How Has The Polylactic Acid Market Size Evolved In Recent Years?
The polylactic acid market has seen considerable growth due to a variety of factors.
• In recent times, there has been a fast expansion in the polylactic acid market size. The expectation is for it to rise from $1.36 billion in 2024 to $1.63 billion in 2025, with a compound annual growth rate (CAGR) of 19.7%. The historical growth can be connected to the introduction of environmentally friendly substitutes, an increase in the demand for bioplastics, expansion in the packaging sector, changes in consumer preferences, and commercialization efforts.
What are the Market Size and Expected Growth Rates for the Polylactic Acid Market in the Coming Years?
The Polylactic Acid market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the polylactic acid market is poised for swift expansion. The market is projected to hit $3.34 billion by 2029, boasting a compound annual growth rate (CAGR) of 19.7%.
The anticipated upswing during this forecasted period can be linked to global awareness movements, the proliferation of end-user industries, evolution of the supply chain, rising demand in emerging markets, and investment in research and development. Key trends expected to shape the market during the predicted period encompass biodegradability and sustainability, environmental rules and regulations, increased consumer consciousness and preferences, changes in packaging trends, as well as the entry of prominent market players.
Which Key Drivers Are Propelling The Polylactic Acid Market's Growth?
The expansion of the personal care industry is anticipated to stimulate polylactic acid market growth. The industry offers various products and services intended to enhance and preserve an individual's appearance and personal hygiene. The growth in this area comes from factors like customer preferences, e-commerce expansion, aging demographics, and consciousness of health and wellness. Polylactic acid (PLA) is progressively utilized in personal care items for eco-friendly packaging options and biodegradable formulations, minimizing environmental damage. For example, a report released by the British Beauty Council, a UK-based institution, in July 2024 stated that the personal care sector contributed £27.2 billion ($30.44 billion) to GDP in 2023, denoting an 11% increase from 2022. This spike is due to a 10% upsurge in domestic spending on personal care goods and services in the UK. Consequently, the evolution of the personal care industry is paving the way for the growth of the polylactic acid market.
What Are The Key Segments Within The Global Polylactic Acid Market?
The 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
Subsegments:
1) By Racemic PLLA: High Molecular Weight Racemic PLLA, Low Molecular Weight Racemic PLLA
2) By PDLA: High Molecular Weight PDLA, Low Molecular Weight PDLA
3) By Regular PLLA: High Molecular Weight Regular PLLA, Low Molecular Weight Regular PLLA
4) By PDLLA: High Molecular Weight PDLLA, Low Molecular Weight PDLLA
5) By PLA Blends: PLA With Other Biopolymers, PLA With Additives
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How Are New Trends Impacting The Size Of The Polylactic Acid Market?
The rise of technological innovation is an emerging trend in the polylactic acid marketplace. Leading corporations in the polylactic acid sector are progressing in terms of technology and development of research, thereby fulfilling the escalating demand for biodegradable resources. For example, in December 2023, Suzler, a Swiss industrial engineering and production firm, introduced SULAC, cutting-edge technology devised to boost the transformation of lactic acid to lactide, an essential element for the fabrication of polylactic acid (PLA). The intention behind this introduction was to satisfy the surging market appetite for eco-friendly bioplastics, thereby enabling a more effective production method and advocating the extensive employment of roundabout manufacturing methods.
Who Are the Key Players In The Polylactic Acid Market?
Major companies operating in the polylactic acid market include:
• 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.
What Are The Regional Insights Into The Polylactic Acid Market?
North America was the largest region in the polylactic acid market in 2024. 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.
