by The polylactic acid market is estimated to witness high growth owing to increasing adoption of bioplastics. Polylactic acid (PLA) is a biodegradable thermoplastic aliphatic polyester derived from renewable plant sources such as corn starch, tapioca roots, chips, or starch. PLA provides an environment-friendly alternative to petroleum-based plastics with properties similar to certain petrochemical-based plastics. It is compostable, recyclable, bioabsorption, and biodegradable. PLA is used in various applications such as packaging, textiles, agriculture, medical & healthcare owing to its properties.
The global polylactic acid market is estimated to be valued at US$ 2,717.5 Mn in 2024 and is expected to exhibit a CAGR of 18.% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the polylactic acid market are 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., BASF SE, Danimer Scientific, Mitsubishi Chemical America, Inc., UNITIKA LTD., Sulzer Ltd., Weforyou, Polysciences Inc., Musashino Chemical Laboratory Ltd., BEWiSynbra Group, Esun, and Danimer Scientific.
Key opportunities in the Polylactic Acid Market Market Growth include bioplastics from packaging and textile industries. The packaging industry is a major end-use industry for PLA owing to increasing awareness about using biodegradable and eco-friendly materials for packaging applications. The textile industry is also emerging as a key opportunity with PLA fiber being used to manufacture apparel, home textiles, and industrial textiles.
Technological advancements are focused on developing new production processes for PLA that reduce manufacturing costs. Researchers are exploring microbial fermentation and algal biosynthesis for commercial-scale PLA production. New polymeric blends of PLA with other bioplastics and development of mono-oriented PLA fiber are recent technological advances.
Market Drivers
Stringent government regulations regarding use of plastics along with bans on single-use plastics are a major market driver for bioplastics like PLA. Growing concerns about sustainability and environmental protection are also fueling demand. Polylactic Acid Market Challenges And Opportunities offers an eco-friendly alternative to conventional plastics with properties suitable for various applications. Increasing awareness among customers regarding use of sustainable materials further drives market growth.
Challenges in the Polylactic Acid Market:
The Polylactic Acid market is currently facing several challenges that are hampering its growth. One of the major challenges is the high production cost of PLA compared to conventional plastics like polyethylene and polypropylene. Producing PLA requires expensive manufacturing processes involving fermentation and purification that drives up costs. Secondly, the demand for PLA is concentrated only in developed regions with high environmental awareness which limits its potential market. There is lack of awareness about bioplastics in developing and underdeveloped markets. Another challenge is the limited properties and applications of PLA. Its use is restricted to specific applications where high heat resistance and barrier properties are not required. This restricts competition with conventional plastics. Issues related to recyclability of PLA also pose challenges as existing waste management systems are not well equipped to handle PLA. Overall development of newer technologies to lower production costs and expand applications of PLA can help overcome many of the current challenges in this market.
SWOT Analysis
Strength:
– Biodegradable and compostable nature of PLA makes it an eco-friendly alternative to petroleum based plastics.
– Ability to be produced from renewable resources like corn starch reduces dependence on fossil fuels.
Weakness:
– High production costs compared to conventional plastics.
– Limited heat resistance and barrier properties restrict applications.
Opportunity:
– Growing consumer demand for sustainable packaging solutions provides major opportunities.
– Expansion into developing markets with rising environmental awareness.
Threats:
– Stiff competition from well-established petroleum based plastics.
– Issues related to separate collection and recycling of PLA.
Europe currently accounts for the largest share in the global Polylactic Acid market in terms of value. This is due to stringent environmental regulations regarding fossil fuel based plastics and higher consumer awareness about sustainability. The Asia Pacific region is expected to be the fastest growing market during the forecast period. This is attributed to factors like growing industrialization, rising disposable incomes, and expansion of end use industries in countries like China and India.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
