Polylactic Acid (PLA) Market worth $1.9 billion by 2026 | Key players Natureworks LLC, Total Corbion PLA, BASF SE, Cofco, Futerro

According to recent market research "Polylactic Acid (PLA) Market by Grade (Thermoforming, Extrusion, Injection Molding, Blow Molding), Application (Rigid Thermoform, Film & Sheet, Bottles), End-use Industry (Packaging, Consumer Goods, Agricultural, Textile, Biomedical) and Region - Global Forecast to 2026", size is projected to grow from USD 1.0 billion in 2021 to USD 1.9 billion by 2026, at a CAGR of 12.2% between 2021 and 2026.

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Packaging is the largest end-use industry for PLA, with a high CAGR of 13.0% during the forecast period. The need for sustainable solutions has encompassed several industry verticals, including food & beverages, e-commerce, and FMCG. The unique properties of packaging enable its use in various food and non-food applications such as cigarettes, biscuits, sugar confectioneries, baked goods, noodles, and other snacks. The rise in e-commerce has also increased packaging requirements.

Thermoforming grade has enormous growth potential in various packaging applications such as food, beverages, and other consumer products. Thermoformed parts made of PLA have excellent clarity, comparable to those formed in oriented polystyrene (OPS) and polyethylene terephthalate (PET). This, combined with the temperature requirements for product storage, make thermoformed PLA suitable for food packaging trays for baked goods, fruits, and vegetables.

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The global PLA market size is projected to grow from USD 1.0 billion in 2021 to USD 1.9 billion by 2026, at a CAGR of 12.2% between 2021 and 2026. The major factors driving the market are rising demand of PLA in packaging industry, stringent waste management regulations in Europe, increased focus of government on green procurement policies, and shift in consumer preference toward eco-friendly and biodegradable plastic products. Moreover, development of new applications, high potential in emerging countries of APAC, and multi-functionalities of PLA is expected to drive the market during the forecast period.

The major players in the market include NatureWorks LLC (US), Total Corbion PLA (Netherlands), BASF SE (Germany), Futerro (Belgium), COFCO (China), Mitsubishi Chemicals Corporation (Japan), Danimer Scientific (US), UNITIKA LTD.(Japan), EvonikIndustries (Germany), and TORAY INDUSTRIES, INC (Japan) are some of the leading players in the market. These players have adopted various growth strategies to expand their presence in the market further. New product launch, investment & expansion, and merger & acquisition have been the leading strategies adopted by the major players in the last five years to strengthen their competitiveness and broaden their customer base in the global PLA market.

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NatureWorks LLC is one of the leading manufacturer of PLA. The company has manufacturing plants in the North America, and Asia Pacific. In recent years, in recent years, NatureWorks LLC has adopted several business strategies to strengthen its position in the market. It has adopted various growth strategies, including investment & expansion, and new product launch, to maintain its position in PLA market. For instance, In June 2021, NatureWorks LLC invested USD 600 million for a PLA facility in Thailand. The company is focusing on increasing its annual PLA production capacity to 75,000 tons for Ingeo PLA grade.

Total Corbion PLA is one of the major player operating in PLA market. The company has manufacturing facilities in Asia-Pacific and planning to manufacture a new PLA production plant Europe which is expected to become operational by 2024. The company has adopted new product launch, investments & expansion, and collaboration strategies in order to broaden its product portfolio and maintain its position in the market. For instance, In October 2021, Total Corbion PLA developed a new grade of PLA derived for recycled waste as Luminy rPLA to strengthen its PLA product portfolio.

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