POLYLACTIC ACID MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The polylactic acid market is estimated to be valued at USD 843.0 Mn in 2024, exhibiting a compound annual growth rate (CAGR) of 18.2% from 2024 to 2031. Polylactic acid (PLA) is a biodegradable and bio-based thermoplastic aliphatic polyester derived from renewable plant sources such as corn, cassava roots, sugarcane, or sugar beet pulp. PLA can be produced through the fermentation of sugar and it provides excellent properties similar to petroleum-based plastics while offering sustainability. It is transparent and can be thermoformed but lacks toughness compared to conventional polymers. PLA finds applications in packaging films, bottles, utensils as well as 3D printing filaments due to its renewability and biodegradability. With growing environmental concerns and regulations aimed at reducing plastic pollution, the demand for bio-based and biodegradable polymers such as PLA is expected to increase significantly over the coming years.

 Market Dynamics:

Stringent government regulations aimed at limiting the use of conventional plastics along with rising awareness about environmental protection are the key factors driving the growth of the global polylactic acid market. PLA production from renewable plant-based sources also reduces dependency on petroleum feedstock. Furthermore, the increasing adoption of bioplastics in the packaging of food and beverages as well as non-food applications augurs well for the market. However, high production costs and limited availability of raw materials continue to hinder the widespread adoption of PLA. On the other hand, ongoing R&D towards improving the material properties of PLA through advanced production technologies and new polymer blends with other biopolymers is expected to create growth opportunities for market players.

Key Features of the Study:

• This report provides in-depth analysis of the global polylactic acid market, and provides market size (US$ Mn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
• It profiles key players in the global polylactic acid market based on the following parameters company highlights, products portfolio, key highlights, financial performance, and strategies
• Key companies covered as a part of this study include TotalEnergies Corbion bv, NatureWorks LLC, JIANGSU SUPLA BIOPLASTICS CO., LTD., Futerro, COFCO, Jiangxi Keyuan Biopharm Co.,Ltd., Shanghai Tong-jie-liang Biomaterials Co.,LTD., Zhejiang Hisun Biomaterials Co., Ltd., BASF SE, Danimer Scientific, Mitsubishi Chemical America, Inc., UNITIKA LTD., Sulzer Ltd., Weforyou, Polysciences Inc., Musashino Chemical Laboratory Ltd., BEWiSynbra Group, Esun, and Danimer Scientific
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
• The global polylactic acid market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global polylactic acid market

Detailed Segmentation-

• By Raw Material:
• • Corn starch
  • Sugarcane
  • Cassava
  • Others
• By Application:
• • Rigid thermoform
  • Film & sheets
  • Bottles
  • Others
• By End use:
• • Packaging
  • Agriculture
  • Automotive & transportation
  • Electronics
  • Textile
  • Consumer goods
  • Others
• By Region:
• • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa
• Company Profiles:
• • TotalEnergies Corbion bv
  • NatureWorks LLC
  • JIANGSU SUPLA BIOPLASTICS CO., LTD.
  • Futerro
  • COFCO
  • Jiangxi Keyuan Biopharm Co.,Ltd.
  • Shanghai Tong-jie-liang Biomaterials Co.,LTD.
  • Zhejiang Hisun Biomaterials Co., Ltd.
  • BASF SE
  • Danimer Scientific
  • Mitsubishi Chemical America, Inc.
  • UNITIKA LTD.
  • Sulzer Ltd.
  • Weforyou
  • Polysciences Inc.
  • Musashino Chemical Laboratory Ltd.
  • BEWiSynbra Group
  • Esun
  • Danimer Scientific