The polylactic acid market was valued at $0.7 billion in 2020, and is projected to reach $4.0 billion by 2030, growing at a CAGR of 17.2% from 2021 to 2030.
The thermoplastic aliphatic polymer polylactic acid (PLA) has the chemical formula (C3H4O2)n. Polylactic acid is a biodegradable, semi-crystalline hydrophobic polymer with good mechanical properties. Most notably, polylactic acid is compostable, meaning it can be broken down into biodegradable components under certain conditions, making it a popular material for packaging in industries, such as food and beverage and consumer goods.
In recent years, the market for polylactic acid has seen emerging trends, as evidenced by innovations and advances in a variety of end-user applications, including biopolymer, food & drinks, packaging, and electronics. The biodegradable polymers business has seen a considerable increase in demand, notably in the North American and European regions, as consumers have become more aware of polymers made with polylactic acid. Polylactic acid (PLA) is now being used in overall packaging applications by food packaging makers for making trays and yoghurt cups, as it is the most prevalent takeaway food packaging alternative. Packaging is the most common use for bioplastics, accounting for roughly 65% of the entire bioplastics market (1.2 million tonnes) in 2018. PLA (polylactic acid) and other innovative biopolymers are expected to be important drivers of the bio-based and biodegradable plastics industry's growth. The increase in demand for sophisticated biopolymers, end-user applications, and novel products is expected to fuel expansion for polylactic acid market during the forecast period.
However, the rise in cost of production due to higher transportation, raw material, and energy expenses, results in loss in manufacturer margins, making the end-user application prices expensive. For example, due to rise in raw material costs, most manufacturing companies are increasing their pricing globally for product categories, such as lactic acid and lactates. Furthermore, one of the major restrictions on the expansion of the polylactic acid market is the regulation of the number of bacteria that produce the acid by optimizing and controlling metabolic activity.
The thermoplastic aliphatic polymer polylactic acid (PLA) has the chemical formula (C3H4O2)n. Polylactic acid is a biodegradable, semi-crystalline hydrophobic polymer with good mechanical properties. Most notably, polylactic acid is compostable, meaning it can be broken down into biodegradable components under certain conditions, making it a popular material for packaging in industries, such as food and beverage and consumer goods.
In recent years, the market for polylactic acid has seen emerging trends, as evidenced by innovations and advances in a variety of end-user applications, including biopolymer, food & drinks, packaging, and electronics. The biodegradable polymers business has seen a considerable increase in demand, notably in the North American and European regions, as consumers have become more aware of polymers made with polylactic acid. Polylactic acid (PLA) is now being used in overall packaging applications by food packaging makers for making trays and yoghurt cups, as it is the most prevalent takeaway food packaging alternative. Packaging is the most common use for bioplastics, accounting for roughly 65% of the entire bioplastics market (1.2 million tonnes) in 2018. PLA (polylactic acid) and other innovative biopolymers are expected to be important drivers of the bio-based and biodegradable plastics industry's growth. The increase in demand for sophisticated biopolymers, end-user applications, and novel products is expected to fuel expansion for polylactic acid market during the forecast period.
However, the rise in cost of production due to higher transportation, raw material, and energy expenses, results in loss in manufacturer margins, making the end-user application prices expensive. For example, due to rise in raw material costs, most manufacturing companies are increasing their pricing globally for product categories, such as lactic acid and lactates. Furthermore, one of the major restrictions on the expansion of the polylactic acid market is the regulation of the number of bacteria that produce the acid by optimizing and controlling metabolic activity.
IMPACT OF COVID-19 ON GLOBAL POLYLACTIC ACID MARKET
- COVID-19 has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020
- Some of the major economies suffering from the COVID-19 crises include Germany, France, Italy, Spain, the UK, and Norway
- In many countries, the economy has dropped due to the halt of several industries, especially demand and supply chain Demand for the product has been hindered as there is no development due to the lockdown
- The demand–supply gap, disruptions in raw material procurement, and price volatility are expected to hamper the growth of the industry during the COVID-19 pandemic
- Due to a scarcity of resources in various parts of the world, the COVID-19 epidemic has impacted negatively on the cosmetic and personal care industry The industry's top players are concerned about the market's prospects and are rethinking their strategies to meet the challenge
- The substantial increase in demand for food packaging product sales during the pandemic, may contribute to the market recovery in the near future Due to the pandemic, spending on packaged food has grown significantly, which could help boost demand for polylactic acid during the forecasted period
KEY BENEFITS FOR STAKEHOLDERS
- The report provides in-depth analysis of the global polylactic acid market along with the current trends and future estimations
- This report highlights the key drivers, opportunities, and restraints of the market along with the impact analysis during the forecast period
- Porter’s five forces analysis helps to analyze the potential of the buyers & suppliers and the competitive scenario of the global polylactic acid industry for strategy building
- A comprehensive market analysis covers factors that drive and restrain the global polylactic acid market growth
- The qualitative data about market dynamics, trends, and developments is provided in the report
KEY MARKET SEGMENTS
By End-Use Industry
- Packaging
- Agriculture
- Electronics
- Textiles
- Bio-Medical
- Others
By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- UAE
- Saudi Arabia
- South Africa
- Rest of LAMEA
KEY MARKET PLAYERS
- Total Corbion PLA
- Nature Works LLC
- COFCO
- Futerro
- Jiangxi Keyuan Bio-Material Co, Ltd
- Zhejiang Hisun Biomaterials Co, Ltd
- Shanghai Tong-Jie-Liang Biomaterials Co, Ltd
- Corbion Purac
- Hisun Biomaterials
- Synbra Technology bv
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Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Landscape
Chapter 4: Polylactic Acid Market, by End-Use Industry
Chapter 5: Polylactic Acid Market, by Region
Chapter 6: Competitive Landscape
Chapter 7: Company Profiles
List of Tables
List of Figures
Executive Summary
According to a new published report titled, “Polylactic Acid Market by End-use Industry: Global Opportunity Analysis and Industry Forecast, 2021–2030,” The polylactic acid market was valued at $0.7 billion in 2020, and is projected to reach $4.0 billion by 2030, growing at a CAGR of 17.2% from 2021 to 2030.Polylactic acid (PLA) is a form of plastic used to create solid item and component models and prototypes. Polylactic acid is produced utilizing two distinct processes, namely polymerization and condensation. It is one of the most widely used bioplastics. Polylactic acid is in high demand due to increase in demand from numerous end-use industries, such as packaging. Furthermore, the government is taking steps to increase the use of biodegradable products by offering subsidies and support. Pollution control and environmental safety are two of the main reasons why more and more players are turning to bioplastics instead of petroleum-based plastics.
Textile is another key industry with a large market share and a strong growth rate, as PLA aids in the production of smooth cloths. PLA also has a high level of breathability, moisture resistance, and durability. Over the projection period, these advantages are expected to boost demand in the global textile sector. Higher production costs, as well as regulations governing the amount of bacteria that produce acid by optimizing and managing metabolic activity, limit market expansion.
Various end-use industries of polylactic acid studied in the report are packaging, textile, agricultural, electronics, bio-medical and others. Other end-use industries comprise of printing, consumer goods, and biomedical.
Based on end-use industry, the packaging industry garnered highest market share in 2020 in terms of revenue and electronics industry is expected to grow at considerable growth rate during the forecast period. This is attributed to its adoption of polylactic acid as food packaging material. The outbreak of COVID-19 has boosted the packaged food industry, which has increased the adoption of polylactic acids in the food packaging industry.
Based on region, Asia-Pacific is expected to grow at a CAGR of 18.4% in terms of revenue. This is attributed to presence of key players and rising consumer base such as agricultural industry, food industry, electronics industry, and others.
Europe accounted for the largest revenue share of over 52.1% in 2020. This large share is attributed to the high demand for bioplastics, which is one of the largest markets for polylactic acid. Moreover, several initiatives promoting environmentally-friendly products by the regional government are supporting polylactic acid market growth.
In 2020, China dominated the Asia-Pacific regional market. Furthermore, Thailand's biomass abundance, research-driven resources, strong downstream industry demand, material availability, and supportive government policies have produced enormous bioplastic business potential. This aspect is also expected to drive the Asia-Pacific regional market in the coming years. Furthermore, the fast-growing food and beverage sector, particularly in India and China, boosts polylactic acid market expansion.
During the forecast period, increase in disposable income levels and rise in demand for packaged goods are expected to drive demand for flexible packaging. Due to the robust growth of the healthcare industry, which has prompted demand for medicines, Europe is expected to see significant growth, favorably influencing demand for flexible packaging. The polylactic acid market share is analyzed for all significant regions and countries.
The polylactic acid market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the market include, NatureWorks LLC, Synbra, Corbion Purac, Hisun Biomaterials, Nantong Jiuding Biological Engineering Co. Ltd, Chongqing bofei biochemical products co., ltd. and Futerro
Other player operating in the polylactic acid market are WeforYou, Evonik, Shijiazhuang Asa Technology Co., Ltd. and Sulzer.
Impact Of Covid-19 On Global Polylactic Acid Market
- The emergence of COVID-19 in China and its spread in many other nations around the globe disrupted industrial output, which impacted the production of polylactic acid as well. Consumers are becoming concerned about contactless activities, immunity, and social distancing as a means of avoiding exposure to the current pandemic due to lack of vaccines. This has influenced customer choices for packaged items that are intended to give protective advantages to a great extent Due to the limits on public movement between regions, bulk food purchases and hoarding have become unavoidable
- The pandemic has had a favorable impact on the packaging industry's growth. It has resulted in surge in demand for plastic packaging. Food makers who previously used other types of packaging are adopting plastic packaging because it is cost-effective, safe, and long-lasting. During the pandemic, there was a surge in demand for food and beverage packaging, as people preferred packaged food goods for reasons such as safety and sanitation Because of the availability, cheap cost, and renewable raw ingredients, as well as the use of agro-industrial waste, biopolymer packaging materials have become an appealing and eco-friendly alternative to synthetic polymers in the food sector for maintaining product quality
Key Findings Of The Study
- The report outlines the current polylactic acid market trends and future scenario of the market from 2021 to 2030 to understand the prevailing opportunities and potential investment pockets
- The polylactic acid market size is provided in terms of Tons and $Million
- On the basis of end-use industry, packaging segment garnered 903% share in 2020 in terms of revenue and 605% share in terms of volume
Companies Mentioned
- Total Corbion PLA
- Nature Works LLC
- COFCO
- Futerro
- Jiangxi Keyuan Bio-Material Co., Ltd.
- Zhejiang Hisun Biomaterials Co., Ltd.
- Shanghai Tong-Jie-Liang Biomaterials Co., Ltd.
- Corbion Purac
- Hisun Biomaterials
- Synbra Technology bv
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 236 |
| Published | March 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 0.82 billion |
| Forecasted Market Value ( USD | $ 4 billion |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
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