Polylactic Acid Industry Overview
The global polylactic acid market size was valued at USD 566.74 million in 2021 and is expected to advance at a compound annual growth rate (CAGR) of over 26.6% from 2022 to 2030.
Growing demand for the product is mainly driven by the end-use industries such as agriculture, transport, textile, and packaging. Compared to conventional plastics, low carbon emission producing polylactic acid is significantly boosting the demand for the product globally. Rising demand for flexible packaging is fuelling the growth of the packaging industry globally. The increasing need for packaged foods, snacks, and ready-to-eat meals, among others, is substantially propelling the growth of the packaging industry. Thus, the growing packaging industry is further anticipated to create requirements for PLA during the forecast period.
Gather more insights about the market drivers, restrains and growth of the Global Polylactic Acid Market
Amid the global COVID-19 pandemic situation, polylactic acid has widely been used in the production of microwaveable containers, such as disposable cutlery and food containers. Beneficial properties of packaged containers such as aesthetic appeal, better printability, resistance to grease oil, and others, are positively impacting the growing inclusion of PLA in the formulation of food packaging products globally.
According to The Verge, the growing flexible packaging industry is expected to create significant demand for polylactic acid during the forecast period. Lifestyle changes of consumers, modern retail trades, and the increasing popularity of quick-service restaurants are prominently fueling flexible packaging growth.
Polylactic acid is used in the manufacture of components used in the automotive sector. Polylactic acids are used in applications such as the interior parts and hood under components. This product is known for reducing its carbon footprint owing to its high bio content. It offers numerous properties such as UV resistance, impact resistance, high gloss, dimensional stability, and colorability. These factors make it an alternative to most traditional plastics such as polyethylene terephthalate, polycarbonate, polybutylene terephthalate, acrylonitrile butadiene styrene, and polyamide, which are preferred for automotive engine compartments and interiors.
Browse through Grand View Research's Plastics, Polymers Resins Industry Research Reports.
- Polycarbonate Market - The global polycarbonate market size was valued at USD 21.8 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.6% from 2022 to 2030.
- Acrylonitrile Butadiene Styrene (ABS) Market - The global acrylonitrile butadiene styrene (ABS) market size was estimated at USD 23.09 billion in 2016 and it is projected to witness a CAGR of 7.1% over the forecast period. Considering the lightweight properties of ABS, which aids in high fuel efficiency, demand for the same is likely to increase in the automotive industry.
Polylactic Acid Market Segmentation
Grand View Research has segmented the global polylactic acid market on the basis of end-use and region:
Polylactic Acid End-use Outlook (Volume, Tons; Revenue, USD Thousand, 2019 - 2030)
- Packaging
- Agriculture
- Automotive Transport
- Electronics
- Textile
- Others
Polylactic Acid Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2019 - 2030)
- North America
- Europe
- Asia Pacific
- Central South America
- Middle East Afric
Market Share Insights
- In 2019: Futerro expanded its geographical presence and built a lactic acid and PLA plant in China. Furthermore, the richness of biomass, research-driven resources, strong downstream industry demand, material supply, and supporting government policy has created significant bioplastic business opportunities in Thailand.
- March 2019: NatureWorks LLC introduced Ingeo 3D450, a new formulation for use in dual extrusion 3D printers, that is designed to work with grades 3D850 and 3D870 of the Ingeo 3D series and developed for the professional printing market.
Key Companies profiled:
Some prominent players in the global polylactic acid market include
- Total Corbion PLA
- Nature Works LLC
- SUPLA (JIANGSU SUPLA BIOPLASTICS CO., LTD.)
- Futerro
- COFCO
- Jiangxi Keyuan Bio-Material Co., Ltd.
- Shanghai Tong-Jie-Liang Biomaterials Co., Ltd.
- Zhejiang Hisun Biomaterials Co., Ltd.
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