Overview and Scope
The l-lactide market consists of sales of glycolide, 3D printing filaments, biodegradable foams, and polylactic acid (PLA) plastics. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
Sizing and Forecast
The l-lactide market size has grown rapidly in recent years. It will grow from $1.28 billion in 2023 to $1.45 billion in 2024 at a compound annual growth rate (CAGR) of 13.6%. The growth in the historic period can be attributed to increasing governmental regulations, growing consumer awareness and preference for sustainable and eco-friendly products, variability in oil prices has influenced the cost-competitiveness of bioplastics, the need for safe and non-toxic packaging in the food and beverage industry, the medical and healthcare industry’s requirement for biocompatible and biodegradable materials.
The l-lactide market size is expected to see rapid growth in the next few years. It will grow to $2.44 billion in 2028 at a compound annual growth rate (CAGR) of 13.9%. The growth in the forecast period can be attributed to sub substitution of traditional plastics, rising disposable income, increased investment in research and development, increasing demand for biodegradable plastics, corporate sustainability initiatives. Major trends in the forecast period include integration of l-lactide in smart packaging technologies, nanotechnology integration, innovations in recycling technologies to improve the reprocessing of l-lactide, development of new medical devices and drug delivery systems, expansion of l-lactide use in 3d printing technologies.
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Segmentation & Regional Insights
The l-lactide market covered in this report is segmented –
1) By Type: Purity Above 98%, Purity Above 99%, Other Types
2) By Application: Polylactic Acid, Medical Intermediate, Other Applications
3) By End user: Food And Beverage Packaging, Electrical And Electronics, Medical And Health Care, Other End-Users
North America was the largest region in the l-lactide market in 2023. The regions covered in the l-lactide market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing demand for biodegradable plastics is expected to propel the growth of the L-lactide market going forward. Biodegradable plastics are a type of plastic that can decompose naturally in the environment, breaking down into water, carbon dioxide, and biomass with the help of microorganisms. The demand for biodegradable plastics is increasing due to growing environmental concerns, stricter regulations on plastic waste, and consumer preference for sustainable and eco-friendly products. L-lactide is essential in producing PLA, a versatile and biodegradable plastic. L-lactide plays a crucial role in minimizing the environmental impact of plastic products by transforming renewable resources into sustainable materials. For instance, in 2023, according to European Bioplastics EV, a Germany-based, non-profit association, the utilization rate of bioplastics increased from 1,507 metric tons in 2022 to 1,799 metric tons in 2023. Therefore, increasing demand for biodegradable plastics is driving the growth of the L-lactide market.
Rising Environmental Concerns Drive Demand for Sustainable Lactide Technologies
An increase in environmental concerns is expected to propel the growth of the L-lactide market going forward. Environmental concerns refer to the growing awareness and issues related to the negative impact of human activities on the natural environment, including pollution, climate change, and resource depletion. The increase in environmental concerns is due to heightened awareness of climate change, pollution, habitat destruction, and resource depletion, prompting individuals and organizations to take action toward sustainability and conservation efforts. L-lactide is essential in tackling environmental issues as it provides sustainable, renewable, and biodegradable substitutes for traditional petroleum-based polymers in various applications. For instance, in July 2023, according to the Office for National Statistics, a UK-based government department, in the UK, around 73.6% of people have made environmental lifestyle adjustments, with 12.8% making significant changes. Women (91.0%) are more likely to adjust than men (81.7%). The youngest group, aged 16 to 24, shows the lowest rate (77.2%), while those aged 50 to 64 have the highest (90.7%). Therefore, an increase in environmental concerns is driving the growth of the L-lactide market.
Key Industry Players
Major companies operating in the l-lactide market are Mitsui Chemicals Inc., BASF SE, Teijin Limited, Biomer Inc., Toyobo Co. Ltd., Zhejiang Hisun Biomaterials Co. Ltd., Corbion NV, Unitika Ltd., Jindan Lactic Acid Technology Co. Ltd., Danimer Scientific Inc., Synbra Technology BV, NatureWorks LLC, Polysciences Inc., Musashino Chemical Laboratory Ltd., Futerro SA, Chang Chun Group, Shenzhen Esun Industrial Co. Ltd., NaturePlast Pvt. Ltd., Virgin Galactic Holdings Inc. , Wei Mon Industry Co. Ltd., Shanghai Tong-Jie-Liang Biomaterials Co. Ltd., Nantong Jiuding Biological Engineering Co. Ltd.
The l-lactide market report table of contents includes:
1. Executive Summary
2. L-lactide Market Report Structure
3. L-lactide Market Trends And Strategies
4. L-lactide Market – Macro Economic Scenario
5. L-lactide Market Size And Growth
…..
27. L-lactide Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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