by The global polylactic acid market is a rapidly growing industry owing to the rising demand for sustainable and biodegradable alternatives to conventional plastics. Polylactic acid or PLA is a thermoplastic aliphatic polyester derived from renewable biomass sources such as corn, sugarcane or cassava. As a bioplastic, PLA offers compelling advantages over traditional plastics in terms of sustainability without compromising on performance. It is completely biodegradable, compostable and produces less greenhouse gas emissions. PLA finds widespread usage in various applications across packaging, textiles, agriculture, medical and 3D printing industries.
The Global polylactic acid market is estimated to be valued at US$ 2,717.5 Mn in 2024 and is expected to exhibit a CAGR of 18.% over the forecast period 2024 to 2031.
Asia Pacific dominates the global PLA market with the largest production and consumption capacities. China is the leading producer as well as exporter of PLA with an installed capacity of over 400KT per year. Other major Asian countries such as South Korea, Japan and Taiwan are also contributing to the growing demand.
Key Takeaways
– Key players operating in the polylactic acid market are TotalEnergies Corbion bv, NatureWorks LLC, JIANGSU SUPLA BIOPLASTICS CO., LTD., Futerro, COFCO, Jiangxi Keyuan Biopharm Co.,Ltd., Shanghai Tong-jie-liang Biomaterials Co.,LTD., Zhejiang Hisun Biomaterials Co., Ltd., BASF SE, Danimer Scientific, Mitsubishi Chemical America, Inc., UNITIKA LTD., Sulzer Ltd., Weforyou, Polysciences Inc., Musashino Chemical Laboratory Ltd., BEWiSynbra Group, Esun, and Danimer Scientific.
– Rising environmental concerns and growing preference for sustainable products are driving the Polylactic Acid Market Share for biodegradable alternatives like PLA across various end-use industries. Packaging applications account for over 60% consumption of global PLA production.
– Major PLA manufacturers are actively expanding their production capacities and global footprint to capitalize on the growing Asian and European markets. China dominates the global supply chain with significant investments in R&D and manufacturing infrastructure.
Market key trends
– Increased adoption of PLA composites and blends: Combining PLA with other biopolymers, natural fibers or fillers is a Polylactic Acid Market Size and Trends to further enhance its material properties like rigidity, heat resistance and barrier effects for high-performance applications.
– Advancements in fermentation technologies: Continuous innovation in microbial fermentation techniques allows for more efficient and cost-effective conversion of renewable feedstocks into lactic acid for PLA production. This is expected to boost commercialization.
Porter’s Analysis
Threat of new entrants: Low capital requirements and high economies of scale in the polylactic acid industry limit the threat of new entrants.
Bargaining power of buyers: Large buyers are able to negotiate lower prices from suppliers due to their high bargaining power.
Bargaining power of suppliers: A few large suppliers exist in the industry giving them some power over buyers.
Threat of new substitutes: Substitute materials like polyhydroxyalkanoates (PHAs) pose a moderate threat as substitutes to polylactic acid.
Competitive rivalry: Intense competition exists among the leading players to gain market share as the market is growing.
Geographical Regions
North America currently holds the largest share of the polylactic acid market in terms of value due to high demand from packaging and food & beverage industries in the region. The United States is the major market for polylactic acid in North America.
The Asia Pacific region is expected to be the fastest growing market for polylactic acid during the forecast period due to increasing production capacities and use of bioplastics in countries like China, India, Indonesia and Thailand. Rapid industrialization and growing population are fueling the demand for polylactic acid in packaging, textiles and agriculture applications in Asia Pacific.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn
