By the end of 2022, the polylactic acid market is anticipated to be worth US$ 1 billion. It is anticipated to grow at a CAGR of 11.9% from 2022 to 2032, the evaluation period. By 2032, the polylactic acid industry is anticipated to have an absolute monetary opportunity of close to US$ 3.1 billion.
Growing demand for PLA in the manufacturing of bio-based, biodegradable plastics is a key trend that is boosting the market. Over the last few years, companies in both developing and developed economies have increased their production of bioplastics. Growing demand for PLA in the manufacturing of sutures and stents is another factor that is likely to propel medical advancements across the globe.
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There is an increasing demand for PLA-based products owing to their multiple functionalities. Also, there has been a rise in terms of new players in the market. There are also many small-scale players that are concentrating more on innovation than sales.
Leading manufacturers that have a significant global presence have increased mergers and acquisitions with small-scale companies to expand their product portfolios and supply their products to a larger consumer base. Some of the key players are also acquiring advanced manufacturing plants to increase their production capacity. Growing trend for green packaging, which is environmentally friendly, is also likely to drive growth in the global polylactic acid market in the projected time frame.
Key Takeaways from the Polylactic Acid Market Study
- During the historical period between 2017 and 2021, demand for polylactic acid grew steadily at a CAGR of 9.8%.
- North America polylactic acid market is estimated to generate a share of around 29.5% in the forecast period.
- Sales of polylactic acid in China is projected to grow at 10.7% CAGR between 2022 and 2032.
- Demand for polylactic acid is expected to grow at 12.8% CAGR between 2022 and 2032 in Europe.
- Based on end use, the 3D printing segment is projected to generate a revenue share of about 44.4% in 2022.
“Increasing adoption of polylactic acid in the medical industry for the development of implants, screws, and stitching materials is estimated to augur well for the global market. Besides, automakers are set to use polylactic acid for the manufacturing of tires to reduce fuel consumption,” says a lead analyst at FMI.
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Competitive Landscape: Polylactic Acid Market
Polylactic acid has a strong competitive global market. Introducing new blends with polylactic acid, multiple functionalities of PLA across several industries, and growing awareness about environmentally friendly products are some of the main drivers pushing market expansion.
Some of the leading companies offering polylactic acid include Toray Industries Inc., Stora Enso Oyj., Amcor Plc, LG Chem and ADM (JV), Evonik Industries AG, Total-Corbion PLA, Henan Jindan Lactic Acid Co. Ltd., NatureWorks LLC, Galactic, and Sulzer Chemtech among others.
Get More Valuable Insights into Polylactic Acid Market
Future Market Insights, in its new offering, provides an unbiased analysis of the polylactic acid market presenting historical demand data (2017-2021) and forecast statistics for the period from 2022-2032.
The study incorporates compelling insights on the polylactic acid market by product type (films, sheets, coatings, fibres), by end use (packaging, biomedical, 3d printing), and across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, APEJ, and MEA).
Market Segments Covered in Polylactic Acid Market Analysis
By Product Type:
- Films
- Sheets
- Coatings
- Fibers
By End Use:
- Packaging
- Biomedical
- 3D Printing
By Region:
- North America
- Latin America
- Europe
- Middle East and Africa
- East Asia
- South Asia
- Oceania
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