The global Polylactic Acid Market size is expected to reach
USD 2,772.93 million by 2030, registering a CAGR of 21.4% over the forecast
period, according to a new study by Grand View Research, Inc. Rising
environmental concerns, improving awareness among consumers, and stringent
government regulations are contributing to eliminating the use of
non-biodegradable plastics, which, in turn, is driving the growth of the
polylactic acid (PLA) market. Polylactic acids are bio-sourced, and break down
faster as compared to petroleum-based plastics. Due to their decreased carbon
footprint, they get preference over traditional plastics. The rising emphasis
on sustainable products is a key factor driving the growth of the flexible
packaging industry, which is expected to result in reduced consumption of
petroleum-based products and a shift toward bio-based alternatives.
Moreover, PLA is increasingly being used to
manufacture single-use packaging materials that include shopping bags and
disposable cutlery, which is likely to boost its demand over the forecast
period. PLA is an environmentally friendly alternative to traditional plastics,
notably in flexible and rigid packaging applications, as it is bio-based,
compostable, and biodegradable. Bioplastics are expected to witness significant
growth in their demand in the market. Rising demand for flexible packaging in
various countries, including India, Saudi Arabia, China, Japan, and Germany, is
further expected to fuel the demand for PLA.
Related Press Release@ Polylactic Acid Market Report
List of Key Players in Polylactic Acid Market
- 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.
Polylactic Acid Market Report Highlights
- North America dominated the global market in 2022. The North America
regional market is characterized by strong demand for sustainable products
- The demand for bioplastics in North America is expected to
be spurred by initiatives by the U.S. Department of Agriculture for
promoting eco-friendly products
- Asia Pacific is expected to grow at the fastest CAGR of 22.2%, in
terms of revenue, over the forecast period. The regional market is
primarily driven by the growing product demand from key industries
including automotive & transportation, electronics, textile,
packaging, appliance, and medical
- Packaging dominated the end-use segment with a revenue share of over
36.0% in 2022. The growing demand for packaged foods, including frozen
meals, cake mixes, and snack foods, is expected to increase the
requirements for flexible packaging, thereby augmenting the growth of
the packaging industry in the coming years
- In March 2023, Toyota Boshoku Corp. announced a $54.4 million
investment in its Jackson metal stamping facility to enhance production.
This expansion will result in the emergence of 80 additional employment in
Madison County
- The new plant will add 87,000 square feet to TBTN's current Jackson
location, allowing the company to arrange its manufacturing activities
while also serving Toyota Boshoku America's subsidiary locations
Polylactic Acid Market Report Scope
|
Report Attribute |
Details |
|
Market
size value in 2023 |
USD
713.22 million |
|
Revenue
forecast in 2030 |
USD
2,772.93 million |
|
Growth
rate |
CAGR of
21.4% from 2023 to 2030 |
|
Base year
for estimation |
2022 |
|
Historical data |
2018 - 2021 |
|
Forecast period |
2023 - 2030 |
Related Category Reports@
Polylactic Acid Market Segmentation
Grand View Research has segmented the global
polylactic acid market on the basis of end-use and region:
PLA End-use Outlook (Volume, Kilotons; Revenue, USD
Million, 2018 - 2030)
- Packaging
- Agriculture
- Automotive & Transport
- Electronics
- Textiles
- Others
PLA Regional Outlook (Volume, Kilotons; Revenue, USD
Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- The Netherlands
- Asia Pacific
- China
- India
- Japan
- Indonesia
- Malaysia
- Philippines
- Central & South America
- Brazil
- Middle East and Africa
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals, materials,
healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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