Polylactic Acid Market Insights, Business Prospects, and Leading Players Updates 2030

Polylactic Acid Industry Overview

The global polylactic acid market size is expected to reach USD 2,709.61 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 26.6% from 2022 to 2030. The growth is mainly driven by the end-use industries such as agriculture, transport, and textile, the increasing popularity of quick-service restaurants, and changing consumer preferences that are fueling the growth of flexible packaging. The growing packaging sector is anticipated to create high opportunities for polylactic acid during the forecast period. 

Polylactic Acid Market Segmentation

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

Based on the End-use Insights, the market is segmented into Packaging, Agriculture, Automotive & Transport, Electronics, Textile and Others.

• The packaging end-use segment accounted for the largest revenue share of over 36% in 2022, owing to its wide utilization of polylactic acid for manufacturing bottles, jars, and containers, as well as for fresh food packaging. The inclination of consumers towards fill and sustainable packaging issues across the globe is compelling manufacturers to use polylactic acid in packaging. 

• Packaging is one of the major drivers of PLA in the food packaging industry. PLA plastic bottles are durable, disposable, and possess properties such as transparency and gloss. In addition, a strict ban on single-use plastics in many countries, such as the UK, Zimbabwe, New Zealand, Taiwan, and several states of the U.S. (such as Hawaii, New York, and California), is significantly driving the demand for PLA in packaging end-use.

• Textile is another important sector having high market penetration and a high growth rate, as polylactic acid offers smooth and pleasant fabrics. In addition, PLA provides excellent moisture, drapability, breathability, and durability. These benefits are anticipated to propel the inclusion of PLA in the textile industry during the forecast period.

• It can be easily composted as compared to petroleum-based products and does not emit toxic gases on incineration; thus, its demand in this application area is expected to remain strong during the forecast period. Bioplastic packaging, including rigid packaging and loose-fill packaging among others, has witnessed considerable regulatory support on account of the need for reducing greenhouse gas (GHG) emissions.

Polylactic Acid Regional Outlook

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa

Key Companies Profile & Market Share Insights

The companies in the market are involved in new product development and partnership to cater to a wide range of customers across the globe. For instance, in March 2019, NatureWorks LLC introduced Ingeo 3D450, a new formulation for use in dual extrusion 3D printers, that is designed to work with grades 3D850 and 3D870 of the Ingeo 3D series and developed for the professional printing market.

Manufacturing companies operating in the polylactic acid market emphasize highly on expanding their global footprint in an attempt to increase market shares and drive their revenues. They are establishing production facilities in Asia Pacific owing to the easy availability of cheap labor and close proximity to raw material suppliers.

Some of the key players in the global polylactic acid market include:

• Total Corbion PLA
• Nature Works LLC
• SUPLA (JIANGSU SUPLA BIOPLASTICS CO., LTD.)
• Futerro
• COFCO
• Jiangxi Keyuan Bio-Material Co., Ltd.
• Shanghai Tong-Jie-Liang Biomaterials Co., Ltd.
• Zhejiang Hisun Biomaterials Co., Ltd.

Order a free sample PDF of the Polylactic Acid Market Intelligence Study, published by Grand View Research.