The Worldwide Polylactic Acid Industry is Expected to Reach $1.9 Billion by 2026

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Jun 23, 2022, 10:15 ET

DUBLIN, June 23, 2022 /PRNewswire/ -- The "Polylactic Acid (PLA) Market by Grade (Thermoforming, Extrusion, Injection Molding, Blow Molding), Application (Rigid Thermoform, Film & Sheet, Bottles), End-use Industry (Packaging, Consumer Goods, Agricultural, Textile, Biomedical) and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global PLA market size is projected to grow from USD 1.0 billion in 2021 to USD 1.9 billion by 2026, at a CAGR of 12.2% between 2021 and 2026.

The market is driven by various factor such as increasing demand of PLA in packaging industry, government regulations in Europe, increased focus of government on green procurement policies, and shift in consumer preference toward eco-friendly and biodegradable plastic products.

Moreover, high potential in emerging countries of APAC such as India, and China, and multi-functionalities of PLA is expected to drive the market during the forecast period. However, the market is in the nascent stage in developing countries due to the challenges, such as processing after the end of life, fluctuation in oil prices, performance limitations of PLA, and limited regulations of PLA in developing countries.

Changing consumer preference toward eco-friendly plastic products is driving the demand for PLA during the forecast period

The PLA market in European countries such as Germany, and UK is expected to witness high growth, owing to Improving consumer awareness regarding sustainable plastic solutions. Moreover, increasing landfills and waste piles have emerged as serious environmental, and health hazards resulted in numerous adverse effects on the ecosystem.

Rising consumer awareness due to adverse effects of traditional plastics is encouraging the use of PLA. Additionally, rising investment in new packaging technology, and strict government norms regarding plastic usage and ban on single-use plastics is expected to increase the growth rate in Europe, during the forecast period.

Government focus on green procurement policies and regulations to boost the demand for PLA during the forecast period

Rising prohibition against conventional plastics, and government regulations towards development of sustainable ecosystem is driving the PLA market worldwide. Developed countries such as Europe, and North America are becoming more stringent, and encouraging the use of sustainable and eco-friendly products.

Various government are implementing new policies and programs such as green dot system in Europe, and initiatives such as "Bio Preferred" in North America to promote PLA. Moreover, to curb the use of conventional plastics, various governments are providing tax benefits, and incentives to promotes eco-friendly materials to reduce the consumption of plastics.

Europe to dominate the PLA market in 2020

Europe is the largest market for PLA, owing to the strict government norms regarding plastic usage and ban on single-use plastics. Additionally, European countries are investing heavily in new packaging technology to suit customer demands and needs. Countries such as Germany, and UK have established food & beverage industry (particularly packed food), and environmentally inclined rules & regulations is expected to boost the demand for the PLA market during the forecast period.

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Developed Economies to Witness Relatively Higher Growth
4.2 Pla Market, by Grade
4.3 Pla Market, by Application
4.4 Pla Market, by End-Use Industry
4.5 Pla Market, by Country

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Changing Consumer Preference Toward Eco-Friendly Plastic Products
5.2.1.2 Increasing Use in Packaging and Compostable Bag Applications
5.2.1.3 Government Focus on Green Procurement Policies and Regulations
5.2.1.4 Technological Advancements to Encourage Production of Pla
5.2.2 Restraints
5.2.2.1 Higher Prices of Pla Than Conventional Plastics
5.2.3 Opportunities
5.2.3.1 Development of New Applications
5.2.3.2 High Potential in Emerging Countries of Asia-Pacific
5.2.3.3 Multi-Functionalities of Pla
5.2.4 Challenges
5.2.4.1 Performance Issue
5.2.4.2 Fluctuating Oil Prices Create Volatility in Demand for Pla
5.2.4.3 Expensive and Complex Production Process
5.3 Porter's Five Forces Analysis
5.3.1 Bargaining Power of Suppliers
5.3.2 Bargaining Power of Buyers
5.3.3 Threat of Substitutes
5.3.4 Threat of New Entrants
5.3.5 Intensity of Competitive Rivalry
5.4 Value Chain Analysis
5.4.1 Raw Material Suppliers
5.4.2 Manufacturers
5.4.3 Distributors
5.4.4 End-Consumers
5.5 Patent Analysis
5.6 Raw Material Analysis
5.7 Tariff & Regulations
5.8 Trade Analysis
5.9 Ecosystem Mapping
5.10 Technology Analysis
5.10.1 Development of Nanocellulose and Nanocomposites
5.11 Trends/Disruptions Impacting Customer's Business
5.12 Macroeconomic Analysis
5.13 Average Selling Price Analysis
5.14 COVID-19 Impact Analysis

6 Polylactic Acid Market, by Grade
6.1 Introduction
6.2 Thermoforming Grade
6.3 Injection Molding Grade
6.4 Extrusion Grade
6.5 Blow Molding Grade
6.6 Others

7 Polylactic Acid Market, by Application
7.1 Introduction
7.2 Rigid Thermoforms
7.3 Films & Sheets
7.4 Bottles
7.5 Others

8 Polylactic Acid Market, by End-Use Industry
8.1 Introduction
8.2 Packaging
8.2.1 Food Packaging
8.2.2 Non-Food Packaging
8.3 Consumer Goods
8.3.1 Electrical Appliances
8.3.2 Domestic Appliances
8.4 Agricultural
8.4.1 Planter Boxes
8.4.2 Tapes & Mulch Films
8.4.3 Netting
8.5 Textile
8.5.1 Diapers and Wipes
8.5.2 Female Hygiene
8.5.3 Personal Care, Clothes, Disposable Garments, Medical & Healthcare, and Other Textiles
8.6 Biomedical
8.6.1 Medical Plates & Screws
8.6.2 Implants
8.7 Others

9 Polylactic Acid Market, by Region

10 Competitive Landscape
10.1 Introduction
10.2 Strategies Adopted by Key Players
10.3 Market Share Analysis
10.3.1 Ranking of Key Market Players
10.3.2 Market Share of Key Players, 2020
10.4 Revenue Analysis of Top Players
10.5 Market Evaluation Matrix
10.6 Company Evaluation Matrix
10.6.1 Star
10.6.2 Emerging Leaders
10.6.3 Pervasive
10.7 Company Footprint
10.7.1 Strength of Product Portfolio
10.7.2 Business Strategy Excellence
10.8 Startups and Small and Medium-Sized Enterprises (Smes) Evaluation Matrix
10.8.1 Progressive Company
10.8.2 Responsive Companies
10.8.3 Starting Blocks
10.9 Competitive Scenario
10.9.1 New Product Launches
10.9.2 Deals
10.9.3 Other Developments

11 Company Profiles
11.1 Key Players
11.1.1 Natureworks LLC
11.1.2 Total Corbion Pla
11.1.3 Basf Se
11.1.4 Cofco
11.1.5 Futerro
11.1.6 Danimer Scientific
11.1.7 Toray Industries, Inc.
11.1.8 Evonik Industries
11.1.9 Mitsubishi Chemical Corporation
11.1.10 Unitika Ltd.
11.2 Other Players
11.2.1 Zhejiang Hisun Biomaterials Co., Ltd.
11.2.2 Shanghai Tong-Jie-Liang Biomaterialsco., Ltd.
11.2.3 Chongqing Bofei Biochemical Products, Ltd.
11.2.4 Zhangjiagang Create Material Co., Ltd.
11.2.5 Synbra Technology
11.2.6 Sumitomo Chemical Co., Ltd.
11.2.7 Fkur
11.2.8 Musashino Chemical Laboratory, Ltd.
11.2.9 Akro-Plastic GmbH
11.2.10 Vaishnavi Bio Tech
11.2.11 Carbiolice
11.2.12 Shenzhen Esun Industrial Co., Ltd.
11.2.13 Jiangsu Supla Bioplastics Co., Ltd.
11.2.14 Nantong Jiuding Biological Engineering Co., Ltd.
11.2.15 Floreon