Polylactic Acid (PLA) Market Size, Share Report, Analysis, Trends, Growth 2030

Polylactic Acid (PLA) Industry Prospective:

The global polylactic acid (PLA) market size was evaluated at $1000 million in 2022 and is slated to hit $4000 million by the end of 2030 with a CAGR of nearly 17.5% between 2023 and 2030.

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Polylactic Acid (PLA) Market: Overview

Polylactic acid (PLA) also sometimes referred to as polylactide is a biodegradable polymer, biocompatible thermoplastic and aliphatic polyester. Recently, it has been the most popular material having huge growth potential. PLA is also considered an ecofriendly polymer due to its compostable nature and ability to be recycled. The product exhibits a high elastic modulus and a high level of transparency. As per NCBI, polylactic acid is one of the most traded polymers globally.

As per authentic reports, polylactic acid was first synthesized in 1845 by a France-based chemist known as Theophile-Jules Pelouze by poly-condensation of naturally occurring lactic acid. However, the average molecular weight of PLA produced due to poly-condensation was very low. Moreover, in 1989, Dr. Patrick R. Gruber devised a lowly-priced commercial method for manufacturing PLA with high molecular weight. This helped the product find lucrative applications in diversified areas including agricultural sheets and recyclable & disposable bags.  

Key Insights

• As per the analysis shared by our research analyst, the global polylactic acid (PLA) market is projected to expand annually at the annual growth rate of around 17.5% over the forecast timespan (2023-2030)
• In terms of revenue, the global polylactic acid (PLA) market size was evaluated at nearly $1000 million in 2022 and is expected to reach $4000 million by 2030.
• The global polylactic acid (PLA) market is anticipated to grow rapidly over the forecast timeline owing to changing consumer preference for eco-friendly products made from plastics.
• In terms of application, the packaging segment is slated to register the highest CAGR over the forecast period.
• Region-wise, the Asia-Pacific polylactic acid (PLA) industry is projected to register the fastest CAGR during the assessment timeline.

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Polylactic Acid (PLA) Market: Growth Factors

Huge product demand in packaging material to uplift the global market expansion by 2030

A surging demand for products in the packaging sector across emerging economies will proliferate the size of the global polylactic acid (PLA) market. Changing consumer preference for eco-friendly products made from plastics can prop up the expansion of the global market. In addition to this, European and North American countries also make use of PLA-based packaging, thereby driving the growth of the market across the globe. As per NIH researchers, a polymer is one of the inexpensive bio-based items and bio-degradable substitutes for petrochemical plastics. Reportedly, PLA is recyclable and bio-degradable polyester which is made up from renewable raw materials and hence is in demand in a plethora of end-use sectors. For instance, the product finds large-scale applications in drug delivery systems, tissue engineering, and implantable devices. It can be easily synthesized and can be customized for its use for varied therapeutic requirements.

Furthermore, polylactic acid (PLA) is immensely used in fibers as well as chemical products. In addition to this, the product also finds use in the manufacturing of films, bottles, coated paper, rigid containers, and myriad packaging applications. Thermoplastic polyester is also utilized in various products such as carpets and rugs, apparel, and nonwoven fiberfill owing to its exceptional features such as resilience & ultra-violet resistance. All these aforementioned factors will help the global polylactic acid (PLA) market gain traction in the years to come.

Polylactic Acid (PLA) Market: Restraints

High raw material costs to put brakes on the global polylactic acid (PLA) industry growth over the forecast period

Escalating costs of polylactic acid as compared to conventional plastic products can put brakes on the growth of the global polylactic acid (PLA) industry. Furthermore, a rise in raw material costs can prove to be a huge barrier to the expansion of the industry across the globe.

Polylactic Acid (PLA) Market: Opportunities

New product launches can open a new Pandora of growth for the global market over 2023-2030

The ability to customize to mechanical properties of a polymer as well as bio-degradation kinetics has made polylactic acid products extremely useful in biomedical applications. Apart from this, PLA is widely utilized clinically as a biomedical scaffold for theranostics and implants. This, in turn, will create lucrative growth avenues for the global polylactic acid (PLA) market over the years to come. The large-scale use of polylactic acid in rigid containers for storing water, yogurt, and juice will boost the size of the market across the globe.

Moreover, the launching of new products will contribute substantially towards the growth of the market across the globe. For instance, In May 2023, Total Energies Corbion, a key producer of polylactic acid (PLA), and Coexpan S.A., a key player providing effective packaging solutions to FMCG firms across the globe, jointly introduced new PLA bio-based cups made from recycled PLA and can be availed in white color. Firms are entering joint ventures to expand the production capacity of polylactic acid and lactic acid in a region. Citing an instance, in August 2022, LG Chemicals, a key player in the chemical sector, and The ADM Company, a key food processing firm based in the U.S., launched a joint venture for manufacturing lactic acid as well as polylactic acid in the U.S., thereby contributing massively towards the growth of the market in North America.

Polylactic Acid (PLA) Market: Challenges

The complexity of the production process of PLA can impact the global industry progression over the coming years

A highly expensive and complex process of producing polylactic acid can prove to be a huge impediment to the growth of the global polylactic acid industry in the coming years. Strict government laws regulating the production of the compound can prove to be a big challenge for the growth of the industry across the globe in the coming years.  

Polylactic Acid (PLA) Market: Segmentation

The global polylactic acid (PLA) market is sectored into application and region.                                  

In application terms, the polylactic Acid (PLA) market across the globe is segregated into textiles, packaging, transport, agriculture, electronics, and others segments. Furthermore, the packaging, segment, which acquired nearly 57% of the global market revenue in 2022, is anticipated to accrue the highest gains over the forecast timespan. The expansion of the segment during 2023-2030 can be due to rise in the use of the product in various kinds of packaging material used in a spectrum of end-use sectors.     

Polylactic Acid (PLA) Market: Report Scope

Polylactic Acid (PLA) Market: Regional Insights

North America is predicted to retain its numero uno position in the global polylactic acid (PLA) market over the forecast timeframe

North America, which contributed about 50% of the global polylactic acid (PLA) market revenue in 2022, is likely to be a leading region over the forecast timeline. Moreover, the regional market expansion over the coming eight years can be subject to the humungous presence of key players in the sub-continent such as Danimer Scientific LLC, BASF SE, Nature Works LLC, and Hitachi, Ltd. Apart from this, an increase in the use of recyclable polymers in the region along with its massive preference for products over petroleum-based products in the sub-continent will open new growth dimensions for the industry in North America in the years ahead.

The Asia-Pacific polylactic acid (PLA) industry is set to record the fastest CAGR in the next couple of years. The growth of the industry in the sub-continent over the forecast timeframe can be subject to an immense demand for bioplastics in countries such as India and China. Growing demand for flexible packaging in the region will generate new growth prospects for the industry in the region as PLA, which is biodegradable, is used in plastic packaging material. A rise in product penetration in the packaging of consumer products will steer the growth of the industry in the region.  

Polylactic Acid (PLA) Market: Competitive Space

The polylactic acid (PLA) market profiles key players such as:

• Futerro
• Synbra Technology BV
• Zhejiang Hisun Biomaterials Co. Ltd.
• NatureWorks LLC
• Danimer Scientific
• Sulzer Ltd.
• BASF SE
• Hitachi Ltd.
• ThyssenKrupp AG.            

The global polylactic acid (PLA) market is segmented as follows:

By Application

• Textiles
• Packaging
• Transport
• Agriculture
• Electronics
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa