The polylactic acid global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Polylactic Acid Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The polylactic acid market size has grown rapidly in recent years. It will grow from <b>$1.34 billion in 2023 to $1.59 billion in 2024 at a compound annual growth rate (CAGR) of 18.2%. </b> The growth in the historic period can be attributed to emergence of eco-friendly alternatives, rise in bioplastics demand, growth in packaging sector, consumer shift in preferences, commercialization efforts.
The polylactic acid market size is expected to see rapid growth in the next few years. It will grow to <b>$3.18 billion in 2028 at a compound annual growth rate (CAGR) of 19.0%. </b> The growth in the forecast period can be attributed to global awareness campaigns, expansion of end-use industries, supply chain development, emerging market demand, investment in r&d. Major trends in the forecast period include biodegradability and sustainability, environmental regulations, consumer awareness and preference, shift in packaging trends, market entry of large players.
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Scope Of Polylactic Acid Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Polylactic Acid Market Overview
Market Drivers –
Growing awareness among consumers regarding green packaging and sustainability is expected to propel the growth of the polylactic acid (PLA) market. Green packaging, or sustainable packaging, uses materials and manufacturing processes to reduce energy consumption and diminish the adverse environmental effects of packaging. PLA is used for sustainable packaging because it is biodegradable and recyclable. It is created from renewable feedstock, polylactic acid (PLA). For instance, according to the 2021 Global Buying Green Report by Trivium Packaging, based on a survey of end users in Europe, North America, and South America, in 2021, 83% of consumers from younger generations demonstrated a willingness to pay more for sustainable packaging, up from 70% the year before. Therefore, growing awareness among consumers regarding green packaging and sustainability is driving the growth of the polylactic acid market.
Market Trends –
Technological advancement is a key trend gaining popularity in the polylactic acid market. Major companies in the polylactic acid market are advancing in technologies and research and development, such as injection molding technology, to provide better products and remain competitive in the market. With injection molding, plastic materials are heated to a molten state and then injected into a mold before being cooled and solidified. For instance, in October 2021, Total Corbion PLA, a US-based technology company, launched Luminy PLA (Poly Lactic Acid), the first commercially available bioplastic product of its sort worldwide. It is manufactured with chemically regenerated post-industrial and post-consumer waste. The commercial availability of rPLA can be used by companies to create products, including those with original food contact applications for which the manufacturer claims to have obtained certification.
The polylactic acid market covered in this report is segmented –
1) By Type: Racemic PLLA, PDLA, Regular PLLA, PDLLA, PLA Blends
2) By Raw Material: Corn Starch, Sugarcane and Sugar Beet, Cassava, Other Raw Materials
3) By Form: Films and Sheets, Coatings, Fiber, Other Forms
4) By Application: Packaging, Agriculture, Transport, Electronics, Textiles
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Regional Insights –
North America was the largest region in the polylactic acid market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the polylactic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the polylactic acid market report are Total Corbion PLA, NatureWorks LLC, Futerro SA, COFCO Group, Jiangxi Keyuan Bio-Material Co. Ltd., Shanghai Tong-Jie-Liang Biomaterials Co. Ltd., Zhejiang Hisun Biomaterials Co. Ltd., Evonik Industries AG, Synbra Technology BV, BASF SE, Mitsubishi Chemical Holdings Corporation, Toray Industries Inc., Polyvel Inc., Musashino Chemical Laboratory Ltd., Radici Partecipazioni SpA, Anhui BBCA Biochemical Co. Ltd., Carbios SA, Chengdu Polyster Co. Ltd., Corbion N.V., Danimer Scientific Inc., FKuR Kunststoff GmbH, GC Innovation America, Good Natured Products Inc., Hainan Yisheng Petrochemical Co. Ltd., Hitachi Chemical Company Ltd., Jiangsu Jiuding New Material Co. Ltd., Kingfa Sci. & Tech. Co. Ltd., Nantong Jiuding Biological Engineering Co. Ltd., Shenzhen Esun Industrial Co. Ltd.
Table of Contents
1. Executive Summary
2. Polylactic Acid Market Characteristics
3. Polylactic Acid Market Trends And Strategies
4. Polylactic Acid Market – Macro Economic Scenario
5. Global Polylactic Acid Market Size and Growth
…
31. Global Polylactic Acid Market Competitive Benchmarking
32. Global Polylactic Acid Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Polylactic Acid Market
34. Polylactic Acid Market Future Outlook and Potential Analysis
35. Appendix
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