Polylactic Acid Market

Polylactic acid or polylactide (PLA) is a bioactive and biodegradable thermoplastic aliphatic polyester produced from various renewable resources such as sugarcane, chips or starch, tapioca roots, corn starch. Polylactic Acid become one of the best products in Bioplastic market because of its cost Structure and availability. synthetic polymers, biopolymers and natural polymers are some of the renewable resources. PLA are majorly produced from renewable resources such as carbohydrate and Starch cellulose which are easily adopted from different vegetable and crop. The global polylactic acid market is anticipated to grow at a CAGR of 21.3 % during the forecast period 2022-2030. The increasing governmental regulation of various countries India, China, U.S, Brazil regarding plastic bags bans are one of the major factors for increasing demand of polylactic acid globally.

Packaging in Growing Economies Remains as The Largest Driver

The key driver of the polylactic acid market in the packaging application is increasing the demand of PLA market in the countries such as China, Brazil, Russia, India and China (BRIC) countries. These countries have a total 30% market share in global packaging market. Approximately 46% of PLA is consumed in packaging materials globally. in the packaging industry the primary driver for the adoption is its unique properties including bio-compatibility and biodegradability. Thus, the packaging application segment of PLA is expected to dominate the market and promises a sustainable growth.

Packaging Application Dominates the Market Revenues

Based on application, global polylactic acid market is diversified into packaging, catering, technical material, agriculture, consumer goods, construction material and others. The packaging application holds the largest revenue share of global polylactic acid market with 45.80% in 2021 growing at a CAGR of 20.8%. Plastic bags and film packaging are one of the major applications in the packaging application. Approx. 82% of packaging PLA is consumed by the plastic bags and film packaging. Moreover, construction materials application is anticipated to grow with the fastest CAGR with 29.6% during the forecast period. The increasing investment in construction infrastructure in various emerging countries such as India, China and many more become one of the growth opportunity for the polylactic acid market.

About 50% of the Share Held up North America

Geographically, global polylactic acid market is diversified into North America, Europe, Asia Pacific and Rest of the world. North America holds the largest share with 48.27% (2021) of the global polylactic acid market. The North America polylactic acid market is anticipated to generate a CAGR of 19.4 % during the forecasted period. The PLA market in North America is driven by initiatives taken by the government to ban or reduce the usage of petroleum-based plastics. The U.S. and Canada are major countries which drives the North America Polylactic Acid market. The high prices of the petrochemicals are the major factor responsible for increasing demand of polylactic acid in the North America. in addition, the Asia Pacific polylactic acid market is the fastest growing market with a CAGR of 28.4 %. India, China, Japan are some of the major countries driving the PLA market in Asia Pacific. The growing automotive industry is the major driving factor for the growth of the APAC polylactic acid market.

Collaborations and Acquisition Remains as Key Strategy to Enhance Market Share

The companies in the PLA market produce raw material which is used by various companies such as in packaging industry, agriculture, 3D printing, catering etc. All these industries have different application and need different properties of PLA in their respective industry. PLA manufacturers by collaborating with companies which use their product as a raw material can tailor PLA products according to their needs and thus can move to sustainable growth. The secondary strategy adopted by the companies in the PLA market is merger and acquisitions. The big companies in the PLA market acquire small companies to increase their dominance in the market, increase workforce and product portfolio. The tertiary strategy adopted by the companies in the PLA market is product launch. PLA market is going under transformation due to high cost of production of PLA. The top companies in this market include BASF, Natureworks Inc, Dow Chemicals, Mitsubishi Chemical Holding, Zhejiang Hisun Biomaterial Co.Ltd and others.

Historical &Forecast Period

This research report presents the analysis of each segment from 2020 to 2030 considering 2021 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment are calculated for the forecast period from 2021 to 2030.

Report Methodology

Market revenues and CAGR were derived from primary and secondary research. Both quantitative and qualitative trends were considered for extrapolation of market revenues. The derived market estimates were further validated from top down, bottom strategies and primary research. The scope of the market is limited to the following segments of product categories and region.

Global Polylactic Acid Market, By Application, 2020-2030, ($Millions)

• Packaging
• Catering
• Technical Material
• Agriculture
• Consumer Goods
• Construction Materials
• Others

By Region (2020-2030; US$ Mn)

• North America
• Europe
• Asia Pacific
• Latin America
• Africa

Global Impact of Covid-19 Segment (2020-2021; US$ Mn)

• Pre Covid-19 situation
• Post Covid-19 situation

Key questions answered in this report

• What are the key market segments in current scenario and in the future by product categories?
• What are the key market segments in current scenario and in the future by regions?
• What is the key impact of Covid-19 over market revenues and market determinants in the global polylactic acidmarket?
• What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period?
• What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period?
• How to overcome the current market challenges and leverage the opportunities in each of the market segment?
• Who are the key players in the operational predictive maintenance market and what are their key product categories and strategies?
• What are the key strategies – mergers/acquisitions/R&D/strategic partnerships etc. that companies are deploying to enhance market revenues and growth?