029 covers:

Packaging
Agriculture
Transport
Medical
Electronics
Textiles
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)