Polylactic Acid Market Expects CAGR Growth to Approx. 15.5% by 2030 As Revealed in New Report

Report Overview:

The following report titled “Global Polylactic Acid MarketBy Product Form (Films and Sheets, Pellets, Fibers, Others), By End Users (Packaging, Textiles, Agriculture, Electronics, Consumer Goods, Others) and other forecast 2024-2030” provides a comprehensive analysis of the market, focusing on key details such as market size, growth trends, determinants of growth, segments covered, and the role of leading players in the industry.

Global Polylactic Acid Market Summary

The Global Polylactic Acid Market was valued at USD 98.5 Million in 2022 and it is estimated to grow at a CAGR of about 15.5% during the forecast period, i.e., 2024-30. The market growth imputes to the surging concern of global economies to curb plastic pollution by adopting the use of eco-friendly alternatives. Countries across North America, Europe, and Asia-Pacific are witnessing tightening of their regulation regarding the use of single-use plastics, as these economies face high plastic clogging in public spaces, such as rivers and beaches, etc., causing extensive environmental damage.

Report Coverage & Details

  • Forecast Period: 2024-2030
  • Base Year: 2023
  • Market Size in 2022: USD 98.5 Billion
  • CAGR: 15.5%

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Polylactic Acid Market Driver:

Increasing Automotive Production Amplifies the PLA Demand – Over the past few years, automotive manufacturing companies have been focussing on the expansion of their manufacturing capabilities across countries such as China, Japan, India, the UAE, etc. This expansion has been playing a vital role in the automotive industry expansion. The major automotive manufacturers have set up their production units in China and Southeast Asian countries due to lower labor costs, favorable taxation policies, availability of raw materials, and efficient supply chains. For instance,

  • In 2022, BMW partnered with Truong Hai Auto Corporation (THACO) to expand its production of BMW vehicles in Vietnam.

Hence, the expansion of the automotive production units has been expanding the demand for Polylactic acid (PLA) used in automotive components during the historical years. This demand from the automotive industry has been majorly influenced by their rising inclination toward sustainable products. Further, as more companies expand their production units, the demand for PLA would amplify in the forthcoming years as well.

Segmentation Analysis: Polylactic Acid Market

By Product Form

  • Films and Sheets- Market Size & Forecast 2019-2030, USD Million
  • Pellets- Market Size & Forecast 2019-2030, USD Million
  • Fibers- Market Size & Forecast 2019-2030, USD Million
  • Others (Filaments, Granules, etc.) – Market Size & Forecast 2019-2030, USD Million

By End Users

  • Packaging- Market Size & Forecast 2019-2030, USD Million
  • Textiles – Market Size & Forecast 2019-2030, USD Million
  • Agriculture- Market Size & Forecast 2019-2030, USD Million
  • Electronics- Market Size & Forecast 2019-2030, USD Million
  • Consumer Goods- Market Size & Forecast 2019-2030, USD Million
  • Others (Medical, Automotive, etc.) – Market Size & Forecast 2019-2030, USD Million

By Region

  • North America
  • South America
  • Europe
  • The Middle East & Africa
  • Asia-Pacific

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Region: Asia Pacific Holds a Major Market Share

Among all regions globally, Asia Pacific is anticipated to dominate the Polylactic Acid Market with the largest share during 2024-30.

Leading Players Analysis: Polylactic Acid Market

The report provides detailed analysis of key players in the global Polylactic Acid market, highlighting their strategies and competitive scenario.

  • Total Corbion PLA
  • Nature Works LLC
  • COFCO
  • Futerro
  • Jiangxi Keyuan Bio-Material Co., Ltd.
  • Zhejiang Hisun Biomaterials Co., Ltd.
  • Shanghai Tong-Jie-Liang Biomaterials Co., Ltd.
  • Sulzer Ltd
  • BASF SE
  • Danimer Scientific
  • Toray Industries, INC
  • Evonik Industries
  • Unitika Ltd.
  • Mitsubishi Chemicals

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