According to the ChemAnalyst report titled “Global Polylactic Acid Market Analysis: Industry Market Size, Plant Capacity, Production, Operating Efficiency, Technology, Demand & Supply, End-User Industries, Sales Channel, Regional Demand, Foreign Trade, Company Share, 2015-2035,” the global Polylactic Acid (PLA) market has seen remarkable expansion from 2015 to 2022 and is projected to grow at a CAGR of 14.44% until 2035. The surge in demand from end-use industries like Packaging, Agriculture, Textile, and Electronic Appliances is anticipated to drive the market for Polylactic Acid in the forecasted period.
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Polylactic Acid, known as PLA, is a biodegradable polymer derived from lactic acid. It’s manufactured from 100% renewable resources such as corn, sugar beets, wheat, and starch-rich foods, showcasing exceptional versatility. With qualities comparable to or even better than many petroleum-based plastics, PLA finds applications across various sectors. It stands out as one of the most promising biodegradable polymers in the present time, being a thermoplastic aliphatic polymer with commendable mechanical properties and a semi-crystalline, biodegradable hydrophobic nature. PLA is fully compostable, breaking down into biodegradable components under specific conditions, making it a popular material for packaging in food and beverage, as well as consumer goods industries.
The growing necessity within the packaging industry for biodegradable alternatives drives the global Polylactic Acid (PLA) market. The escalating need for bio-based plastic film in agriculture is also poised to fuel the market’s growth. PLA serves as an alternative to petroleum-based polymers, attracting attention globally. Governments worldwide are taking measures to promote the usage of biodegradable products by providing subsidies. Environmental safety and pollution control are among the primary reasons driving stakeholders towards bioplastics in lieu of petroleum-based plastics.
The global Polylactic Acid market is categorized based on end-use, sales channels, and regions. In terms of end-user industries, Packaging leads the consumption of Polylactic Acid, followed by the agriculture industry. In 2022, the Packaging sector accounted for over 55% of Polylactic Acid consumption. Similar to the commonly used plastic polyethylene terephthalate (PET) for soft drinks and various food products, PLA boasts taste and odor barrier properties, making it suitable for food and beverage packaging. It’s also resistant to grease and moisture.
Regionally, Asia Pacific emerges as the primary consumer of the Polylactic Acid market, trailed by Europe and North America. This region consumed around 45% of the overall market. Anticipated increased demand for PLA in emerging regions, particularly from end-use sectors like packaging and electronics, is expected to propel demand for Polylactic Acid in the Asia Pacific region throughout the forecasted period. There has been an upsurge in mergers and acquisitions by prominent global companies in recent years.
Major players in the global Polylactic Acid market include NatureWorks, BASF SE, Zhejiang Hisun Biomaterials Co, Futerro (GALACTIC) & BBCA, Jilin Cofco Biomaterials, Hengtian, Synbra Technology BV, among others.
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https://www.chemanalyst.com/industry-report/polylactic-acid-pla-market-673
“The rapidly escalating demand for renewable plastic from the packaging, agriculture, and biomedical sectors is anticipated to drive the Polylactic Acid (PLA) market until 2035. Increased consumer awareness of environmentally friendly plastic products, amplified government focus on biodegradable plastics, and stricter regulations prohibiting the use of plastic bags and other plastic items are likely to bolster its market in the coming years,” expressed Mr. Karan Chechi, Research Director at TechSci Research, a research-based management consulting firm supporting ChemAnalyst globally.
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