Polylactic Acid (PLA) Market by Form (Rigid Thermoform, Films and Sheets, and Coatings), Application (Packaging, Automotive, Medical, Electronics, Agriculture, Textiles, and Others): Global Market Size Estimates and Forecast (2022-2030)

The market crossed US$ 1.1 billion mark in 2022 and is expected to hit US$ 2.9 billion by 2030, recording a CAGR of approximately 13.0% during the forecast period.

Polylactic acid (PLA) market has been significantly growing with the increasing demand of packaging

Polylactic acid is broadly utilized in the packaging industry for various applications such as food packaging, single-use cutlery, electronics, textiles and biodegradable alternatives of plastics. Polylactic acid is an industrially compostable polymer with distinct properties such as transparency, gloss and rigidity. It is obtained from different sources such as sugarcane, corn, and sugar beet. With the rising consumer awareness and government initiatives, the biodegradable packaging is promoted on e-commerce and offline markets. Polylactic acid (PLA) is utilized in food packaging having biocompatible, mechanical and optical properties. Moreover, the packaging sector is driven, owing to rising demand for packaged foods, snacks, ready to eat meals, textiles and consumer goods. As a result, the demand for polylactic acid is projected to rise due to advancement in packaging sector.

Within the report, the market is segmented into form, application, and geography. By form, the market is further divided into rigid thermoform, films and sheets, and coatings. By application, the market is further divided packaging, automotive, medical, electronics, agriculture, textiles, and others. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

The shift in consumer preference towards biodegradable plastic products

The rate of decomposition of biodegradable plastics such as polylactic acid by the microbial activities is comparatively fast than that of traditional plastics. The advancement in technology and innovation in the packaging industry has led to the development of sustainable packaging, edible packaging, shrinking carbon footprint and waste reduction solutions. In addition, manufacturers and consumers have increased the utilization of biodegradable products in their operations and market. Therefore, these factors along with rising government regulations regarding environment safety are expected to create notable growth of the polylactic acid market.

Rise in textile industry is expected to fuel the polylactic acid market

The polylactic acid produces less carbon emissions, compared to conventional plastic. The packaging sector has also witnessed rising demand for flexible packaging products. Polylactic acid provides better durability and breathability. Therefore, textile products manufactured from polylactic acid have high market penetration and growth rate. Therefore, these advantages are anticipated to fuel the polylactic acid market growth.   

Recent strategic developments in polylactic acid market

The polylactic acid market has undergone several significant developments, and a few of these have been mentioned below:

• In October 2020, Futerro launched a fully integrated polylactic acid plant in China. The polylactc acid unit has capacity of 30,000 tons/year, incorporating patented technology.
• In September 2020, NatureWorks expanded the polylactic acid (Ingeo™️) biomaterials production. The production was increased by 10% by installing additional monomer purification technology.  

The polylactic acid market is driven by several players implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. NatureWorks, Total Corbion PLA, BASF SE, Sulzer and Futerro are among the prominent players operating in the market.

Target audience for the report:

• Raw material providers
• Polylactic acid end users
• Polylactic acid -related associations, organizations, forums, and alliances
• Government bodies, such as regulating authorities and policy makers
• Venture capitalists, private equity firms, and start-up companies
• Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the market has been segmented on the basis of:

• Form:
  • Rigid Thermoform
  • Films and Sheets
  • Coatings
• Application:
  • Packaging
  • Automotive
  • Medical
  • Electronics
  • Agriculture
  • Textiles
  • Others
• Region
  • North America
  • Europe
  • Asia Pacific (APAC)
  • South & Central America
  • Middle East & Africa
• Companies profiled
  • NatureWorks
  • Total Corbion PLA
  • BASF SE
  • Sulzer
  • Futerro