Global Polylactic Acid Market by End-use (Packaging, Textile, Agriculture, Automotive & Transport, Electronics) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global polylactic acid market was valued at USD 525.47 millions in 2020. It is expected to grow at an 18.1% compound annual growth rate (CAGR), from 2021-2028. The end-use industries that drive the demand for the product are primarily agriculture, transport, textile, packaging, and transport. The demand for polylactic acid (PLA), which produces less carbon than other plastics, is increasing significantly around the world. The market is also being driven by rising demand for flexible Packaging. The packaging industry is experiencing significant growth due to the increasing demand for packaged foods, snacks and Ready-to-Eat meals (RTE) meals. The rapidly expanding packaging industry will also drive demand for PLA over the forecast period.

The main use of polylactic acid is to produce microwaveable containers such as cutlery and food containers. PLA is being used to make packaging solutions for food products due to its aesthetic appeal, superior printability and resistance against grease & oils.

This product is used to manufacture components for the automotive sector. It can be used for applications like interior parts and under-the hood components. Due to its high bio content, this product reduces the carbon footprint. It has many properties such as improved UV and impact resistance, high gloss and dimensional stability.

These characteristics make it an excellent alternative to many of the traditional plastics such as Polyethylene Terephthalate, Polycarbonate, Polycarbonate (PC), Polybutylene Terephthalate(PBT), Acrylonitrile Butadiene Styrene and polyamide used for automotive engine compartments or interiors.

End-use Insights

In 2020, the packaging segment was responsible for 36% of the total revenue. This is due to the large use of PLA in the manufacture of containers, bottles, and containers as well as fresh food packaging solutions. Manufacturers are compelled to use the product in a variety of packaging options due to rising environmental concerns and the desire of consumers for sustainable packaging.

PLA is a major consumer in the packaging industry, particularly the food packaging sector. PLA plastic bottles can be used for many purposes, including as disposables. They also have transparency and gloss properties. The packaging end-use market is being driven by a strict ban of single-use plastics in several countries like the U.K. and Zimbabwe.

PLA is also more easily compostable than petroleum-based products, and it does not emit harmful gases when incinerated. This means that PLA's demand will continue to grow. Due to the need to reduce Greenhouse Gas (GHG), bioplastic packaging has received significant regulatory support.

Another important sector is textile, which has high market penetration and high growth rates. PLA makes it possible to produce smooth fabrics. PLA is also very resistant to moisture, drapability and breathability. These advantages are expected to drive PLA's demand in the global textile sector over the forecast period.

Regional Insights

North America was responsible for 42% of the total revenue in 2020. This is due to high demand for PLA bioplastics. Moreover, several initiatives promoting environmentally-friendly products by the regional government are supporting market growth.

Asia Pacific is expected be the fastest growing regional market between 2021 and 2028. This is due to factors like rising demand for PLA in key end-use industries (automobiles, electronics, textiles, appliance and medical), fluctuating petroleum prices and a lack of fossil fuel resources.

China was the Asia Pacific region's top market in 2020. Bioplastics in Thailand have significant business opportunities due to the abundance of biomass, research-driven materials, strong downstream demand, material supply, as well as supporting government policies. Over the next few years, this factor will also drive APAC's regional market. The market is also being boosted by the rapid expansion of the food and beverage sector in India and China.

Flexible packaging will see a rise in demand due to rising disposable income and increasing demand for packaged food. Europe is expected to experience significant growth because of the strong growth in the healthcare sector. This has led to a rise in demand for pharmaceuticals and a positive impact on the demand to flexible packaging.

Market Share Insights & Key Companies

Companies in this market compete based on their quality products and the raw materials & technological advancements used in manufacturing. NatureWorks LLC is one of the most prominent PLA producers. It is currently evaluating the latest technology to eliminate feedstock from plants and instead use microorganisms that convert GHG directly into lactic acid for PLA production.

Companies in this market are actively involved in product development and partnerships that cater to a broad range of customers around the world. NatureWorks LLC, for professional printing, introduced Ingeo 3D450 in March 2019. This new formulation is for dual extrusion 3D printers. It can be used with grades 3D850 or 3D870 from the Ingeo 3D series.

In an effort to increase market share, companies are also increasing their global footprints. Because of the availability of labor at a low cost and proximity to suppliers, they are setting up production plants in Asia Pacific's emerging markets. Futerro, for example, expanded its geographic presence in China and built a PLA and lactic acid plant in China in 2019. These are some of the major players in the global market for polylactic acid:

• Total Corbion PLA

• NatureWorks LLC

• COFCO

• Futerro

• Jiangxi Keyuan Bio-Material Co. Ltd.

• Zhejiang Hisun Biomaterials Co., Ltd.

• Shanghai Tong-Jie-Liang Biomaterials Co., Ltd.

Up Market Research published a new report titled “Polylactic Acid Market research report which is segmented by End-use (Packaging, Textile, Agriculture, Automotive & Transport, Electronics), By Players/Companies NatureWorks LLC, COFCO, Total Corbion PLA”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Polylactic Acid Market Report Segments:

The market is segmented by End-use (Packaging, Textile, Agriculture, Automotive & Transport, Electronics).

Polylactic Acid Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Polylactic Acid Market

Overview of the regional outlook of the Polylactic Acid Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Polylactic Acid Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Polylactic Acid Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Packaging

                2. Textile

                3. Agriculture

                4. Automotive & Transport

                5. Electronics

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Polylactic Acid Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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• Correctly Positioning New Products
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Reasons to Purchase the Polylactic Acid Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.