Polylactic Acid (PLA) Market Forecasts to 2028 – Global Analysis By Grade (Extrusion, Blow Molding), Application (Coatings,Fibre), Distribution Channel, End User, and By Geography

Polylactic Acid (PLA) Market Forecasts to 2028 – Global Analysis By Grade (Extrusion, Blow Molding), Application (Coatings,Fibre), Distribution Channel, End User, and By Geography

According to Stratistics MRC, the Global Polylactic Acid (PLA) Market is accounted for $1.01 billion in 2021 and is expected to reach $2.56 billion by 2028 growing at a CAGR of 14.2% during the forecast period. Polylactic acid (PLA) material is 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.

Market Dynamics:

Driver:

Consumer preference toward eco-friendly plastic product

Increasing consumer awareness about sustainable plastic solutions and efforts to remove the use of non-biodegradable conventional plastics contribute to the market growth of PLA. Traditionally used petroleum-based plastics take decades to break down or degrade and lay in landfills for a long period. PLA breaks down faster when they are discarded and absorbed back into the natural system. Moreover, the rate of decomposition of biodegradable plastics by the activities of microorganisms is much faster than that of traditional plastics.

Restraint:

Fluctuation in raw material prices

Raw material prices for the production of polylactic acid have been volatile for the past several years. The polylactic acid markets are projected to be influenced by the fluctuating prices of commodities. The production costs are witnessing a significant increase due to the higher costs of raw materials, transportation, energy consumed, and chemicals, which leads to a reduction in margins for manufacturers.

Opportunity:

Multi-functionalities of polylactic acid

Polylactic acids play an important role as a catalyst in the processing of several industrial products. These acids have typically been used for bulk industrial applications. The market for polylactic acid has witnessed significant growth as it is increasingly used as an alternative for toxic chemicals and plastics, particularly in food & beverages and pharmaceuticals. The application of polylactic acid also witnesses a rise in demand for biopolymers and as ingredients in personal care & cosmetic products.

Threat:

Lack of process-specific technology for the usage of polylactic acid in developing countries

The polylactic acid market is highly consolidated in emerging markets in Asia, Africa, and South America. The usage of polylactic acids in small & medium enterprises has been a challenge due to the lack of resources or the technology and facilities required for the extraction and fermentation of high-quality polylactic acid. So, the lack of proper technology and knowledge acts as a threat to the use of polylactic acids in developing regions.

The thermoforming segment is expected to be the largest during the forecast period

The thermoforming segment is estimated to have a lucrative growth as PLA thermoplastics are completely compostable and biodegradable. They have properties similar to that of petroleum-based resins when converted into sheets for thermoforming. Combined with storage temperature requirements, thermoformed PLA is ideal for food packaging trays for baked goods, fruits, and vegetables.

The rigid thermoforms segment is expected to have the highest CAGR during the forecast period

The rigid thermoforms segment is anticipated to witness the fastest CAGR growth during the forecast period as PLA is a potentially recyclable material, it is gaining market share in the rigid thermoforming segment and rigid packaging is made from paper or fiberboard/paperboard materials. This type of packaging is primarily used in the food packaging and medical industries.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period due to the availability of low-cost raw materials and labor, coupled with increasing domestic demand and growing awareness about environmental issues.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period owing to increasing demand for ready-to-eat food and packaged food offering convenience and nutritional value, along with the change in consumer lifestyle.

Key players in the market

Some of the key players profiled in the Polylactic Acid (PLA) Market include Zhejiang Hisun Biomaterials Co., Ltd., Total Corbion PLA, Supla, BBCA Biotech, NatureWorks, Musashino Chemical Laboratory, Ltd., Jiangxi Keyuan Bio-Material Co., Ltd., Shanghai Tong-Jie-Liang Biomaterials Co., Ltd., Futerro, Evonik Industries AG, Dow Inc., COFCO, BASF SE and Sulzer.

Key Developments:

In October 2021, Total Corbion PLA launches new Luminy PLA made with chemically recycled post-industrial and post-consumer waste, which it claims is the world’s first commercially available bioplastic product of its kind.

In September 2020, -NatureWorks announced a slate of manufacturing technology projects, including lactide monomer purification efficiency, that will increase the availability of the full Ingeo™ (PLA) biomaterials portfolio by 10 percent.

Raw Materials Covered:
• Sugarcane & Sugar Beet
• Corn
• Cassava

Grades Covered:
• Thermoforming
• Injection Molding
• Extrusion
• Blow Molding

Types Covered:
• PDLA (Poly-D-lactic acid)
• PLLA (Poly-L-lactic acid)
• PDLLA (Poly-DL-lactic acid)

Applications Covered:
• Films and Sheets
• Coatings
• Bottles
• Fibre
• Rigid Thermoforms

Distribution Channels Covered:
• Offline
• Online

End Users Covered:
• Textiles
• Consumer Goods
• Automotive & Transport
• Electronics
• Bio-Medical
• Packaging
• Agriculture & Horticulture
• Industrial
• Pharmaceuticals
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances