Global Polylactic Acid market overview 2024, Forecast To 2033
4 Mar, 2024
The polylactic acid market size has grown rapidly, escalating from$1.34 billion in 2023 to$1.59 billion in 2024 at a compound annual growth rate (CAGR) of 18.2%. The historic growth is attributed to the emergence of eco-friendly alternatives, the rise in bioplastics demand, growth in the packaging sector, consumer shift in preferences, and commercialization efforts. Looking forward, the market is expected to witness rapid growth, reaching$3.18 billion in 2028 with a CAGR of 19.0%. This growth will be driven by global awareness campaigns, expansion of end-use industries, supply chain development, emerging market demand, and investment in R&D. Major trends in the forecast period include biodegradability and sustainability, environmental regulations, consumer awareness and preference, shift in packaging trends, and market entry of large players.
Global Polylactic Acid Market Key Driver
The polylactic acid (PLA) market is set to expand propelled by growing consumer awareness regarding green packaging and sustainability. Sustainable packaging aims to reduce energy consumption and minimize environmental impact, with PLA emerging as a preferred material due to its biodegradability and recyclability. A survey by Trivium Packaging in 2021 revealed a significant willingness among consumers, especially younger generations, to pay more for sustainable packaging. Consequently, the rising demand for green packaging solutions is fueling the growth of the polylactic acid market.
Get A Free Sample Of The Global Polylactic Acid Market ReportGlobal Polylactic Acid Market Segments
The global polylactic acid market covered in this report is segmented –
1) By Type: Racemic PLLA, PDLA, Regular PLLA, PDLLA, PLA Blends
2) By Raw Material: Corn Starch, Sugarcane and Sugar Beet, Cassava, Other Raw Materials
3) By Form: Films and Sheets, Coatings, Fiber, Other Forms
4) By Application: Packaging, Agriculture, Transport, Electronics, Textiles
By Geography: The regions covered in the polylactic acid market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
North America was the largest region in the polylactic acid market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the polylactic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Polylactic Acid Industry Players
Total Corbion PLA, NatureWorks LLC, Futerro SA, COFCO Group, Jiangxi Keyuan Bio-Material Co. Ltd., Shanghai Tong-Jie-Liang Biomaterials Co. Ltd., Zhejiang Hisun Biomaterials Co. Ltd., Evonik Industries AG, Synbra Technology BV, BASF SE, Mitsubishi Chemical Holdings Corporation, Toray Industries Inc., Polyvel Inc., Musashino Chemical Laboratory Ltd., Radici Partecipazioni SpA, Anhui BBCA Biochemical Co. Ltd., Carbios SA, Chengdu Polyster Co. Ltd., Corbion N.V., Danimer Scientific Inc., FKuR Kunststoff GmbH, GC Innovation America, Good Natured Products Inc., Hainan Yisheng Petrochemical Co. Ltd., Hitachi Chemical Company Ltd., Jiangsu Jiuding New Material Co. Ltd., Kingfa Sci. & Tech. Co. Ltd., Nantong Jiuding Biological Engineering Co. Ltd., Shenzhen Esun Industrial Co. Ltd.
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Polylactic Acid Market Overview
Polylactic acid is a thermoplastic monomer derived from organic, renewable materials such as sugar cane or maize starch. Polylactic acids are made from biomass resources. It is used for sustainable packaging due to its exceptional clarity and environmental friendliness.
Polylactic Acid Global Market Report 2023 provides data on the global polylactic acid market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The polylactic acid market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.