Polylactic Acid Market worth $3.3 billion by 2028 | Key players TotalEnergies Corbion, BASF SE, COFCO, Futerro, Danimer Scientific.

According to recent market research the "Poly Lactic Acid Market by Grade (Thermoforming, Extrusion, Injection Molding, Blow Molding), Application (Rigid Thermoform), End-use Industry (Packaging, Consumer Goods, Agricultural, Textile, Biomedical) & Region - Global Forecast to 2028", The PLA market is projected to reach USD 3.3 billion by 2028, at a CAGR of 17.1% from USD 1.5 billion in 2023. The PLA market is mainly driven by the increase in consumer awareness and growing demand in end-use industries like packaging, consumer goods, agriculture, biomedical, textiles among other industries. Moreover, it is also driven by the rapidly developing market in the Asia Pacific.

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Packaging is the largest end-use industry for PLA, during the forecast period. Several industrial sectors, including food and beverage, e-commerce, and FMCG, have seen the need for sustainable solutions. Packaging's special qualities make it suitable for use in a range of culinary and non-food applications, including the packaging of cigarettes, cookies, sugar confections, baked goods, noodles, and other snacks. In addition, packaging requirements have grown as e-commerce has grown.

Thermoforming grade PLA is in high demand in the PLA market due to its exceptional characteristics that make it well-suited for thermoforming processes. Thermoforming involves heating a plastic sheet and molding it into desired shapes. PLA's thermoforming grade offers excellent heat resistance, dimensional stability, and clarity, making it ideal for packaging, disposable food containers, and consumer products. Its transparency allows for appealing product displays, while its ability to maintain shape and withstand elevated temperatures ensures durability. Moreover, PLA's biodegradability and renewable nature align with consumer preferences for eco-friendly packaging solutions, further driving the demand for thermoforming grade PLA.

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Asia Pacific is expected to be the fastest growing market for PLA due to several key factors. The region's strong industrial and manufacturing sectors, particularly in countries like China, Japan, and South Korea, are driving the demand for PLA across diverse applications such as packaging, textiles, and automotive. Moreover, the region's large population, coupled with a growing middle class, is leading to increased consumption of packaged goods and disposable products, thereby fueling the demand for PLA-based packaging materials. Additionally, governments in the Asia Pacific region are implementing favorable policies to promote eco-friendly materials and reduce plastic waste, which is further driving the adoption of PLA and contributing to its rapid market growth.

New product launches, acquisitions, investments, and expansions are the major growth strategies adopted by the key players in the market. The key global players in the PLA market include NatureWorks LLC (US), TotalEnergies Corbion (Netherlands), BASF SE (Germany), COFCO (China), Futerro (Belgium), Danimer Scientific (US), Toray Industries Inc. (Japan), Evonik Industries (Germany), Mitsubishi Chemical Corporation (Japan), Unitika Ltd. (Japan).

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NatureWorks LLC is jointly owned by PTT Global Chemical (Thailand) and Cargill (US). NatureWorks LLC is one of the leading PLA suppliers and innovators with its Ingeo product portfolio of naturally advanced materials. It manufactures PLA from greenhouse gases such as carbon dioxide and plant derivatives such as corn, cassava, sugar cane, and beets. The company has a broad portfolio of PLA performance material Ingeo, which is used in various end-use industries such as food & beverage packaging, agriculture, building & construction, electronics, medical & hygiene, consumer goods, textiles, 3D printing, coffee capsules, cards, and non-food packaging. PLA-based performance materials are ideal for fresh food packaging and foodservice-ware applications.

NatureWorks LLC has a sales presence in North America, Europe, and Asia Pacific. The company has a PLA manufacturing plant in North America and Asia Pacific. The manufacturing facility located in Nebraska, US, has an annual PLA production capacity of 150,000 metric tons, with a dedicated application development center for Ingeo biopolymers.

TotalEnergies Corbion, formerly known as Total Corbion PLA, is a global leader in the PLA and lactide monomers market. The company was established as a 50/50 joint venture between Total (France) and Corbion (Netherlands) in March 2017. It offers PLA under the brand Luminy, derived from renewable feedstocks like sugarcane, corn, sugar beet, and cassava. Luminy PLA offers a 75% reduction in carbon footprint, creating a sustainable product portfolio of PLA. Total Corbion PLA has a production facility in Rayong, Thailand, with an annual PLA production capacity of 75,000 tons. The company is also planning to manufacture a new PLA production plant in Grandpuits, France, which is expected to become operational by 2024.

TotalEnergies Corbion provides PLA for various end-use industries, including food packaging, automotive, consumer goods, textile, and printing. The company has a global business presence in Asia Pacific, North America, Europe, the Middle East & Africa, and South America. TotalEnergies Corbion has a strong presence in the European market for the manufacturing and sales of PLA.

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