The global polylactic acid market is expanding rapidly due to factors such as expansion of the construction and building industry and benefits of polylactic acid for the construction sector. However, some disadvantages regarding packaging in the construction industry hamper the market growth to some extent. Nevertheless, productive solutions for waste management will provide remunerative growth opportunities in the upcoming years.
The global polylactic acid market is expected to value at $4.0 billion by 2030. The industry garnered $0.7 billion in 2020 and is anticipated to display the fastest growth with 17.2% CAGR during the forecast period of 2021 to 2030.
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.
Textile is another key industry with a large polylactic acid 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.
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Polylactic Acid Market Segment Review
By end-use industry, the packaging segment garnered the major share in 2020, contributing to nearly 90% of the total market revenue. The growth is driven by a surge in demand for packaged ready-to-eat (RTE) meals, snacks, packaged foods, and other items. However, the bio-medical segment would display the fastest CAGR of 20.2% throughout the forecast timeframe. The growth is attributed to the significance of polylactic acid as a vital polymeric material for biomedical applications due to its qualities like process ability, mechanical strength, biodegradability, and biocompatibility.
Under the regional analysis, Europe followed by North America, held the largest market share in 2020, contributing to around half of the global market for polylactic acid, owing to robust demand from the biomedical and packaging sectors. On the other hand, Asia-Pacific would cite the fastest CAGR of 18.4% from 2021 to 2030. The high growth rate of the textile, electronics, and agriculture industries to satisfy the demand of surging population across the region drives the growth of the polylactic acid market.
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Polylactic Acid Market Key Market Players
- Nantong Jiuding Biological Engineering Co. Ltd.
- Futerro
- Chongqing bofei biochemical products, Ltd.
- NatureWorks LLC.
- Hisun Biomaterials
- Corbion Purac
- Synbra
Other player operating in the polylactic acid market are WeforYou, Evonik, Shijiazhuang Asa Technology Co., Ltd. and Sulzer.
Latest news and industry developments in terms of market expansions, acquisitions, growth strategies, joint ventures and collaborations, product launches, polylactic acid market expansions etc. are included in the report.
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