Polylactic Acid Market

According to a research report "Polylactic Acid Market”, by Raw Material (Corn Starch-Based PLA, Sugarcane-Based PLA and Others), Application (Bottles and Cups, Injection Molding, Films and Sheets and Other), End-User Industry (Textile, Packaging, Automotive, Electronics and Others), & Region - Global Forecast To 2030.

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• 150 - Market Data Tables 
• 61 - List of Figures
• 208 - Pages

Market Overview: Polylactic acid (PLA) is type of bioplastic made from renewable material such as sugarcane and corn starch which makes it different from the standard thermoplastic polymers. Polylactic acid, a type of polyester which is synthesized from lactic acid obtained through the fermentation of plant sugars. Its biodegradable property allows it to break down naturally overtime when exposed to suitable conditions, thus helps to limit the accumulation of plastic waste in landfills and oceans, preventing pollution of land and water respectively. PLA is safe for food and medical applications due to its low toxicity and absence of harmful chemicals. PLA can be molded, extruded and processed using various methods which makes it suitable for wide range of applications. PLA is a popular choice as its inexpensive and offers several advantageous mechanical properties compare to other biodegradable polymers. Because of qualities like bio-based, compostable and biodegradable in nature, bioplastics become eco-friendly alternative to conventional plastics. PLA packaging offers an eco-friendly method in reduction of environmental pollution and also aids in the improving the visual appeal of the product. It has become an essential element of sustainable packaging for various foot items which is anticipated to expand the market growth. The rising use of bio-based plastics in flexible packaging is likely to drive the growth of the PLA market. Additionally, the surge in global population and the rising demand for food are major factors contributing to market growth. PLA serves various industries such as packaging, textiles, automotives, electronics and medical and the is expected to grow at a significant CAGR during the forecast period.

Market Dynamics

Drivers:

• Increasing demand for renewable packaging
• Upsurge in the demand of bio-based plastics
• Stringent government policies and regulations

Opportunities:

• Increasing environmental concerns and demand for sustainable alternatives
• Increased Consumer Demand for Eco-Friendly Products
• 3D printing of polylactic acid

The Polylactic Acid Market is dominated by North America.

By analyzing the polylactic acid market globally across various country like North America, Europe, Asia-Pacific, and LAMEA in which North America holds the largest market share during the forecast period, driven by rising demand of bioplastics. The regional focus on sustainable applications has led to a heightened interest in eco-friendly packaging solutions. Additionally, the general bioplastics demand in North America is expected to be bolstered by U.S. Department of Agriculture initiatives focused on promoting environmentally friendly applications. The increasing demand of textiles in the region is expected to fuel the high consumption of PLA. Moreover, the expansion of technical textile in various sectors including agriculture, transportation, construction, and medical applications is projected to enhance the demand for polylactic acid during the forecast period.

The Mexico market's expansion of PLA is expected with significant growth during the forecast period, driven by increasing demand from the packaging industry. Consumers are seeking for eco-friendly alternatives such as bags, cups, lids, cutlery, containers and straws made from PLA as they are sustainable and compostable, which is boosting the market expansion.

Key Player highlighted in the report:

• BASF SE
• COFCO
• Evonik Industries AG
• Futerro
• Jiangsu Supla Bioplastics Co. Ltd.
• Jiangxi Keyuan Bio-Material Co. Ltd.
• Mitsui Chemicals Inc.
• NatureWorks LLC (Cargill Incorporated)
• Shanghai Tong-Jie-Liang Biomaterials Co. Ltd.
• Total Corbion PLA
• Galactic SA
• Danimer Scientific

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Segmentations analysis of polylactic acid market: -

• By Raw Material
• By Application
• By End-User Industry
• By Region

Recent Development: September 2023, BASF SE launched a new biomass balance plastic additives aimed at replacing fossil fuels with renewable materials which is helping companies meet their sustainability goals.

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