[Online Quarterly Update] Polylactic Acid Market is anticipated to witness significant growth by reaching 2070 thousand tonnes in 2035, growing at a healthy CAGR of 17.49% during the forecast period. Favourable government policies toward bioplastics, rising demand for biodegradable plastic in the packaging and agriculture industries, rising consumer awareness for environmentally friendly plastic products, increasing government focus on biodegradable plastic, and stringent government laws prohibiting the use of plastic bags and other plastic items are projected to drive the market ahead.
Efforts taken to control pollution and growing preference for environment friendly materials are boosting the market for biodegradable commodities like Polylactic acid. Technological innovation and increasing customer demand are critical drivers for new incoming large build ups in the packaging, textile, and electronics industries in developing countries like India and China.
Polylactic acid, also known as polylactide, is a biodegradable and bioactive polyester composed of lactic acid building blocks. Polylactic acid (PLA) is one of the most promising biodegradable polymers (biopolymer) at the moment, and it's been the topic of a lot of research in the previous decade. It is a thermoplastic aliphatic polymer having good mechanical properties and a semi-crystalline, biodegradable hydrophobic nature. Most notably, Polylactic acid is compostable, meaning it may degrade into biodegradable components under certain conditions, making it a popular material for packaging in industries such as food and beverage and consumer goods. Polylactic acid accounts for the majority of viable bioplastic in the industry. Because of the rising demand and pricing for petroleum and petroleum-based products such as synthetic plastics, the industry prefers Polylactic acid over conventional plastic. Bioplastics are made from organic biomass resources such as corn, sugarcane, and other plants, rather than traditional sources such as petroleum.
The government is taking necessary steps to increase the use of biodegradable products by offering subsidies. Pollution control and environmental safety are two of the main reasons why more and more stakeholders are turning to bioplastics instead of petroleum-based plastics.
New manufacturing facilities in the packaging, textiles, and electronics industries are being created because of technology advancements, technological transfer from rich countries, and increasing consumer demand in developing countries. Polylactic acid demand from these industries is a key market growth driver in developing countries.
Based on end use industries, market is segmented into Packaging industry, Biomedical field, Textile/ sanitary product/ fibre & fabrics, Agriculture/horticulture, Construction materials, and Fishing materials. Polylactic acid accounted for the highest market share in the packaging business, followed by the biomedical field and agriculture/horticulture. The packaging sector and the biomedical field accounts for more than 60% of the total PLA market in 2021. During the forecast period, polylactic acid demand will be driven exclusively by the packaging and biomedical industries.
The regional market studies include North America (US, Canada), Latin America (Mexico, Brazil), Western Europe (Germany, Italy, France, UK, Spain, Nordic countries, Belgium, Netherlands, Luxembourg), Eastern Europe (Poland, Russia), Asia Pacific (China, India, ASEAN, Australia & New Zealand), Japan, Middle East, and Africa). Due to the shortage of natural resources, polylactic acid is not produced in many regions. Corn's use in the production of Polylactic acid would reduce its contribution to the food industry, causing food security concerns in poorer countries. The production cost of bioplastics is at least two to three times that of synthetic plastics. Furthermore, technical and resource management research is required for more cost-effective Polylactic acid synthesis.
Some of the major players operating in the Polylactic Acid market BASF SE, Yara International ASA, Futerro PLA, Zhejiang Hisun Biomaterials Co. Ltd, Jilin Cofco Biomaterials Co. Ltd., Total Corbion PLA, Nature Works, Total Corbion, Futerro (GALACTIC), Corbion and Total, Synbra Technology BV, Sulzer Ltd and Other
Years considered for this report:
Historical Period: 2015-2020
Base Year: 2021
Estimated Year: 2022
Forecast Period: 2023–2035
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Objective of the Study:
• To assess the demand-supply scenario of Polylactic Acid which covers production, demand and supply of Polylactic Acid market globally.
• To analyse and forecast the market size of Polylactic Acid.
• To classify and forecast Polylactic Acid market based on application, technology, end-use and regional distribution.
• To identify drivers and challenges for Polylactic Acid market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in Polylactic Acid market.
• To identify and analyse the profile of leading players involved in the manufacturing of Polylactic Acid.
To extract data for Polylactic Acid market, primary research surveys were conducted with Polylactic Acid manufacturers, suppliers, distributors, wholesalers, and end users. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various end user segments and projected a positive outlook for Global Polylactic Acid market over the coming years.
ChemAnalyst calculated Polylactic Acid demand globally by analyzing the historical data and demand forecast which was carried out considering imported monomers used for production of Polylactic Acid. ChemAnalyst sourced these values from industry experts and company representatives and externally validated through analyzing historical sales data of respective manufacturers to arrive at the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Polylactic Acid manufacturers and other stakeholders
• Organizations, forums, and alliances related to Polylactic Acid
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Polylactic Acid manufacturers, customers, and policy makers. The study would also help them to target the growing segments over the coming years (next two to five years), thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Polylactic Acid market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size volume in 2035
2070 thousand Tonnes
Growth Rate
CAGR of 17.49% from 2022 to 2035
Base year for estimation
2022
Historic Data
2015 – 2021
Forecast period
2022 – 2035
Quantitative units
Demand in Thousand Tonnes and CAGR from 2022 to 2035
1. End-Use: (Agriculture, Chemical, Medical, and Others)
2. Sales Channel: (Direct Company Sale, Direct Import, Distributors & Traders)
Regional scope
North America; Europe; Asia Pacific; South America; Middle East & Africa
Country scope
United States; Mexico; Canada; China; India; Japan; South Korea; Taiwan; Singapore; Germany; Belgium; France; United Kingdom; Spain; Italy; Sweden; Austria; Saudi Arabia; Iran; South Africa; Brazil; Argentina
Key companies profiled
BASF SE, Yara International ASA, Futerro PLA, Zhejiang Hisun Biomaterials Co. Ltd, Jilin Cofco Biomaterials Co. Ltd., Total Corbion PLA, Nature Works, Total Corbion, Futerro (GALACTIC), Corbion and Total, Synbra Technology BV, Sulzer Ltd and Other
Customization scope
Free report customization with purchase. Addition or alteration to country, regional & segment scope.
12.6.4.Argentina Polylactic Acid Demand-Supply Scenario, 2015-2035, By Volume
12.6.4.1.Demand
12.6.4.2.Supply
12.6.4.3.Gap
12.6.5.Argentina Polylactic Acid Demand Outlook, 2015-2035, By Volume
12.6.5.1.By End-Use
12.6.5.2.By Sales Channel
12.6.5.3.By Company Share (At least top 3 companies’ market share
12.6.5.4.By Region
13.Country-wise Import
14.Country-wise Export
15.News and Deals
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Which region demands the maximum share in the Polylactic Acid market as of 2021?
Ans:
The Asia Pacific region accounts for the maximum share in the Polylactic Acid market owing to the developments and investments in the major end-user industries.
Q2.
What are the major end-use applications of Polylactic Acid?
Ans:
Polylactic Acid is widely used in an array of applications including agriculture/horticulture, packaging of the sensitive food items and medicines, textile industry, biomedical sector, and others.
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