Polylactic Acid Market is Booming and will Reach USD 1500 Million at CAGR 16.3% by 2030

The Polylactic Acid Market is projected to be worth USD 1500 Million by 2030, registering a CAGR of 16.3% during the forecast period (2021 - 2030).

Polylactic Acid (PLA) can be synthesized by condensation as well as polymerization process. Polymerization technique is also known as ring-opening polymerization. It belongs to the family of aliphatic polyester commonly made from alpha-hydroxy acids and is considered as thermoplastic polyester. It possess superior characteristics such as biodegradability and recyclability, which make it suitable for the various end use applications such as consumer goods, electrical & electronics, automotive, textile, packaging, and others.

Some of the prominent factors that positively influence the growth of Polylactic Acid Market are increasing demand for household appliances, improving standard of living, and rising consumption of PLA in consumer goods. Additionally, increasing production & sales in the automotive industry and shifting manufacturers focus towards manufacturing light weight and fuel-efficient vehicles are anticipated to propel the growth of the market over the forecast period 2017-2023. Furthermore, booming textile sector and rising trend of sportswear & attractive clothing in developed and developing countries are predicted to fuel the demand for Polylactic Acid during the review period.

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Market Segmentation:

The Global Polylactic Acid Market is classified on the basis of type, application, and region.

On the basis of type, the market is categorized into PLLA (Poly-L-lactic Acid), PDLA (Poly-D-lactic Acid), PDLLA (Poly-DL-lactic Acid). All of them possess slightly different characteristics but are produced from renewable resource. On the basis of application, the market is categorized into automotive, textile, packaging, consumer goods, electrical & electronics, and others. Other applications include agriculture and pharmaceutical. Among these, packaging holds the maximum share ~ 35% and is expected to continue its dominance over the forecast period on account of increasing awareness among consumers and plastic manufacturers regarding the environment. Growth in the production of passenger vehicles and heavy duty vehicles are expected to propel the lightweight automobile parts, likely to propel the Polylactic Acid Market growth. Additionally, the robust growth of the electrical & electronics industry in developing countries is estimated to fuel the growth of the market. Moreover, technological transfer from developed countries along with high consumer demand in emerging economies are responsible for upcoming new set ups in the packaging, automotive, textiles and electronics industries.

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Regional Analysis:

Europe is predicted to dominate the PLA market followed by North America and Asia Pacific due to increasing demand from electrical & electronics, textile, and consumer goods. In Europe, countries such as Germany, Spain, and the UK are expected to dominate the regional market share due to significant demand from prominent automobile manufacturers. North America PLA market is estimated to witness a moderate growth since the U.S, Canada, and Mexico are the major contributors due to improving health care sector and expanding automotive sector. Numerous countries of Asia Pacific such as India, China, Vietnam, Malaysia, and South Korea are the fastest growing PLA market across the globe, and is estimated to grow with the same pace over the assessment period. Various factors that are attributed to the growth of the market in Asia Pacific are rising middle class population, increasing number of working professionals, competitive manufacturing costs, and ease in availability of raw material.

Competitive Analysis:

The major players operating in the Polylactic Acid Market are BASF SE (Germany), The DOW Chemical Company (U.S.), Corbion (the Netherlands), TEIJIN LIMITED. (Japan), NatureWorks LLC (U.S.), Synbra Technology bv (the Netherlands), Galactic (Belgium), Sulzer Ltd (Switzerland), Hitachi, Ltd. (Japan), Musashino Chemical Laboratory, Ltd. (Japan), and others.

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