Polylactic Acid Market is Projected To Reach USD 1346.7 Million By 2028 With a CAGR of 3.3% - Valuates Reports
BANGALORE, India, Aug. 11, 2022 /PRNewswire/ -- Polylactic Acid Market is segmented by Type - Injection Molding Grade PLA, Film Grade PLA, Sheet Grade PLA, Fiber Grade PLA, Application - Tableware and Utensils, Food and Beverage Packaging, Electronics and Electrical Appliances, Medical and Personal Care, 3D Printing Consumables, Other. Global Opportunity Analysis and Industry Forecast, 2022 - 2028. It is published in Valuates Reports under the Chemicals Industry Category.
The global polylactic acid market size is estimated to be worth USD 1108.3 million in 2022 and is projected to reach USD 1346.7 million by 2028 with a CAGR of 3.3% during the forecast period.
Major Factors Driving The Growth Of The Polylactic Acid Market Are
The increasing demand for PLA in end-use sectors, such as tableware, utensils, medical, and 3d printing consumables are primarily responsible for the growth of the market.
The booming packaging industry due to the huge demand for ready-to-eat meals, packaged food, and snacks will fuel the growth of the market during the forecast period.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL POLYLACTIC ACID MARKET
The awareness regarding sustainable plastic solutions is increasing. Petroleum-derived plastics lay in landfills for a long period of time and do not degrade easily. PLA is absorbed in the natural system faster. Hence industries are effectively utilizing and promoting environmentally friendly products. This will bolster the growth of the polylactic acid market in the coming years. Crystallized PLA has a higher heat resistance of up to 90 degrees Celsius or 194 F. It is processed by applying high pressure and heat or manufacturing a hard product that is not easily susceptible to heat degradation. As they contain superior biodegradable additives they are used extensively in coffee cups, cutlery, lids, and soup bowls.
Polylactic acid is the preferred material for 3D printing, particularly in FDM printers. PLA filaments are easy to use and have minimal warping issues. They are the perfect starting point. This will expand the growth of the polylactic acid market. PLA is biodegradable, has a low printing temperature, and offers a variety of color and blending options along with smooth post-processing.
The component is highly compatible with the human body for use as medical aids and support systems. It is used in several biomedical applications such as sutures, clips, drug delivery systems, tissue engineering, etc. The product is a viable alternative to traditional metal plates and dissolves quickly inside the body without releasing any toxic elements. This will surge the growth of the global polylactic acid market. It is suitable for medical implants in the form of anchors, plates, rods, mesh, pins, and screws. It breaks down within 6 months to 2 years and is desirable for the support structure inside the body. The load is transferred to the bone as the area heals.
Polylactic acid in food packaging is a major component. It is generally recognized as safe by the FDA. There are certain issues related to lactic acid leaching. However, these are not harmful to humans. PLAs are deployed widely for cups, tea bags, bottles, films, and food packaging in turn fueling the demand for the polylactic acid market globally. Unlike conventional PET or plastics, these products do not emit toxic fumes during incineration.
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POLYLACTIC ACID MARKET SHARE ANALYSIS
Based on application, the tableware and utensils segment will most likely dominate the polylactic acid market share followed by food and beverage packaging.
Based on type, the injection molding grade segment is the largest with a market share of over 65%.
Based on region, North America is expected to witness considerable growth with a share of over 30%. This is due to the increasing demand for PLA from many industry verticals. While China is the second largest.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- Umicore
- GEM
- Brunp Recycling
- SungEel HiTech
- Taisen Recycling
- Batrec
- Retriev Technologies
- Tes-Amm(Recupyl)
- Duesenfeld
- 4R Energy Corp
- OnTo Technology
- Redwood
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