Polylactic Acid Market Size to Hit Around US$ 573.69 Bn by 2030

The global polylactic acid market size is predicted to hit around US$ 2466.49 million by 2030 from US$ 573.69 million in 2020, with a CAGR of 15.9% from 2021 to 2030.

Polylactic acid is primarily produced from the renewable sources and it is specific type of biodegradable thermoplastic. Major crops used for the production of PLA include tapioca, corn, sugarcane & sugar beet. Polylactic acid is commonly preferred for the commercial purpose since it is derived from biomass. Polylactic acid possesses similar properties like other polymers including acrylonitrile butadiene styrene and polypropylene. Major applications of PLA are transport, electronics, textiles, agriculture, and packaging among others. Demand for the polylactic acid is rapidly increasing for the manufacturing of medical devices, plastic bottles, and plastic films. Biodegradable nature of polylactic acid along with its suitable chemical properties has verified it as an ideal choice of material for end user applications. UV resistances, high mechanical resistance, smooth and good appearance, chemical resistance, low level of toxicity are among basic properties of the polylactic acid. Some of the common polylactic acids includes poly-DL-lactic acid, poly-L-lactic acid, and poly-D-lactic acid.

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Growth Factors:

Increasing focus and initiatives of governments across the globe for the production and use of biodegradable products is major factor driving growth of the global polylactic acid market. Additionally, governments of developed as well as emerging economies are providing subsidies for the production of the polylactic acid which is expected to fuel growth of the target industry in the near future. Moreover, increasing preferences for the bioplastic over conventional plastic by the stakeholders on account of environmental safety and pollution control is among major factors propelling growth of the global market over the forecast period. Furthermore, growing demand for the polylactic acid from cosmetic industry for the manufacturing of personal care products such as shampoos, creams and others anticipated to support the target market growth in the next few years. Raw materials used for the production of PLA are easily available worldwide which is further expected to augment global polylactic acid industry growth in the coming years. Growing awareness among the consumers regarding green packaging, sustainability as well as recyclability are likely to boost the target market growth in future. Nevertheless, emerging applications of polylactic acid is anticipated to create potential opportunities for the growth of the target market.

Report Highlights:

• Among the raw material segment, cornstarch segment is dominated the overall market. The sugarcane and sugar beet raw material segment is expected to grow at a significant CAGR during the forecast time-frame.
• Among the application type, packaging segment accounted for the largest revenue with significant share of around 35% in 2020. This is growth is due to the increasing demand for the packaging from food and beverage industry and cosmetic industries across the globe. Automotive and transport are expected to grow at a significant CAGR during the forecast time-frame.
• NatureWorks LLC, accounted for a significant share of the global polylactic acids market.

Regional Analysis:

The report covers data for North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. In 2020, North America dominated the global market with a market share of more than 35%. U.S. represented the highest share in the North American region primarily due to easy availability of raw material for the production of polylactic acids, along with the favorable government policies for the polylactic acid production in the region. Further increasing awareness regarding usage of bioplastic and presence of key companies in the country are other important factors to contribute the high market share of the United States over the forecast period. Further Europe is an important market in the polylactic acid.

The growth of the polylactic acid industry in the countries of the Europe is attributed to growing adoption of the polylactic acids in the various end use applications. Further, supporting policies for the use of polylactic acids by the European government in the European region is also expected to boost the demand for polylactic acids market in the near future. Asia Pacific anticipated to grow at the maximum CAGR in the forecast period due increasing implementation and focus on the government regulations in account to mitigate environmental concerns in the countries of the region especially in India, China and Japan of the region. Also, volatility in the petroleum prices and lack of fossile fuels in the Asian countries are other factors responsible for the high demand for polylactic acid in the region. Latin America and the African and Middle Eastern region will display noticeable growth over the forecast period.

Key Market Players and Strategies:

The major companies functioning in the worldwide polylactic acid sare Nature Works LLC, Corbion Purac, Chongqing bofei biochemical products co., ltd. Synbra, Futerro, Nantong Jiuding Biological Engineering Co. Ltd, Hisun Biomaterials among others.

Huge investment in the research and development of the polylactic acids along with acquisition, mergers, and strategic collaborations are the key business strategies undertaken by the companies operating in the global polylactic acids market.

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