Polylactic Acid Market to Raise at a CAGR of 17.76% over by 2026

Global industry analysis

Polylactic Acid (PLA) market has been showing impressive growth in recent years and is expected to continue with a CAGR of 17.76% over by 2026. The market is driven by factors such as increasing demand for eco-friendly materials, rising environmental concerns, growing consumption of biodegraded waste.

The chemical formula of the thermoplastic aliphatic polymer polylactic acid (PLA) is (C3H4O2)n. Polylactic acid, a semi-crystalline hydrophobic polymer with good mechanical properties, is biodegradable and semi-crystalline.

Most importantly, polylactic acid is compostable. This means that under certain circumstances it can break down into biodegradable components. It is therefore the material of choice for packaging applications in a wide range of industries including food, beverage and consumer goods.

Polylactic acid represents a large portion of the commercially viable bioplastics market. With the increasing demand and cost of petroleum and petroleum products such as synthetic plastics, the industry is favoring polylactic acid over conventional plastics. Instead of using traditional sources such as petroleum, bioplastics are made from organic biomass resources, including corn and sugarcane.

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Global Polylactic Acid Market: Drivers and Constraints

Polylactic acid, as measured by consumption, is the most consumed bioplastic. Governments are taking initiatives and providing subsidies and support to increase the use of biodegradable products. Environmental protection and environmental safety are the main reasons why more and more stakeholders are using bioplastics instead of conventional plastics synthesized from petroleum.

Technological progress, transfer of technology from developed countries, and high consumer demand in developing countries are responsible for start-ups in the packaging, textile and electronics industries. Demand for polylactic acid in these industries is a major driver of market growth in developing countries.

Not all regions have sufficient natural resources to produce polylactic acid. Using corn to produce polylactic acid will hamper its contribution to the food industry and cause food security problems in poor countries. The minimum production cost of bioplastics is at least two to three times higher than synthetic plastics. More research on technology and resource management is needed for more cost-effective polylactic acid production. Although biodegradable, PLA requires special composting systems to fully degrade.

Global Polylactic Acid Market: Segmentation

The global polylactic acid market can be segmented on the basis of industry vertical and end-use region. On the basis of end-use industry, the polylactic acid market can be segmented into packaging industry (food and beverage), agriculture industry, textile industry, biomedical industry, electronics industry, and other industries (consumer goods).

The polylactic acid market by region can be segmented into a regional analysis that includes North America (United States, Canada), Latin America (Mexico, Brazil), and Western Europe (Germany, Italy, France, United Kingdom, Spain, Northern Europe, Belgium, Netherlands). . , Luxembourg), Eastern Europe (Poland, Russia), Asia Pacific (China, India, ASEAN, Australia and New Zealand), Japan, Middle East and Africa (GCC, South Africa, North Africa).

Global Polylactic Acid Market - Overview by Region.

Environmental concerns and preference for organic products are driving the demand for biodegradable products such as polylactic acid. In developing countries such as India and China, technological advancements and high consumer demand are key factors for the huge new factories of the future for the packaging, textile and electronics industries.

Therefore, the demand for polylactic acid in Asia Pacific is expected to grow at a double-digit CAGR. In European countries, due to stringent government rules and regulations, the industry tends to use bioplastics instead of conventional plastics that are synthesized from petroleum. In terms of production, North America outperforms other regions due to the availability of raw materials.

Demand for polylactic acid in the region is expected to increase due to availability of green products by government authorities and technological know-how. The global market demand for polylactic acid will witness remarkable growth during the forecast period. 

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Global Polylactic Acid Market: Key Players

Leading players in the global polylactic acid manufacturing market are collaborating to provide innovative solutions to meet the unique polylactic acid demand. Most European and American companies are taking the lead through technology and experience transfer to increase polylactic acid production in Asia-Pacific, the fastest-growing market. For example, NatureWorks LLC, a US-based producer of polylactic acid, recently opened a $200 million facility in Thailand or Malaysia.

Significant investments are being made in R&D and these players are expected to emerge for a profitable process. For example, in 2016, NatureWorks LLC invested $1 million in bioplastic research and development. Many smaller regional players are committed to internal and internal collaboration with market leaders to improve existing processes to meet future demand. Major players identified in the global market include NatureWorks LLC, Corbion Purac BV, Mitsui Chemicals, Inc., Hitachi, Ltd., BASF SE, and Braskem.

The research report represents a comprehensive assessment of the market and contains detailed information, facts, historical data as well as statistically supported and industry-validated market data. It also includes projections using appropriate assumptions and methods. The research report provides analysis and information based on categories such as market segment, geography, type, technology, and application.

This report includes a comprehensive analysis of:

• Market segment
• Market dynamics
• Market size
• Supply and demand
• Current Trends/Issues/Challenges
• Competition and related companies
• Value chain

Regional analysis includes:

• North America
• Latin America
• Eastern Europe
• Japan
• Middle East and Africa

This report is a compilation of first-hand information from industry analysts, qualitative and quantitative assessments, and input from industry experts and industry participants across the value chain. The report provides an in-depth analysis of key market trends, macroeconomic indicators and driving factors, and segment-based market attractiveness. The report also maps the qualitative impact of various market factors across market segments and geographies.

Report highlights:

• A detailed overview of the top markets
• Changed market dynamics of the industry.
• Deep market segmentation
• Historical, current and forecast market size in terms of volume and value
• Current industry trends and developments
• Competitive landscape
• Strategies of major players and products provided
• Potential and niche segments, promising areas for growth
• A neutral view of market performance
• Essential information for market participants to maintain and improve their market position

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