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Polylactic Acid Global Market Research Insights with Upcoming Trends Segmentation, Opportunities and Forecast to 2033
Polylactic Acid Global Market
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According to The Business Research Company's, The polylactic acid market size has grown rapidly in recent years. It will grow from $1.34 billion in 2023 to $1.59 billion in 2024 at a compound annual growth rate (CAGR) of 18.2%. The growth in the historic period can be attributed to emergence of eco-friendly alternatives, rise in bioplastics demand, growth in packaging sector, consumer shift in preferences, commercialization efforts.
The polylactic acid market size is expected to see rapid growth in the next few years. It will grow to $3.18 billion in 2028 at a compound annual growth rate (CAGR) of 19.0%. The growth in the forecast period can be attributed to global awareness campaigns, expansion of end-use industries, supply chain development, emerging market demand, investment in r&d. Major trends in the forecast period include biodegradability and sustainability, environmental regulations, consumer awareness and preference, shift in packaging trends, market entry of large players.
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Market Drivers and Trends:
Increasing number of clinical trials is expected to propel the growth of the polylactic acid market going forward. Clinical trials are systematic investigations or studies conducted with human participants to assess a medical intervention's safety, efficacy, and potential side effects, such as a new drug, medical device, treatment, or preventive measure. Polylactic acid is being explored in clinical trials for its potential applications in biodegradable medical implants and drug delivery systems. For instance, in May 2023, Xtalks, a Canada-based advertising services company powered by Honeycomb Worldwide Inc., a provider of educational webinars and digital content, as of May 17, 2023, there are 452,604 registered clinical trials globally on ClinicalTrials.gov. This represents a significant increase from the over 365,000 registered trials reported in early 2021. Therefore, the increasing number of clinical trials is driving the polylactic acid market.
Technological advancement is a key trend gaining popularity in the polylactic acid market. Major companies in the polylactic acid market are advancing in technologies and research and development, such as injection molding technology, to provide better products and remain competitive in the market. With injection molding, plastic materials are heated to a molten state and then injected into a mold before being cooled and solidified. For instance, in October 2021, Total Corbion PLA, a US-based technology company, launched Luminy PLA (Poly Lactic Acid), the first commercially available bioplastic product of its sort worldwide. It is manufactured with chemically regenerated post-industrial and post-consumer waste. The commercial availability of rPLA can be used by companies to create products, including those with original food contact applications for which the manufacturer claims to have obtained certification.
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Major Key Players of the Market:
Total Corbion PLA, NatureWorks LLC, Futerro SA, COFCO Group, Jiangxi Keyuan Bio-Material Co. Ltd., Shanghai Tong-Jie-Liang Biomaterials Co. Ltd., Zhejiang Hisun Biomaterials Co. Ltd., Evonik Industries AG, Synbra Technology BV, BASF SE, Mitsubishi Chemical Holdings Corporation, Toray Industries Inc., Polyvel Inc., Musashino Chemical Laboratory Ltd., Radici Partecipazioni SpA, Anhui BBCA Biochemical Co. Ltd., Carbios SA, Chengdu Polyster Co. Ltd., Corbion N.V., Danimer Scientific Inc., FKuR Kunststoff GmbH, GC Innovation America, Good Natured Products Inc., Hainan Yisheng Petrochemical Co. Ltd., Hitachi Chemical Company Ltd., Jiangsu Jiuding New Material Co. Ltd., Kingfa Sci. & Tech. Co. Ltd., Nantong Jiuding Biological Engineering Co. Ltd., Shenzhen Esun Industrial Co. Ltd.
Polylactic Acid Market 2024 Key Insights:
• The polylactic acid market size is expected to see rapid growth in the next few years. It will grow to $3.18 billion in 2028 at a compound annual growth rate (CAGR) of 19.0%.
• Rising Consumer Awareness Drives Growth In Polylactic Acid (PLA) Market
• Technological Advancements In Polylactic Acid (PLA) Market
• North America was the largest region in the polylactic acid market in 2023
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