Polylactic Acid Market Set to Soar Past USD 3.11 Billion by 2030
The global Polylactic Acid market size is expected to reach USD 3.11 billion by 2030 and exhibit a CAGR of 6.42% in the forecast period (2023−2030), according to Skyquest’s latest research report. The increased consumer awareness and demand for sustainable and eco-friendly packaging materials, growing emphasis on reducing plastic waste and environmental concerns, government regulations promoting biodegradable plastics, the rising use of PLA in various applications like packaging, textiles, and medical devices, and the ongoing research and development efforts to enhance PLA’s performance characteristics are fueling the market’s growth.
Westford,USA, Jan. 12, 2024 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Polylactic Acid market, increased investment in PLA production capacity and technology innovation, the development of new grades and formulations to improve PLA’s properties and suitability for various applications, the expansion of PLA into 3D printing and medical devices, the growth of bio-based and biodegradable packaging solutions, and the emergence of circular economy concepts that promote the recycling and reuse of PLA materials, are the trends that aid in the market’s growth.
Browse in-depth TOC on “Polylactic Acid Market”
- Pages – 157
- Tables – 91
- Figures – 76
Polylactic acid (PLA) is a biodegradable and biocompatible thermoplastic polymer derived from renewable resources such as corn starch, cassava, or sugarcane. It is a versatile material that can be used to produce a wide range of products, including food packaging, disposable tableware, 3D printing filament, and biomedical devices.
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Prominent Players in Polylactic Acid Market
- NatureWorks LLC (US)
- TotalEnergies Corbion (Netherlands)
- BASF SE (Germany)
- COFCO (China)
- Futerro (Belgium)
- Danimer Scientific (US)
- Toray Industries Inc. (Japan)
- Evonik Industries (Germany)
- Mitsubishi Chemical Corporation (Japan)
- Unitika Ltd. (Japan)
- Henan Jindan Lactic Acid Co., Ltd. (China)
- Sulzer Ltd. (Switzerland)
- Galactic (Belgium)
- Cargill, Incorporated (US)
- Corbion (Netherlands)
- Unitika Ltd (Japan)
- Henan Jindan Lactic Acid Technology Co., Ltd. (China)
- TORAY INDUSTRIES, INC. (Japan)
- Sulzer Ltd (China)
- Stora Enso Oyj (Finland)
Corn Starch Demand to Grow Substantially in the Forecast Period
Corn starch dominated the global online market as they are often cost-competitive as a raw material compared to alternatives. The relatively low cost of corn made it an attractive option for manufacturers, especially for large-scale PLA production.
Sustainability and Eco-Friendly Packaging is the Leading Application Segment
In terms of application, sustainability and eco-friendly packaging is the leading segment due to the increasing consumer awareness and demand for environmentally responsible packaging materials, many companies sought to replace conventional plastic packaging with PLA. This trend was driven by a desire to reduce plastic waste and promote recycling.
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North America is the leading Market Due to the Technological Advancements
Region-wise, North America is one of the largest growing markets with a huge emphasis on technological advancements. The region had a well-developed market for eco-friendly and sustainable products, and there was growing consumer awareness and demand for biodegradable and renewable materials. The U.S. had several companies involved in PLA production and a strong focus on sustainability, which contributed to its significance in the market.
A recent report thoroughly analyzes the major players operating within the Polylactic Acid market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Polylactic Acid.
Key Developments in Polylactic Acid Market
- Total Energies Corbion (Gorinchem, the Netherlands) has announced a breakthrough in the circular plastics economy by proving that polylactic acid (PLA) bioplastic can be sorted with municipal plastic waste. With the aim of determining the sortability of PLA from municipal mixed plastic waste, TotalEnergies Corbion and TOMRA Recycling conducted a sorting test.
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Key Questions Answered in Polylactic Acid Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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