Polylactic Acid Market Size Worth $2,709.61 Million By 2030

Polylactic Acid Industry Overview

The global polylactic acid market size was valued at USD 566.74 million in 2021 and is expected to advance at a compound annual growth rate (CAGR) of over 26.6% from 2022 to 2030. 

Growing demand for the product is mainly driven by the end-use industries such as agriculture, transport, textile, and packaging. Compared to conventional plastics, low carbon emission producing polylactic acid is significantly boosting the demand for the product globally. Rising demand for flexible packaging is fuelling the growth of the packaging industry globally. The increasing need for packaged foods, snacks, and ready-to-eat meals, among others, is substantially propelling the growth of the packaging industry. Thus, the growing packaging industry is further anticipated to create requirements for PLA during the forecast period.

Gather more insights about the market drivers, restrains and growth of the Global Polylactic Acid Market

Amid the global COVID-19 pandemic situation, polylactic acid has widely been used in the production of microwaveable containers, such as disposable cutlery and food containers. Beneficial properties of packaged containers such as aesthetic appeal, better printability, resistance to grease & oil, and others, are positively impacting the growing inclusion of PLA in the formulation of food packaging products globally.

According to The Verge, the growing flexible packaging industry is expected to create significant demand for polylactic acid during the forecast period. Lifestyle changes of consumers, modern retail trades, and the increasing popularity of quick-service restaurants are prominently fueling flexible packaging growth.

Polylactic acid is used in the manufacture of components used in the automotive sector. Polylactic acids are used in applications such as the interior parts and hood under components. This product is known for reducing its carbon footprint owing to its high bio content. It offers numerous properties such as UV resistance, impact resistance, high gloss, dimensional stability, and colorability. These factors make it an alternative to most traditional plastics such as polyethylene terephthalate, polycarbonate, polybutylene terephthalate, acrylonitrile butadiene styrene, and polyamide, which are preferred for automotive engine compartments and interiors.

Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.

  • Polycarbonate Market - The global polycarbonate market size was valued at USD 21.8 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.6% from 2022 to 2030.
  • Acrylonitrile Butadiene Styrene (ABS) Market - The global acrylonitrile butadiene styrene (ABS) market size was estimated at USD 23.09 billion in 2016 and it is projected to witness a CAGR of 7.1% over the forecast period. Considering the lightweight properties of ABS, which aids in high fuel efficiency, demand for the same is likely to increase in the automotive industry.

Polylactic Acid Market Segmentation

Grand View Research has segmented the global polylactic acid market on the basis of end-use and region:

Polylactic Acid End-use Outlook (Volume, Tons; Revenue, USD Thousand, 2019 - 2030)

  • Packaging
  • Agriculture
  • Automotive & Transport
  • Electronics
  • Textile
  • Others

Polylactic Acid Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2019 - 2030)

  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East & Afric

Market Share Insights

  • In 2019: Futerro expanded its geographical presence and built a lactic acid and PLA plant in China. Furthermore, the richness of biomass, research-driven resources, strong downstream industry demand, material supply, and supporting government policy has created significant bioplastic business opportunities in Thailand.
  • March 2019: NatureWorks LLC introduced Ingeo 3D450, a new formulation for use in dual extrusion 3D printers, that is designed to work with grades 3D850 and 3D870 of the Ingeo 3D series and developed for the professional printing market.

Key Companies profiled:

Some prominent players in the global polylactic acid market include

  • Total Corbion PLA
  • Nature Works LLC
  • SUPLA (JIANGSU SUPLA BIOPLASTICS CO., LTD.)
  • Futerro
  • COFCO
  • Jiangxi Keyuan Bio-Material Co., Ltd.
  • Shanghai Tong-Jie-Liang Biomaterials Co., Ltd.
  • Zhejiang Hisun Biomaterials Co., Ltd.

Order a free sample PDF of the Polylactic Acid Market Intelligence Study, published by Grand View Research. 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

Follow Us: LinkedIn | Twitter

Comments

Post a Comment

Popular posts from this blog

Food and Beverage ERP Solutions Procurement Intelligence: Food and Beverage ERP Solutions category is expected to have pricing growth outlook of 8.2% From 2023 To 2030

  Food and Beverage ERP Solutions Category Overview The food and beverage ERP solutions category is expected to grow at a CAGR of 8.2% from 2023 to 2030.Consumers are increasingly seeking transparency and traceability in the food and beverage business, which is fuelling this category's growth. ERP solutions can help businesses to track the origin of their ingredients and products, which can in turn help ensure food safety and meet consumer demand. The supply chain for the food and beverage industry is complex and has a wide range of players. ERP solutions can help businesses to optimize their supply chains, improve efficiency, and reduce costs. Technologies such as cloud computing, barcode scanning, and RFID labels are used under this category. Cloud computing offers a cost-effective and scalable solution for hosting ERP software, enabling remote access to data and applications. Barcode scanning is a fast and efficient method for tracking inventory and materials, improving traceabi...
Read more

Contact Center Software Market Worth $149.58 Billion By 2030

Contact Center Software Industry Overview The global contact center software market size was valued at USD 23.94 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 23.2% from 2022 to 2030.  The growth of the market can be attributed to the growing adoption of cloud-based and virtual contact center solutions to achieve better business continuity. Contact centers across the globe are focusing on transforming customer experience from a single interaction to an entire journey of consistent and personalized interactions. At this juncture, contact center software is helping businesses in ensuring a seamless customer experience across all communication channels. The strong emphasis businesses are putting on streamlining and personalizing customer interactions to enhance customer satisfaction is driving the growth of the market. According to a study by Salesforce.com, Inc., around 84% of customers consider the experience provided by a particular company e...
Read more

Manned Guarding Services Procurement Intelligence : Manned Guarding Services Category Is Expected to Grow at CAGR of 13.5% From 2024 to 2030

  Manned Guarding Services Category Overview The manned guarding services category is anticipated to witness growth at a CAGR of 13.5% from 2024 to 2030. Asia Pacific dominates the global category, followed by North America (with the fastest growth rate) and Europe. Rising standards of living, urbanization, and population are the key factors driving Asia Pacific’s growth. In addition, the region’s expanding tourism industry, coupled with political and economic stability, is also propelling the category’s expansion. The growing usage of technologies, such as access control systems and CCTV, is propelling the demand for the services offered in the category in North America. It has also helped companies to cut expenses while improving the safety of their employees and facilities. The demand in Europe is driven by the demand for more security at public events and venues and the growing incidence of terrorist incidents. Order your copy of the  Manned Guarding Services Pro...
Read more