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| Market Size | CAGR | Dominating Region |
|---|---|---|
| USD 1.98 billion | 16% | North America |
| By End Use Industry | By Region |
|---|---|
|
|
SCOPE OF THE REPORT
Polylactic Acid Market Overview
The global polylactic acid market is expected to grow at 16% CAGR from 2022 to 2029. It is expected to reach above USD 1.98 billion by 2029 from USD 0.52 billion in 2020.
Polylactic acid (PLA) material is different from the commonly available form of thermoplastic polymer materials. It is primarily derived from renewable resources such as corn starch or sugar cane. PLA is relatively cheap with several beneficial mechanical properties compared to other biodegradable polymers, which has made it a popular material. As of 2019, the production capacity of PLA was approximately 290 thousand tons. PLA is relatively cheap with several beneficial mechanical properties compared to other biodegradable polymers, which has made it a popular material. As of 2019, the production capacity of PLA was approximately 290 thousand tons. PLA production heavily relies on plant feedstocks such as cassava, potato, corn, and sugar cane. Other types of feedstocks such as agricultural by-products, cellulosic materials, or greenhouse gases (i.e., carbon dioxide and methane) have been studied and explored. However, the technique is still under development, and agricultural products look likely to stay in the foreseeable future as the primary feedstock for starch blends and PLA.
The increase in demand for PLA in end-use sectors, such as textiles, packaging, and agriculture are primarily responsible for the growth of the polylactic acid market. Furthermore, the lower carbon emissions produced by polylactic acid as compared to conventional polymers drive the demand globally. In addition, the increase in demand for flexible packaging products propels the polylactic acid market growth. The packaging sector is booming, due to the growing demand for packaged foods, snacks, ready-to-eat (RTE) meals, and other items. As a result, demand for PLA is expected to increase over the forecast period due to the fast-developing packaging industry.
| ATTRIBUTE | DETAILS |
| Study period | 2020-2029 |
| Base year | 2021 |
| Estimated year | 2022 |
| Forecasted year | 2022-2029 |
| Historical period | 2018-2020 |
| Unit | Value (USD Billion) Volume (Kilotons) |
| Segmentation | By End users, By Region |
| By End Users
 |
|
| By Region
 |
|
However, higher production cost as compared to other polymers owing to the increasing prices of raw materials is restricting the polylactic acid market growth. Polylactic acid is a biodegradable and industrially-compostable polymer and one of the first renewable polymers to compete with current polymers by combining functional qualities, such as transparency, gloss, and rigidity. Food packaging, single-use dinnerware, textiles, oil & gas, electronics, automotive, and 3D printing are just a few industries that employ polylactic acid. The polylactic acid market is expected to see considerable growth opportunities during the forecast period, owing to varied and adaptable uses of polylactic acid across sectors, as well as the multi-functionalities of polylactic acids.
Technological advancement, technological transfer from developed countries and high consumer demand in developing countries are responsible for upcoming new set ups in packaging, textiles and electronics industries. These industries’ demand for Polylactic acid is the key market growth driver in developing countries.
Increasing focus and initiatives of governments across the globe for the production and use of biodegradable products is major factor driving growth of the global polylactic acid market. Additionally, governments of developed as well as emerging economies are providing subsidies for the production of the polylactic acid which is expected to fuel growth of the target industry in the near future. Moreover, increasing preferences for the bioplastic over conventional plastic by the stakeholders on account of environmental safety and pollution control is among major factors propelling growth of the global market over the forecast period. Furthermore, growing demand for the polylactic acid from cosmetic industry for the manufacturing of personal care products such as shampoos, creams and others anticipated to support the target market growth in the next few years.
Polylactic Acid Market Segment Analysis
The global polylactic acids market is segmented based on end use and region. Based on end user industry, packaging, textile, agricultural, electronics, bio-medical and others. The packaging end-use segment accounted for the largest revenue share of over 36% in 2020, owing to the wide utilization of PLA in the manufacturing of bottles, jars, and containers, as well as in fresh food packaging solutions. The inclination of consumers towards sustainable packaging and rising environmental concerns across the globe are compelling manufacturers to use the product in various packaging solutions.
The packaging industry is one of the major consumers of PLA, especially in the food packaging sector. PLA plastic bottles are durable, disposable, and possess properties such as transparency and gloss. In addition, a strict ban on single-use plastics in many countries, such as the U.K., Zimbabwe, New Zealand, Taiwan, and several states of the U.S. (such as Hawaii, New York, and California), is significantly driving the product demand in the packaging end-use segment.
Moreover, PLA can be easily composted as compared to petroleum-based products and does not emit toxic gases on incineration; thus, its demand in this application area is expected to remain strong over the forecast period. Bioplastic packaging, including rigid packaging and loose-fill packaging, has witnessed considerable regulatory support on account of the need for reducing Greenhouse Gas (GHG) emissions.
Textile is another important sector having high market penetration and a high growth rate as PLA helps in manufacturing smooth fabrics. In addition, PLA provides excellent moisture resistance, drapability, breathability, and durability. These benefits are anticipated to propel its demand in the global textile industry over the forecast period.
Polylactic Acid Market Players
The Polylactic acid market key players include 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.
To increase their market position, these businesses have implemented a variety of growth tactics. These companies are using expansion, new product development, mergers and acquisitions, and collaboration as important growth strategies to improve their product portfolio and geographical presence in order to meet the rising demand for Polylactic acid from emerging economies.
Industry News:
- In October 2021, Total Corbion PLA launched recycled PLA range under the brand name Luminy rPLA, which is derived from post-industrial and post-consumer PLA waste. The new product is a chemically recycled product with similar characteristics as the existing Luminy PLA product.
- In April 2021, NatureWorks LLC developed a new PLA grade Ingeo 3D700. The new material is ideal for large-format additive manufacturing, along with the reduction in warping and print failures. Ingeo 3D700 is specially designed for 3D printing, having performance characteristics such as precise detail, good adhesion, reduced warping or curling, and low odor while printing.
- In November 2021, Danimer Scientific and Total Corbion PLA collaborated to manufacture biodegradable PLA. The collaboration will support the production of custom-built resin to meet the customers’ requirements for biodegradable and functional aspects of the products.
- In June 2021, NatureWorks LLC is establishing a new fully integrated Ingeo PLA production facility in Thailand. NatureWorks LLC has invested USD 600 million for the new facility, which will have production sites for lactic acid, lactide, and polymer. The plant is expected to become fully operational by 2024, with an annual production capacity of 75,000 tons Ingeo PLA grades.
Who Should Buy? Or Key Stakeholders
- Resin & polymer industries.
- Chemicals & Materials
- Institutional & retail players.
- Investment research firms
Polylactic Acid Market Regional Analysis
The polylactic acid market by region includes North America, Asia-Pacific (APAC), Europe, South America, and Middle East & Africa (MEA).
- North America: includes the US, Canada, Mexico
- Asia Pacific: includes China, Japan, South Korea, India, Australia, ASEAN and Rest of APAC
- Europe: includes UK, Germany, France, Italy, Spain, Russia, and Rest of Europe
- South America: includes Brazil, Argentina and Rest of South America
- Middle East & Africa: includes Turkey, UAE, Saudi Arabia, South Africa, and Rest of MEA
North America accounted for the largest revenue share of over 42% in 2020. This large share is attributed to the high demand for bioplastics, which is one of the largest markets for PLA. Moreover, several initiatives promoting environmentally-friendly products by the regional government are supporting market growth.
Asia Pacific is expected to be the fastest-growing regional market from 2021 to 2028, owing to factors such as increasing demand for PLA from key end-use sectors (automobile, electronics, textile, appliance, and medical) of developing countries like Indonesia and Malaysia, fluctuating petroleum prices, and lack of resources for fossil fuels.
China led the Asia Pacific regional market in 2020. Furthermore, the richness of biomass, research-driven resources, strong downstream industry demand, material supply, and supporting government policies have created significant business opportunities for bioplastic in Thailand. This factor is also likely to drive the regional market of APAC over the forecast years. Moreover, the rapidly expanding food & beverage sector, particularly in India and China, is augmenting the market growth.
 Key Market Segments: Polylactic acid Market
Polylactic Acid Market by End Use Industry, 2020-2029, (USD Million)
- Packaging
- Textile
- Agricultural
- Electronics
- Bio-Medical
- Others
Polylactic Acid Market by Region, 2020-2029, (USD Million)
- North America
- Europe
- Asia Pacific
- South America
- Middle East and Africa
Important Countries In All Regions Are Covered.
Key Question Answered
- What is the current size of the polylactic acid market?
- What are the key factors influencing the growth of polylactic acid?
- What are the major applications for polylactic acid?
- Who are the major key players in the polylactic acid market?
- Which region will provide more business opportunities for polylactic acid in future?
- Which segment holds the maximum share of the polylactic acid market?
Table of Content
- Introduction
- Market Definition
- Market Segmentation
- Research Timelines
- Assumptions and Limitations
- Research Methodology
- Data Mining
- Secondary Research
- Primary Research
- Subject-Matter Experts’ Advice
- Quality Checks
- Final Review
- Data Triangulation
- Bottom-Up Approach
- Top-Down Approach
- Research Flow
- Data Sources
- Data Mining
- Executive Summary
- Market Overview
- Global Polylactic Acid Market Outlook
- Market Drivers
- Market Restraints
- Market Opportunities
- Impact of Covid-19 On Polylactic Acid Market
- Porter’s five forces model
- Threat from new entrants
- Threat from substitutes
- Bargaining power of suppliers
- Bargaining power of customers
- Degree of competition
- Industry value chain Analysis
- Global Polylactic Acid Market Outlook
- Global Polylactic Acid Market by End use Industry
- Packaging
- Textile
- Agricultural
- Electronics
- Bio-Medical
- Others
- Global Polylactic Acid Market by Region
- North America
- US
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Colombia
- Chile
- Rest Of South America
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Belgium
- Rest Of Europe
- Asia Pacific
- India
- China
- Japan
- South Korea
- Australia
- New Zealand
- Indonesia
- Taiwan
- Malaysia
- Rest Of Asia Pacific
- Middle East and Africa
- UAE
- Saudi Arabia
- South Africa
- Rest Of Middle East and Africa
- North America
- Company Profiles* (Business Overview, Company Snapshot, Products Offered, Recent Developments)
- 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                *The Company List Is Indicative
LIST OF TABLES
TABLE 1Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â GLOBAL POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 2Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â GLOBAL POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 3Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â GLOBAL POLYLACTIC ACID MARKET BY REGION (USD MILLIONS), 2020-2029
TABLE 4Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â GLOBAL POLYLACTIC ACID MARKET BY REGION (THOUSAND UNITS), 2020-2029
TABLE 5Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â NORTH AMERICA POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 6Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â NORTH AMERICA POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 7Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â US POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 8Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â US POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 9Â Â Â Â Â Â Â Â Â Â Â Â Â Â Â CANADA POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 10Â Â Â Â Â Â Â Â Â Â Â Â Â CANADA POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 11Â Â Â Â Â Â Â Â Â Â Â Â Â MEXICO POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 12Â Â Â Â Â Â Â Â Â Â Â Â Â MEXICO POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 13Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH AMERICA POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 14Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH AMERICA POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 15Â Â Â Â Â Â Â Â Â Â Â Â Â BRAZIL POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 16Â Â Â Â Â Â Â Â Â Â Â Â Â BRAZIL POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 17Â Â Â Â Â Â Â Â Â Â Â Â Â ARGENTINA POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 18Â Â Â Â Â Â Â Â Â Â Â Â Â ARGENTINA POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 19Â Â Â Â Â Â Â Â Â Â Â Â Â COLOMBIA POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 20Â Â Â Â Â Â Â Â Â Â Â Â Â COLOMBIA POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 21Â Â Â Â Â Â Â Â Â Â Â Â Â REST OF SOUTH AMERICA POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 22Â Â Â Â Â Â Â Â Â Â Â Â Â REST OF SOUTH AMERICA POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 23Â Â Â Â Â Â Â Â Â Â Â Â Â ASIA-PACIFIC POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 24Â Â Â Â Â Â Â Â Â Â Â Â Â ASIA-PACIFIC POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 25Â Â Â Â Â Â Â Â Â Â Â Â Â INDIA POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 26Â Â Â Â Â Â Â Â Â Â Â Â Â INDIA POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 27Â Â Â Â Â Â Â Â Â Â Â Â Â CHINA POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 28Â Â Â Â Â Â Â Â Â Â Â Â Â CHINA POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 29Â Â Â Â Â Â Â Â Â Â Â Â Â JAPAN POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 30Â Â Â Â Â Â Â Â Â Â Â Â Â JAPAN POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 31Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH KOREA POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 32Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH KOREA POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 33Â Â Â Â Â Â Â Â Â Â Â Â Â AUSTRALIA POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 34Â Â Â Â Â Â Â Â Â Â Â Â Â AUSTRALIA POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 35Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH EAST ASIA POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 36Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH EAST ASIA POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 37Â Â Â Â Â Â Â Â Â Â Â Â Â REST OF ASIA PACIFIC POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 38Â Â Â Â Â Â Â Â Â Â Â Â Â REST OF ASIA PACIFIC POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 39Â Â Â Â Â Â Â Â Â Â Â Â Â EUROPE POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 40Â Â Â Â Â Â Â Â Â Â Â Â Â EUROPE POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 41Â Â Â Â Â Â Â Â Â Â Â Â Â GERMANY POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 42Â Â Â Â Â Â Â Â Â Â Â Â Â GERMANY POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 43Â Â Â Â Â Â Â Â Â Â Â Â Â UK POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 44Â Â Â Â Â Â Â Â Â Â Â Â Â UK POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 45Â Â Â Â Â Â Â Â Â Â Â Â Â FRANCE POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 46Â Â Â Â Â Â Â Â Â Â Â Â Â FRANCE POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 47Â Â Â Â Â Â Â Â Â Â Â Â Â ITALY POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 48Â Â Â Â Â Â Â Â Â Â Â Â Â ITALY POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 49Â Â Â Â Â Â Â Â Â Â Â Â Â SPAIN POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 50Â Â Â Â Â Â Â Â Â Â Â Â Â SPAIN POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 51Â Â Â Â Â Â Â Â Â Â Â Â Â RUSSIA POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 52Â Â Â Â Â Â Â Â Â Â Â Â Â RUSSIA POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 53Â Â Â Â Â Â Â Â Â Â Â Â Â REST OF EUROPE POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 54Â Â Â Â Â Â Â Â Â Â Â Â Â REST OF EUROPE POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 55Â Â Â Â Â Â Â Â Â Â Â Â Â MIDDLE EAST AND AFRICA POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 56Â Â Â Â Â Â Â Â Â Â Â Â Â MIDDLE EAST AND AFRICA POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 57Â Â Â Â Â Â Â Â Â Â Â Â Â UAE POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 58Â Â Â Â Â Â Â Â Â Â Â Â Â UAE POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 59Â Â Â Â Â Â Â Â Â Â Â Â Â SAUDI ARABIA POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 60Â Â Â Â Â Â Â Â Â Â Â Â Â SAUDI ARABIA POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 61Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH AFRICA POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 62Â Â Â Â Â Â Â Â Â Â Â Â Â SOUTH AFRICA POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
TABLE 63Â Â Â Â Â Â Â Â Â Â Â Â Â REST OF MIDDLE EAST AND AFRICA POLYLACTIC ACID MARKET BY END USERS (USD MILLIONS), 2020-2029
TABLE 64Â Â Â Â Â Â Â Â Â Â Â Â Â REST OF MIDDLE EAST AND AFRICA POLYLACTIC ACID MARKET BY END USERS (THOUSAND UNITS), 2020-2029
LIST OF FIGURES
FIGURE 1Â Â Â Â Â Â Â Â Â Â Â Â Â MARKET DYNAMICS
FIGURE 2Â Â Â Â Â Â Â Â Â Â Â Â Â MARKET SEGMENTATION
FIGURE 3Â Â Â Â Â Â Â Â Â Â Â Â Â REPORT TIMELINES: YEARS CONSIDERED
FIGURE 4Â Â Â Â Â Â Â Â Â Â Â Â Â DATA TRIANGULATION
FIGURE 5Â Â Â Â Â Â Â Â Â Â Â Â Â BOTTOM-UP APPROACH
FIGURE 6Â Â Â Â Â Â Â Â Â Â Â Â Â TOP-DOWN APPROACH
FIGURE 7Â Â Â Â Â Â Â Â Â Â Â Â Â RESEARCH FLOW
FIGURE 8Â Â Â Â Â Â Â Â Â Â Â Â Â GLOBAL POLYLACTIC ACID MARKET BY END USERS, USD MILLION, 2020-2029
FIGURE 9Â Â Â Â Â Â Â Â Â Â Â Â Â GLOBAL POLYLACTIC ACID MARKET BY REGION, USD MILLION, 2020-2029
FIGURE 10          PORTER’S FIVE FORCES MODEL
FIGURE 11Â Â Â Â Â Â Â Â Â Â MARKET SHARE ANALYSIS
FIGURE 12Â Â Â Â Â Â Â Â Â Â TOTAL CORBION PLA: COMPANY SNAPSHOT
FIGURE 13Â Â Â Â Â Â Â Â Â Â NATURE WORKS LLC: COMPANY SNAPSHOT
FIGURE 14Â Â Â Â Â Â Â Â Â Â COFCO: COMPANY SNAPSHOT
FIGURE 15Â Â Â Â Â Â Â Â Â Â FUTERRO: COMPANY SNAPSHOT
FIGURE 16Â Â Â Â Â Â Â Â Â Â JIANGXI KEYUAN BIO-MATERIAL CO., LTD.: COMPANY SNAPSHOT
FIGURE 17Â Â Â Â Â Â Â Â Â Â ZHEJIANG HISUN BIOMATERIALS CO., LTD.: COMPANY SNAPSHOT
FIGURE 18Â Â Â Â Â Â Â Â Â Â SHANGHAI TONG-JIE-LIANG BIOMATERIALS CO., LTD.: COMPANY SNAPSHOT
FIGURE 19Â Â Â Â Â Â Â Â Â Â CORBION PURAC: COMPANY SNAPSHOT
FIGURE 20Â Â Â Â Â Â Â Â Â Â HISUN BIOMATERIALS: COMPANY SNAPSHOT
FIGURE 21Â Â Â Â Â Â Â Â Â Â SYNBRA TECHNOLOGY BV: COMPANY SNAPSHOT
FAQ
The polylactic acid market size had crossed USD 0.52 billion in 2020 and will observe a CAGR of more than 16% up to 2029 driven by the increase in demand for PLA in end-use sectors, such as textiles, packaging, and agriculture.
North America held more than 42% of the polylactic acid market revenue share in 2020 due to the high demand for bioplastics, which is one of the largest markets for PLA. Moreover, several initiatives promoting environmentally-friendly products by the regional government are supporting market growth.
The upcoming trends in polylactic acid market are the technological advancement, technological transfer from developed countries and high consumer demand in developing countries.
The global polylactic acid market registered a CAGR of 16% from 2022 to 2029. The packaging segment was the highest revenue contributor to the market, with 0.20 billion in 2020, and is estimated to reach 0.70 billion by 2029, with a CAGR of 15%.
Leading application of polylactic acid market are hospitals. Hospitals hold a significant share of the polylactic acid market due to increasing accessibility and affordability in health care system.
North America is expected to hold the largest market share in terms of revenue, during the forecast period. The growth is attributed to high demand for bioplastics, which is one of the largest markets for PLA. Moreover, several initiatives promoting environmentally-friendly products by the regional government are supporting market growth.
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