Poly Lactic Acid (PLA) Market by Grade (Thermoforming, Extrusion, Injection Molding, Blow Molding), Application (Rigid Thermoform), End-use Industry (Packaging, Consumer Goods, Agricultural, Textile, Biomedical) & Region - Global Forecast to 2028

Poly Lactic Acid (PLA) Market by Grade (Thermoforming, Extrusion, Injection Molding, Blow Molding), Application (Rigid Thermoform), End-use Industry (Packaging, Consumer Goods, Agricultural, Textile, Biomedical) & Region - Global Forecast to 2028

The global PLA market is projected to reach USD 3.3 billion by 2028, at a CAGR of 17.1% from USD 1.5 billion in 2023. Rising demand of PLA in packaging industry, government regulations in Europe, increased focus of government on green procurement policies, and shift in consumer preference toward eco-friendly and biodegradable plastic products and growing consumer awareness are expected to offer significant growth opportunities to manufacturers of PLA.

“The consumer goods end use industry accounted for the second largest share in the end-use industry segment of PLA market in terms of value.”

The consumer goods end-use industry holds the second largest share in the PLA market. PLA is a bio-based and biodegradable polymer, making it an environmentally friendly alternative to traditional plastics. Consumer goods companies increasingly prioritize sustainability and are actively seeking eco-friendly materials for their products. Moreover, PLA possesses excellent processability, enabling its use in a wide range of consumer goods such as packaging, disposable cutlery, textiles, and personal care items. Its versatility, combined with its eco-friendly nature, makes PLA a preferred choice for manufacturers and consumers alike, thus driving its significant presence in the consumer goods segment of the PLA market.

“Thermoforming grade accounted for the largest share in the grade segment of PLA market, in terms of value.”

The demand for thermoforming grade PLA is high in the PLA market due to its characteristics that make it highly suitable for thermoforming processes. Thermoforming involves heating a plastic sheet and shaping it to desired forms. Thermoforming grade PLA excels in heat resistance, dimensional stability, and clarity, making it an excellent choice for packaging, disposable food containers, and consumer products. Its transparent nature allows for attractive product displays, while its ability to retain shape and withstand high temperatures ensures durability. Additionally, the biodegradable and renewable nature of PLA aligns with consumers' preference for eco-friendly packaging solutions, further fueling the demand for thermoforming grade PLA.

“Europe is the largest market for PLA”

The stringent government regulations and bans on single-use plastics have made Europe the leading market for PLA. The region's emphasis on sustainable practices has prompted significant investments in innovative packaging solutions to cater to consumer preferences. Notably, countries like Germany and the UK, with well-established food and beverage industries, especially in packaged food, are further driving the demand for PLA due to their environmentally conscious rules and regulations. This trend is projected to fuel the growth of the PLA market in the foreseeable future.

In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the PLA market, and information was gathered from secondary research to determine and verify the market size of several segments.

By Company Type: Tier 1 – 35%, Tier 2 – 45%, and Tier 3 – 20%

By Designation: C Level Executives– 35%, Directors – 25%, and Others – 40%

By Region: APAC – 40%, Europe – 30%, North America – 20%, the Middle East & Africa –5%, and South America- 5%

The PLA market comprises major players such as NatureWorks LLC (US), Total Corbion PLA (Netherlands), BASF SE (Germany), Futerro (Belgium), COFCO (China), Mitsubishi Chemicals Corporation (Japan), Danimer Scientific (US), UNITIKA LTD.(Japan), Evonik Industries (Germany), and TORAY INDUSTRIES, INC (Japan), and others. The study includes in-depth competitive analysis of these key players in the PLA market, with their company profiles, recent developments, and key market strategies.

Research Coverage

This report segments the market for PLA market on the basis of grade, application, end-use industry, and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisition associated with the market for PLA market.

Key benefits of buying this report

This research report is focused on various levels of analysis — industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the PLA market; high-growth regions; and market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers:

Market Penetration: Comprehensive information on PLA market offered by top players in the global HTF market.

Analysis of drivers: (Changing consumer preference toward eco-friendly plastic product, increasing use in packaging and compostable bag applications), restraints (Higher prices of PLA than Conventional Plastic), opportunities (Development of new applications, high potential in emerging countries of APAC) and challenges (Performance issue, expensive and complex production process) influencing the growth of thermal management solutions market

Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the PLA market.

Market Development: Comprehensive information about lucrative emerging markets — the report analyzes the markets for PLA market across regions.

Market Capacity: Production capacities of companies producing PLA are provided wherever available with upcoming capacities for the PLA market.

Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the PLA market