Polylactic Acid Market to Grow at a Strong CAGR of 21.3% During the Forecast Period 2022-2030

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.

Construction material application of PLA is expected to grow at the highest CAGR of 29.6% during the forecast period. Growing infrastructure and development in emerging nation would drive the PLA market in the forecast period. Government initiatives by countries such as India, China etc. for developing smart and green cities are expected to fuel the global PLA market. As PLA polymer is widely adopted in construction material. China focuses on the development of smart cities and a smart city investment hub was launched in China during 2016 that boost the development of smart city projects in China. As per the international trade administration the construction market in China was valued at $717.71 billion in 2016 which is expected to swell to $ 1042.17 billion by 2021 representing approximately 45% increase in 5 years (2016-2021).

Catering application of PLA is expected to grow at the CAGR of 23.5% during the forecast period. Increasing environmental concerns associated with use of non-biodegradable plastics is acting as the key driver for the growth of global PLA market in catering applications, due to which consumers are shifting toward eco-friendly products. PLA is biodegradable and is made up of 100 % renewable sources. It also offers high clarity and good strength making PLA a good alternate. PLA also offers high heat resistance making it suitable for microwave use and other application where high heat is required. Hot cup, cold cup, plates, bowl, cutlery are made from PLA.

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Non-biodegradable bio-based plastics accounted for more than 86.6% of the total bioplastic market around the globe according to European bioplastics. Non-biodegradable bio-based plastic comprise of bio-PA, bio-PE, bio-PET and others. According to European bioplastics, cost of non-biodegradable is almost one third to that of biodegradable ones. Advantage of cost of production of non-biodegradable bio-based plastics would impact bio-based biodegradable plastics (like PLA) in the medium term. However, continued innovation such as biodegradable polymer bone graft, bio-plastic from banana peels and others, as per Global Innovation Management Institute. These innovations would drive the cost of bio-based biodegradable plastics in the long term.

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.

KEY MARKET MOVEMENTS

• The global polylactic acid market is anticipated to grow at a CAGR of 21.3 % during the forecast period 2022-2030.
• Construction material application of PLA is expected to grow at the highest CAGR of 29.6% during the forecast period.
• Catering application of PLA is expected to grow at the CAGR of 23.5% during the forecast period.
• 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 top companies in this market include BASF, Natureworks Inc, Dow Chemicals, Mitsubishi Chemical Holding, Zhejiang Hisun Biomaterial Co.Ltd and others.