Polylactic Acid Market 2023: Share, Size (US$ 2,160.3 Million), Price Trends, Value, and Forecast 2028

Published February 7, 2023

The latest report by IMARC Group, titled “Polylactic Acid (PLA) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the global polylactic acid market share. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global polylactic acid (PLA) market size reached US$ 850.4 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,160.3 Million by 2028, exhibiting a growth rate (CAGR) of 16.33% during 2023-2028.

Polylactic acid (PLA) refers to a recyclable and biodegradable polyester that is made from renewable feedstock. It is a thermoplastic aliphatic polymer that is manufactured using sugar cane or corn starch. It is commonly available in the forms of fiber, sheets, films and coatings that are often characterized by excellent optical and mechanical properties. It also offers exceptional resistance to heat, light and moisture, due to which it is commonly utilized across the food industry as a preferred packaging material. Moreover, it also finds extensive applications across the medical, textile, automotive and agricultural sectors.

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Market Trends:

The global market is majorly driven by the increasing demand for biocompatible food packaging solutions across the globe. PLA is widely utilized in the formulation of disposable cutlery and food containers that are also microwaveable in nature, thereby providing an impetus to the market growth. Moreover, the containers made by using PLA are grease-resistant while offering enhanced aesthetic appeal to the packaged food products, which is creating a positive outlook for the market.

The market is further driven by the growing utilization of PLA in the manufacturing of numerous textiles that are characterized by improved durability, breathability, and drapability. Significant growth in the textile sector is providing a boost to the market growth. Some of the other factors contributing to the market growth include an enhanced focus on sustainable development and the numerous initiatives undertaken by the governments of multiple countries to promote the usage of biodegradable products, including PLA.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.

Some of these key players include:            

  • Evonik Industries AG
  • Futerro
  • Jiangsu Supla Bioplastics Co. Ltd.
  • Jiangxi Keyuan Bio-Material Co. Ltd.
  • Mitsui Chemicals Inc.
  • NatureWorks LLC (Cargill Incorporated)
  • Shanghai Tong-Jie-Liang Biomaterials Co. Ltd.
  • Total Corbion PLA.

Key Market Segmentation:

Breakup by Raw Material:

  • Corn
  • Sugarcane and Sugar Beet
  • Cassava
  • Others

Breakup by End Use Industry:

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

Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Key highlights of the Report:

  • Market Performance (2017-2022)
  • Market Outlook (2023-2028)
  • COVID-19 Impact on the Market
  • Porter’s Five Forces Analysis
  • Historical, Current and Future Market Trends
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Structure of the Market
  • Value Chain Analysis
  • Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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