Polylactic Acid Market Soars with Demand for Biodegradable Packaging
Polylactic Acid Market Soars with Demand for Biodegradable Packaging
Blog Article
The Polylactic Acid Market has been growing rapidly owing to high demand for biodegradable and eco-friendly packaging materials from food and beverage sector. Polylactic acid or PLA is a biodegradable and bio-based plastic made from fermented plant starch such as corn, tapioca roots or sugarcane. It can be used to produce packaging films, bottles, food containers, 3D printing filaments and fibers for textiles among other applications. PLA degrades completely in compost and leaves no toxic residues over the time. The growing emphasis on using sustainable packaging solution due to rising concerns regarding plastic waste has boosted the adoption of PLA worldwide.
The Global Polylactic Acid Market is estimated to be valued at US$ 2,717.5 Mn in 2024 and is expected to exhibit a CAGR of 18% over the forecast period 2024 to 2031.
Key Takeaways:
Key players operating in the Polylactic Acid Market are 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., BASF SE, Danimer Scientific, Mitsubishi Chemical America, Inc., UNITIKA LTD., Sulzer Ltd., Weforyou, Polysciences Inc., Musashino Chemical Laboratory Ltd., BEWiSynbra Group, Esun, and Danimer Scientific.
The key opportunities in the Polylactic Acid Market Size include rising application of PLA in 3D printing filaments and fibers owing to their superior strength and puncture resistance properties. Moreover, growing application in food packaging for fresh food, frozen food, beverages and bakery products is anticipated to drive the demand over the forecast period.
Geographically, Asia Pacific dominates global PLA market led by China, which has emerged as a major producer of the bioplastic resin. However, North America and Europe are also anticipated to portray high growth in coming years supported by favorable government initiatives to reduce plastic waste. Major global players are expanding their production facilities in these regions in order to cater growing regional demand.
Market Drivers:
Stringent government regulations regarding single-use plastics along with bans on microplastics are majorly driving the growth of biodegradable Polylactic Acid Market. Various countries and regions across the globe have imposed bans on single-use plastic items like straws, stirrers, cutlery and plates which is positively impacting the sales of PLA. Moreover, growing consumer preference for sustainable packaging owing to increasing awareness about environmental protection is anticipated to propel the market growth over the forecast period.
Market Restraints:
High production cost of PLA as compared to conventional plastics may limit its demand to some extent. Moreover, limited resources for production of PLA resin and dependence on crops like corn for raw materials also poses challenges. Fluctuating prices of row materials affect the overall production cost of PLA over time.
Segment Analysis
The polylactic acid market is dominated by the flexible packaging sub segment which accounts for over 40% share of the global market. PLA is increasingly being used in flexible packaging formats like pouches, wraps, bags and films due to its properties like tensile strength, clarity, printability and ability to act as an effective barrier against moisture, grease and oxygen. It is widely used for packaging various food products, pharmaceuticals and consumer goods. The food and beverage industry is the major end use sector for flexible packaging made using PLA.
Global Analysis
The Asia Pacific region dominates the global polylactic acid market with a share of over 35% in 2024. China leads the APAC PLA market with the country emerging as the largest producer and consumer of polylactic acid globally. Easy availability of raw materials, expanding food packaging industry and support from the government through favorable policies have boosted the PLA market in the region. Europe is the second largest regional market attributed to stringent regulations restricting the use of plastics and growing demand for bioplastics from various industries in the region. Countries like Germany, Spain and Italy are the major consumers of PLA in Europe. North America is projected to witness steady growth during the forecast period with growing research on developing innovative application of PLA in various end use industries.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)