Polylactic Acid Market Share 2023: Production, Top Manufacturers, Global Size, Price, Huge Growth, Report 2028

According to the latest report by IMARC Group, titled "Polylactic Acid (PLA) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", offers a comprehensive analysis of the industry, which comprises insights on the global polylactic acid (PLA) market. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global polylactic acid (PLA) market size reached US$ 850.4 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,160.3 Million by 2028, exhibiting a growth rate (CAGR) of 16.33% during 2023-2028.

Polylactic acid (PLA) is a type of biodegradable thermoplastic that is derived from renewable resources, such as corn starch, tapioca roots, or sugarcane. It is commonly used in 3D printing, packaging, and medical implants. It is much stronger than traditional petroleum-based thermoplastics, making it a popular choice for various applications. It is considered a green material as it is derived from renewable resources and is not damaging to the environment when it is discarded. Additionally, it is also one of the most versatile thermoplastics, as it can be formed into a variety of shapes and sizes. It is often used for manufacturing medical implants due to its strong and durable properties, as well as its ability to be quickly molded into complex shapes.

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Market Trends:

The escalating demand for biodegradable products among the masses majorly drives the global market. This can be supported by the rising consumer awareness of the environmental impact of plastic waste. Along with this, the growing plastic pollution is encouraging governments and consumers to seek alternatives to traditional petroleum-based plastics, acting as a growth-inducing factor as PLA is a renewable, biodegradable material. With the rising awareness of the potential health risks associated with petroleum-based plastics, this is growing the demand for non-toxic material that is free from BPA, phthalates, and other potentially harmful chemicals, which, in turn, driving the market. Moreover, continuous technological advancements in the production of PLA are impacting the market favorably.

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• BASF SE
• COFCO
• Evonik Industries AG
• Futerro
• Jiangsu Supla Bioplastics Co. Ltd.
• Jiangxi Keyuan Bio-Material Co. Ltd.
• Mitsui Chemicals Inc.
• NatureWorks LLC (Cargill Incorporated)
• Shanghai Tong-Jie-Liang Biomaterials Co. Ltd.
• Total Corbion PLA.

In addition, the widespread adoption of the PLA for packaged foods, ready-to-eat meals, and snacks due to the ever-growing global population and the need to transport and store perishable food items is significantly supporting the market. Additionally, numerous leading manufacturers are focusing on developing innovative and sustainable product solutions with PLA, which is providing a thrust to the demand. As technology advances, PLA is being used in a variety of new applications, including 3D printing, medical implants, and biodegradable utensils, this is creating a positive market outlook. Some of the other factors driving the market include rapid industrialization and extensive research and development (R&D) activities.

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Key Market Segmentation:

Breakup by Raw Material:

• Corn
• Sugarcane and Sugar Beet
• Cassava
• Others

Breakup by End Use Industry:

• Packaging
• Agriculture
• Automotive and Transport
• Electronics
• Textiles
• Others

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

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