Polylactic Acid Market Size Worth $2,709.61 Million by 2030: Grand View Research, Inc.

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Nov 02, 2022, 06:30 ET

SAN FRANCISCO, Nov. 2, 2022 /PRNewswire/ -- The global polylactic acid market size is expected to reach USD 2,709.61 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 26.6% from 2022 to 2030. The growth is mainly driven by the end-use industries such as agriculture, transport, and textile, the increasing popularity of quick-service restaurants, and changing consumer preferences that are fueling the growth of flexible packaging. The growing packaging sector is anticipated to create high opportunities for polylactic acid during the forecast period.

Key Industry Insights & Findings from the report:

In 2021, packaging emerged as the largest end-use segment, contributing to over 36.7% share, owing to its wide usage in fresh food wrapping as well as manufacturing containers, jars, and bottles.
In 2021, North America accounted for more than 42.4% share of the overall revenue owing to the mounting demand for 3D printing filaments, as well as the accessibility of raw materials, which are promoting the product growth regionally.
In 2021, the U.S. dominated the regional polylactic acid market of the packaging end-use segment, contributing to 90.60% volume share, and is anticipated to maintain its dominance during the forecast period.
In 2021, China led the Asia Pacific market with nearly 49% share in terms of revenue, which is anticipated to grow owing to the rising demand for the product in end-use areas, including automotive & transport, agriculture, appliances, electronics, and textile.

Read 113-page market research report, "Polylactic Acid Market Size, Share And Trends Analysis Report By End Use (Packaging, Agriculture, Transport, Electronics, Textile, Others), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Polylactic Acid Market Growth & Trends

Packaging was the dominant end-use segment in 2022 and is estimated to continue its dominance over the forecast period. PLA is extensively used in packaging end-use products, including household care, food & beverage, and personal care products, among others. Growing consumer awareness regarding the need for sustainability, recyclability, and green packaging is expected to drive the global PLA demand during the forecast period.

In the automotive & transportation sector, several reforms in terms of component manufacturing are observed globally. For instance, vehicle interior components such as engine components, interior trim, and under the hood components are manufactured using lightweight substances to enhance performance and reduce vehicle weight. This has led to an increasing need for sustainable bioplastic component manufacturing to increase the toughness and increase fuel economy, which, in turn, has led to the growing demand for polylactic acid. Rising demand for equipment and protective apparel due to the COVID-19 outbreak is anticipated to drive the inclusion of PLA in the medical and textile end-use segments.

The European PLA market is anticipated to witness substantial growth in the coming years, owing to various factors such as the presence of stringent environment-friendly laws and increasing environmental concerns among consumers. In addition, government initiatives such as the decision of the EU to minimize the overall consumption of single-use plastic products are anticipated to propel the demand for PLA over the forecast period.

Polylactic Acid Market Segmentation

Grand View Research has segmented the global polylactic acid market on the basis of end-use and region:

Polylactic Acid Market - End-use Outlook (Volume, Tons; Revenue, USD Thousand, 2019 - 2030)

Packaging
Agriculture
Automotive & Transport
Electronics
Textile
Others

Polylactic Acid Market - Regional Outlook (Volume, Tons; Revenue, USD Thousand, 2019 - 2030)

North America

U.S.
Canada
Mexico

Europe

Germany
U.K.
France
Italy
Netherlands

Asia Pacific

China
India
Japan
Indonesia
Malaysia
Philippines

Central & South America

Brazil

Middle East & Africa

List of Key Players in the Polylactic Acid Market

Total Corbion PLA
Nature Works LLC
SUPLA (JIANGSU SUPLA BIOPLASTICS CO., LTD.)
Futerro
COFCO
Jiangxi Keyuan Bio-Material Co., Ltd.
Shanghai Tong-Jie-Liang Biomaterials Co., Ltd.
Zhejiang Hisun Biomaterials Co., Ltd.

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Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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