Polylactic Acid Market to Reach USD 1.98 billion, Grow at a 16% CAGR during Forecast 2023-2029

Exactitude Consultancy Market Research analyses that the Polylactic Acid Market will witness a CAGR of 16% for the forecast period of 2023-2029 and is likely USD 0.52 billion in 2022 to reach at USD 1.98 billion by 2029.

Polylactic acid (PLA) is a type of renewable plastic primarily derived from renewable materials like corn starch and sugarcane. Polylactic acid (PLA) possesses several beneficial mechanical properties over other biodegradable polymers. Polylactic acid (PLA) is a thermoplastic aliphatic polymer, and this bioplastic is produced from the crystallization of lactic acid. Having a chemical formula (C3H4O2) n, the polylactic acid (PLA) is a semi-crystalline and biodegradable hydrophobic polymer. Polylactic acid (PLA) can be broken down into a range of biodegradable components, which makes it ideal for application by a wide range of applications.

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Polylactic Acid Market Dynamics

✦ Drivers

Growing Environmental Concerns and the Need for Sustainable Alternatives to Bolster Sales

Increasing environmental awareness and concerns about the detrimental impact of conventional plastics have led to a growing demand for sustainable alternatives. Polylactic acid (PLA), being derived from renewable sources and offering biodegradability, has emerged as a promising solution. The rising focus on reducing plastic waste and carbon footprint is a significant driver for the polylactic acid market.
Governments and regulatory bodies worldwide are implementing stringent regulations and policies to promote the use of eco-friendly materials. These regulations drive the adoption of polylactic acid in various industries. For instance, bans on single-use plastics and incentives for using sustainable packaging materials boost the demand for PLA in the packaging sector. The supportive regulatory environment acts as a catalyst for the growth of the polylactic acid market.

✦ Restraints

High Production Costs Compared to Traditional Plastics might Hinder market growth

One of the primary challenges for the polylactic acid market is the higher production costs compared to traditional petroleum-based plastics. PLA production involves complex processing methods and requires specialized equipment, which adds to the overall manufacturing expenses. The cost factor can limit the widespread adoption of PLA, especially in price-sensitive markets.
Polylactic acid relies on specific raw materials such as corn starch and sugarcane for its production. The availability of these raw materials can be geographically limited, leading to supply chain challenges. In regions where these resources are scarce, sourcing an adequate and consistent supply of raw materials becomes a constraint for the polylactic acid industry. This limitation can affect production volumes and increase costs for manufacturers.

Prominent Key players of the Polylactic Acid Market survey report:

Historical data available in the report elaborates on the development of the Polylactic Acid on national, regional and international levels. Market Research Report presents a detailed analysis based on the thorough research of the overall market, particularly on questions that border on the market size, growth scenario, potential opportunities, operation landscape, trend analysis, and competitive analysis. Some Key Competitors of the Market are - Total Corbion PLA, Nature Works LLC, COFCO, Futerro, Jiangxi Keyuan Bio-Material Co., Ltd., Zhejiang Hisun Biomaterials Co., Ltd., Shanghai Tong-Jie-Liang Biomaterials Co., Ltd., Corbion Purac, Hisun Biomaterials, Synbra Technology bv.

Recent Developments.

In October 2022, Total Energies Corbion (Gorinchem, the Netherlands) has announced a breakthrough in the circular plastics economy by proving that polylactic acid (PLA) bioplastic can be sorted with municipal plastic waste. With the aim of determining the sortability of PLA from municipal mixed plastic waste, TotalEnergies Corbion and TOMRA Recycling conducted a sorting test.

In August 2021, Teijin announced that it had developed a new aramid fiber that is heat-resistant, flame-retardant, and has high strength. The company claims that this fiber can be used in a wide range of applications, including protective clothing, reinforcement materials, and aerospace components.

Polylactic Acid Market Segmentation:

Polylactic Acid Market by End Use Industry, 2023-2029, (USD Million)

»  Packaging

»  Textile

»  Agricultural

»  Electronics

»  Bio-Medical

»  Others

The regional outlook by revenue covers the countries namely:

✦ North America (United States, Canada and Mexico)

✦ Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)

✦ Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)

✦ South America (Brazil, Argentina, Colombia, and Rest of South America)

✦ Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)

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Key Features of the Polylactic Acid Market Report: -

⇨  Analyse competitive developments such as expansions, deployments, new product launches, and market acquisitions.

⇨  Examine the market opportunities for stakeholders by identifying higher growth sections.

⇨  To study and analyse the global Polylactic Acid industry status and forecast including key regions.

⇨  An in-depth analysis of key product segments and application spectrum, providing strategic recommendations to incumbents and new entrants to give them a competitive advantage over others.

⇨  It provides a comprehensive analysis of key regions of the industry as well as a SWOT analysis and Porter's Five Forces analysis to provide a deeper understanding of the market.

⇨  It helps you make strategic business decisions and investment plans.

Competitive Landscape

Competition has been growing for the Polylactic Acid industry as the supply and demand has been on an increasing trend sine past decade. This report gives a detailed analysis of the presence of various small, medium and micro enterprises in the industry of numerous scales, their relative sizes, product offerings, and market positions in the pre and post pandemic situations. Additionally, the report provides an overview of the competitor strategy with regards to business and corporate office and functions have been provided. The report also mentions about the operations, technology infrastructure, marketing strategies and financial capabilities. Thus, the report gives a very good understanding of the market to the shareholders and stakeholders from an overall perspective.

Highlight the Following Key Factors:

► Business Description: a particular description of agency operations and enterprise departments.

► Company Strategy: The analyst's precis of the company's commercial enterprise strategy.

► SWOT Analysis: Detailed evaluation of the company's strengths, weaknesses, opportunities, and threats.

► Company History: The development of predominant occasions associated to the company.

► Main merchandise and services: A listing of the company's fundamental products, services, and brands.

► Main Competitors: A listing of the company's fundamental competitors.

► Important places and subsidiaries: The company's major places and subsidiaries' listing and contact information.

► Detailed economic ratios of the previous 5 years: The trendy monetary ratios come from the annual economic statements issued by means of agencies with a record of 5 years.

Table of Contents

Global Polylactic Acid Market Research Report 2023-2029

1 Polylactic Acid Market Overview

1.1 Product Overview and Scope of Polylactic Acid

1.2 Polylactic Acid Segment by Type (Product Category)

1.3 Global Polylactic Acid market Segment by Application

1.4 Global Polylactic Acid Market by Region (2023-2029)

1.4.1 Global Polylactic Acid Market Size (Value) and CAGR (%) Comparison by Region (2023-2029)

1.4.2 North America Status and Prospect (2023-2029

1.4.3 Europe Status and Prospect (2023-2029)

1.4.4 China Status and Prospect (2023-2029)

1.4.5 Japan Status and Prospect (2023-2029)

1.4.6 Southeast Asia Status and Prospect (2023-2029)

1.4.7 India Status and Prospect (2023-2029)

1.5 Global Market Size (Value) of Polylactic Acid (2023-2029)

1.5.1 Global Polylactic Acid Revenue Status and Outlook (2023-2029)

1.5.2 Global Polylactic Acid Capacity, Production Status and Outlook (2023-2029)

…

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