PUBLISHER: The Business Research Company | PRODUCT CODE: 1508003
PUBLISHER: The Business Research Company | PRODUCT CODE: 1508003
Polylactic Acid Global Market Opportunities And Strategies To 2033
Polylactic acid (PLA) is a biodegradable and bioactive thermoplastic polyester derived from renewable resources, such as corn starch, sugarcane and others. PLA is a crucial material in the bioplastics industry, providing an eco-friendly alternative to conventional petroleum-based plastics. It is widely used across various industries due to its compostable nature and versatility in applications ranging from packaging to textiles.
The polylactic acid market consists of sales, by entities (organizations, sole traders and partnerships), of polylactic acid that refers to a thermoplastic derived from renewable resources and produced through the condensation of lactic acid molecules, making it a bioplastic that is environmentally friendly.
The global polylactic acid market was valued at $586.15 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 14.0%.
Growing Consumer Awareness About The Environmental Impact Of Plastics
Growing consumer awareness about the environmental impact of plastics significantly drove the polylactic acid (PLA) market during the historic period. As consumers became more informed about the detrimental effects of traditional petroleum-based plastics on the environment, including issues like plastic pollution, marine litter and the long degradation time of conventional plastics, there was an increasing demand for sustainable alternatives. PLA, being a biodegradable and compostable bioplastic derived from renewable resources like corn starch or sugarcane, emerged as an attractive solution. This shift in consumer preferences prompted manufacturers, brands and retailers to adopt PLA in their products and packaging to align with the growing demand for eco-friendly and sustainable materials. For instance, according to an article by the United Nations, a global study conducted in 2019 revealed that 82% of participants are conscious of plastic waste and are actively taking steps to address plastic pollution. This indicates that consumers are concerned and desire change. Therefore, the growing consumer awareness about the environmental impact of plastics supported the growth of the polylactic acid market.
Growing Investments To Support Expansion Of PLA Production
Companies in the polylactic acid market are focusing on increasing their investments to expand their product portfolio and drive revenues. For example, in February 2024, BCML, an India-based ethyl alcohol manufacturing company, announced an INR 20,000 million ($250 million) investment to establish India's first industrial bioplastic plant, which will produce 75,000 tons of PLA annually. The plant will be located adjacent to one of BCML's existing sugar plants, leveraging local infrastructure and resources like sugar and bagasse for energy. Further, in September 2021, NatureWorks LLC, a US-based chemical manufacturing company, announced a substantial investment of USD 600 million to build a new, fully integrated PLA (Polylactic Acid) manufacturing facility in Thailand. The primary goal of this investment is to significantly boost NatureWorks' annual PLA production capacity by 75,000 tons, specifically for its Ingeo PLA grade, which is known for its low-carbon footprint and sustainability. NatureWorks' investment in the new PLA manufacturing facility in Thailand underscores its commitment to expanding the availability of sustainable biomaterials. By increasing its production capacity and integrating the entire production process, NatureWorks aims to meet the growing demand for eco-friendly alternatives to conventional plastics, thereby supporting a more sustainable future.
The global polylactic acid market is highly concentrated, with large players operating in the market. The top ten competitors in the market made up to 60.1% of the total market in 2022.
Polylactic Acid Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global polylactic acid market as it emerges from the COVID-19 shut down.
Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 15 geographies.
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- Identify growth segments for investment.
The report covers the following chapters
Markets Covered:
Table of Contents
1 Executive Summary
- 1.1 Polylactic Acid - Market Attractiveness And Macro economic Landscape
2 Table Of Contents
3 List Of Tables
4 List Of Figures
5 Report Structure
6 Market Characteristics
- 6.1 General Market Definition
- 6.2 Summary
- 6.3 Polylactic Acid Market Definition And Segmentations
- 6.4 Market Segmentation By Type
7 Major Market Trends
8 Polylactic Acid Market - Macro-Economic Scenario
9 Global Market Size And Growth
10 Global Polylactic Acid Market Segmentation
11 Polylactic Acid Market, Regional and Country Analysis
12 Asia-Pacific Market
13 Western Europe Market
14 Eastern Europe Market
15 North America Market
16 South America Market
17 Middle East Market
18 Africa Market
19 Competitive Landscape And Company Profiles
20 Competitive Benchmarking
21 Competitive Dashboard
22 Key Mergers And Acquisitions
23 Opportunities And Strategies
24 Polylactic Acid Market, Conclusions And Recommendations
25 Appendix
