Polylactic acid (PLA) is a biodegradable and compostable thermoplastic polymer that is derived from renewable sources such as corn starch, sugarcane, and cassava. PLA is used in a wide range of applications, including food packaging, textiles, 3D printing, and biomedical devices.
The PLA industry is expected to experience significant growth in the coming years due to increasing environmental concerns and the push towards sustainability in various industries. According to a report by MarketsandMarkets, the global polylactic acid (PLA) market size is projected to grow from USD 1.0 billion in 2021 to USD 1.9 billion by 2026, at a CAGR of 12.2% between 2021 and 2026. The sector study investigates the business dynamics of the rising economy, as well as current driving forces, market conditions, risks, trends, and problems.
The demand for PLA is driven by factors such as increasing government initiatives to promote bioplastics, growing demand for biodegradable and compostable packaging materials, and rising awareness among consumers about sustainable products. The food packaging industry is expected to be the largest application segment for PLA due to its non-toxic and biodegradable nature.
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Polylactic Acid (PLA) Market Key Players
The major players in the market include NatureWorks LLC (US), Total Corbion PLA (Netherlands), BASF SE (Germany), Futerro (Belgium), COFCO (China), Mitsubishi Chemicals Corporation (Japan), Danimer Scientific (US), UNITIKA LTD.(Japan), Evonik Industries (Germany), and TORAY INDUSTRIES, INC (Japan) are some of the leading players in the market.
NatureWorks LLC is one of the leading manufacturer of PLA. The company has manufacturing plants in the North America, and Asia Pacific. In recent years, in recent years, NatureWorks LLC has adopted several business strategies to strengthen its position in the market.
Total Corbion PLA is one of the major player operating in PLA market. The company has manufacturing facilities in Asia Pacific, and planning to manufacture a new PLA production plant Europe which is expected to become operational by 2024.
“The packaging segment is estimated to be the fastest-growing end-use industry for PLA market”
The packaging segment is estimated to be the fastest-growing end-use industry for the PLA market. PLA’s biodegradable and compostable nature make it an ideal material for packaging applications. Moreover, the increasing awareness among consumers about environmental issues and the demand for sustainable packaging materials are driving the growth of the PLA market in the packaging industry.
PLA-based packaging materials are being used for various applications such as food packaging, beverage packaging, and non-food packaging. PLA-based packaging materials offer several advantages over traditional packaging materials such as plastic. For example, they are biodegradable and compostable, which reduces the amount of waste that ends up in landfills.
The food packaging industry is expected to be the largest application segment for PLA due to its non-toxic and biodegradable nature. PLA-based food packaging materials are being used for applications such as trays, cups, and containers. Additionally, PLA-based packaging materials are being used in the beverage industry for applications such as bottles and caps.
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“The thermoforming grade segment is expected to lead the PLA market”
The thermoforming grade segment is expected to lead the PLA market in terms of type. Thermoforming is a process used to shape plastic sheets into various forms and shapes. PLA is used in thermoforming applications to create biodegradable and compostable packaging materials.
Thermoforming grade PLA is used in a wide range of applications such as food packaging, disposable cups, and trays. Thermoforming grade PLA offers several advantages over traditional packaging materials such as plastic. For example, it is biodegradable and compostable, which reduces the amount of waste that ends up in landfills. Additionally, it is non-toxic, making it suitable for food contact applications. The demand for thermoforming grade PLA is being driven by factors such as increasing consumer awareness about environmental issues and the demand for sustainable packaging materials. Moreover, the increasing government initiatives to promote bioplastics are also expected to drive the growth of the thermoforming grade PLA market.
“Europe is expected to be the largest market for PLA”
Europe is one of the significant markets for PLA due to the increasing demand for sustainable and eco-friendly products in the region. Europe has been at the forefront of promoting sustainable and eco-friendly products, and the demand for PLA is expected to increase in the region due to increasing awareness among consumers about environmental issues. Additionally, several government initiatives to promote the use of bioplastics and reduce plastic waste are expected to drive the growth of the PLA market in Europe.
The food packaging industry is expected to be the largest application segment for PLA in Europe, followed by the textiles and consumer goods industries. Moreover, the growth of end-use industries such as automotive, construction, and healthcare is also expected to drive the demand for PLA in Europe.
The North American region is also expected to see significant growth in the PLA market due to the increasing demand for sustainable products in the region.
