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Polylactic Acid Market Expected to Reach $4.0 Billion by 2030

 
2022
Polylactic Acid Market

Report Code : A00016

quote Increase in demand for polylactic acid from end-use industries, such as packaging, is expected to drive the polylactic acid market during the forecast period. Moreover, increase in demand for PLA from the electronic industry is expected to create lucrative opportunity for the polylactic acid market. However, fluctuating prices of raw materials is expected to hinder the market growth. quote

Eswara Prasad
Manager, Chemical and Materials Allied Market Research

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According to a new published report by Allied Market Research 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 90.3% share in 2020 in terms of revenue and 60.5% share in terms of volume
  • On the basis of region, Europe garnered a share of 52.1% in 2020 in terms of revenue and Asia-Pacific is projected as the fastest growing region in polylactic acid market, at CAGR of 18.4%.

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quote Polylactic Acid Market by End Use Industry (Packaging, Textile, Agricultural, Electronics, Bio-Medical and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030 quote

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