According to TechSci Research report, “Polylactic acid Market –Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, the Global Polylactic Acid Market stood at USD 692.34 million in 2022 and is anticipated to register a high CAGR of 11.53% during the forecast period. This can be ascribed to collaborations and partnerships among leading companies with a diverse approach to merge the expertise of individual companies and strengthen their position in the market.
Polylactic Acid (PLA), a bio-based and biodegradable polymer derived from renewable sources, has emerged as a sustainable powerhouse that is reshaping various sectors, including agriculture. With its exceptional properties and eco-friendly profile, PLA is driving transformative changes in agriculture practices around the world, propelling the global PLA market to new heights. Traditionally, plastic mulch films have been used to enhance soil quality and protect crops. PLA mulch films provide a sustainable alternative. These biodegradable films break down into harmless components, eliminating the need for time-consuming and costly removal after harvest. PLA-based erosion control products, such as bio-blankets and mats, are gaining traction. These products stabilize soil and protect it from erosion caused by wind and water.
PLA’s biodegradability ensures that these products degrade naturally over time, leaving behind enriched soil. PLA-based biodegradable coatings can be applied to seeds, enhancing their germination rates and protecting them from pests. These coatings break down naturally, reducing the use of harmful chemicals in agriculture. Moreover, greenhouses play a pivotal role in modern agriculture by extending growing seasons and protecting crops. PLA greenhouse films provide a sustainable alternative to traditional plastic films. They offer UV protection and temperature regulation while being biodegradable and compostable. PLA is biodegradable under controlled conditions, offering a solution to the textile industry’s persistent issue of synthetic fiber waste. While conventional synthetic textiles contribute to microplastic pollution, PLA-based textiles break down into harmless components when properly composted. PLA fibers can be engineered to match the performance of conventional synthetic fibers. They exhibit qualities such as moisture-wicking, breathability, and durability, ensuring that consumers don’t need to compromise comfort or functionality for sustainability.
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Furthermore, by utilizing PLA in textiles, brands, and manufacturers can significantly reduce the carbon footprint associated with their products. This resonates with the global trend of carbon footprint reduction and drives the adoption of PLA textiles. To incentivize the adoption of sustainable materials like PLA, governments offer subsidies and grants to companies engaged in PLA production. These financial incentives offset the initial costs associated with transitioning from traditional plastics to PLA-based products, making them more economically viable for businesses.
Such support encourages manufacturers to embrace PLA, boosting its production and usage across sectors. Government agencies are leading by example by incorporating PLA-based products into their procurement policies. By prioritizing the purchase of eco-friendly and sustainable materials, governments provide a significant market pull for PLA products. Research collaborations play a pivotal role in advancing the PLA industry’s technical know-how. From improving PLA’s mechanical properties and processing techniques to enhancing its compatibility with various applications, collaborative research is accelerating innovation cycles.
In 2022, SEOUL, South Korea, and CHICAGO- – (BUSINESS WIRE)- – LG Chem, a main worldwide expanded synthetic organization, and ADM, a worldwide forerunner in nourishment and bio solutions, held a marking function sending off two joint endeavors for U.S. creation of lactic corrosive and polylactic corrosive to satisfy developing need for a wide assortment of plant-based items, including bioplastics. The primary joint endeavor, GreenWise Lactic, would deliver as much as 150,000 tons of high-virtue corn-based lactic corrosive every year. ADM would be the larger part proprietor of GreenWise and would contribute maturation limit from its Decatur bioproducts office to the endeavor. The subsequent joint endeavor, LG Chem Illinois Biochem, would be a greater part claimed by LG Chem. It would expand upon LG Chem’s skill in bioplastics to fabricate an office that will utilize items from GreenWise Lactic to create roughly 75,000 tons of polylactic corrosive (PLA) each year.
However, the lack of composting infrastructure and complexities associated with the production of polylactic acid are expected to slow down the growth of the market in the coming years.
The Global Polylactic Acid Market segmentation is based on Raw Material, Form, End-Use Industry, Grade, Application, Company, and Region.
Some of the major companies operating in the Global Polylactic Acid Market include:
- Corbion N.V.
- Galactic S.A.
- Henan Jindan Lactic Acid Co., Ltd.
- Jungbunzlauer AG
- Musashino Chemical Laboratory, Ltd.
- BASF SE
- NatureWorks
- Henan Jindan Lactic Acid Technology
- Mitsubishi Chemical Holdings Corporation
- Synbra Technology BV
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“Certain regions, particularly the Asia Pacific, are projected to exert significant demand for polylactic acid worldwide. The growth in the competitive landscape and the presence of well-established companies in the market, committed to enhancing their polylactic acid productivity each year, are expected to contribute to a remarkable growth of the Global Polylactic Acid Market in the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.
Global Polylactic Acid Market By Raw Material (Corn, Cassava, Sugarcane, Sugar Beet, Others), By Application (Rigid Thermoforms, Films & Sheets, Bottles, Others), By End-Use Industry (Packaging, Consumer Goods, Agriculture, Textile, Bio-Medical, Others), By Grade (Thermoforming, Injection Molding, Extrusion, Blow Molding, Others), By Region, Competition, Forecast and Opportunities, 2029 has evaluated the future growth potential of Global Polylactic Acid Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Polylactic Acid Market.
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Table of Content-Polylactic Acid Market
- Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
- Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Applications
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Overview of the Market
3.2. Overview of Key Market Segmentations
3.3. Overview of Key Market Players
3.4. Overview of Key Regions/Countries
3.5. Overview of Market Drivers, Challenges, Trends
- Impact of COVID-19 on Global Polylactic Acid Market
- Global Polylactic Acid Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Raw Material (Corn, Cassava, Sugarcane, Sugar Beet, Others)
5.2.2. By Application (Rigid Thermoforms, Films & Sheets, Bottles, Others)
5.2.3. By End-Use Industry (Packaging, Consumer Goods, Agriculture, Textile, Bio-Medical, Others)
5.2.4. By Grade (Thermoforming, Injection Molding, Extrusion, Blow Molding, Others)
5.2.5. By End User (Automotive, Mechanical & Engineering, Construction, Chemical, Oil & Gas, Petrochemical, Others)
5.2.6. By Region
5.2.7. By Company (2023)
5.3. Market Map
- Asia Pacific Polylactic Acid Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Raw Material
6.2.2. By Application
6.2.3. By End-Use Industry
6.2.4. By Grade
6.2.5. By Country
6.3. Asia Pacific: Country Analysis
6.3.1. China Polylactic Acid Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Value
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Raw Material
6.3.1.2.2. By Application
6.3.1.2.3. By End-Use Industry
6.3.1.2.4. By Grade
