Polylactic Acid Market Size is Predicted to Witness 21.4% CAGR till 2030

[sara James]

The global Polylactic Acid Market size is expected to reach USD 2,772.93 million by 2030, registering a CAGR of 21.4% over the forecast period, according to a new study by Grand View Research, Inc. Rising environmental concerns, improving awareness among consumers, and stringent government regulations are contributing to eliminating the use of non-biodegradable plastics, which, in turn, is driving the growth of the polylactic acid (PLA) market. Polylactic acids are bio-sourced, and break down faster as compared to petroleum-based plastics. Due to their decreased carbon footprint, they get preference over traditional plastics. The rising emphasis on sustainable products is a key factor driving the growth of the flexible packaging industry, which is expected to result in reduced consumption of petroleum-based products and a shift toward bio-based alternatives.

Moreover, PLA is increasingly being used to manufacture single-use packaging materials that include shopping bags and disposable cutlery, which is likely to boost its demand over the forecast period. PLA is an environmentally friendly alternative to traditional plastics, notably in flexible and rigid packaging applications, as it is bio-based, compostable, and biodegradable. Bioplastics are expected to witness significant growth in their demand in the market. Rising demand for flexible packaging in various countries, including India, Saudi Arabia, China, Japan, and Germany, is further expected to fuel the demand for PLA.

Related Press Release@ Polylactic Acid Market Report

List of Key Players in Polylactic Acid Market

• TotalEnergies Corbion BV
• NatureWorks LLC
• Jiangsu Supla Bioplastics Co., Ltd.
• Futerro
• COFCO
• Jiangxi Keyuan Biopharm Co., Ltd.
• Shanghai Tong-jie-liang Biomaterials Co., Ltd.
• Zhejiang Hisun Biomaterials Co., Ltd.

Polylactic Acid Market Report Highlights

• North America dominated the global market in 2022. The North America regional market is characterized by strong demand for sustainable products
• The demand for bioplastics in North America is expected to be spurred by initiatives by the U.S. Department of Agriculture for promoting eco-friendly products
• Asia Pacific is expected to grow at the fastest CAGR of 22.2%, in terms of revenue, over the forecast period. The regional market is primarily driven by the growing product demand from key industries including automotive & transportation, electronics, textile, packaging, appliance, and medical
• Packaging dominated the end-use segment with a revenue share of over 36.0% in 2022. The growing demand for packaged foods, including frozen meals, cake mixes, and snack foods, is expected to increase the requirements for flexible packaging, thereby augmenting the growth of the packaging industry in the coming years
• In March 2023, Toyota Boshoku Corp. announced a $54.4 million investment in its Jackson metal stamping facility to enhance production. This expansion will result in the emergence of 80 additional employment in Madison County
• The new plant will add 87,000 square feet to TBTN's current Jackson location, allowing the company to arrange its manufacturing activities while also serving Toyota Boshoku America's subsidiary locations

Polylactic Acid Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 713.22 million
Revenue forecast in 2030	USD 2,772.93 million
Growth rate	CAGR of 21.4% from 2023 to 2030
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030

 

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Polylactic Acid Market Segmentation

Grand View Research has segmented the global polylactic acid market on the basis of end-use and region:

PLA End-use Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Packaging
• Agriculture
• Automotive & Transport
• Electronics
• Textiles
• Others

PLA Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America
• • U.S.
  • Canada
  • Mexico
• Europe
• • Germany
  • UK
  • France
  • Italy
  • The Netherlands
• Asia Pacific
• • China
  • India
  • Japan
  • Indonesia
  • Malaysia
  • Philippines
• Central & South America
• • Brazil
• Middle East and Africa