Polylactic Acid Global Market Report 2024

The global polylactic acid market has grown rapidly in recent years. It will grow from $1.34 billion in 2023 to $1.59 billion in 2024 at a compound annual growth rate (CAGR) of 18.2%. The growth observed in the past can be credited to the emergence of environmentally friendly alternatives, increased demand for bioplastics, expansion within the packaging sector, shifts in consumer preferences, and concerted commercialization endeavors.

The global polylactic acid market is expected to see rapid growth in the next few years. It will grow to $3.18 billion in 2028 at a compound annual growth rate (CAGR) of 19.0%. The projected growth in the upcoming period is linked to global awareness campaigns, the burgeoning of end-use industries, advancements in supply chain infrastructure, emerging market demands, and increased investments in research and development. Key trends anticipated in the forecast period encompass the emphasis on biodegradability and sustainability, stringent environmental regulations, growing consumer awareness and preferences, shifts in packaging trends, and the entry of major industry players into the market.

The anticipated growth in the polylactic acid (PLA) market is strongly driven by increasing consumer consciousness surrounding green packaging and sustainability. This trend towards sustainable packaging aims to mitigate environmental impact by utilizing materials and processes that reduce energy consumption and adverse effects. PLA's significance in sustainable packaging arises from its biodegradability and recyclability, derived from renewable feedstock. Notably, the 2021 Global Buying Green Report by Trivium Packaging highlighted a remarkable increase in consumer willingness - 83% from younger generations - to pay more for sustainable packaging compared to the preceding year, significantly propelling the PLA market.

The escalating number of clinical trials stands as a substantial driver in the forthcoming growth of the polylactic acid market. These trials, systematic studies involving human participants, explore PLA's potential in biodegradable medical implants and drug delivery systems. As of May 2023, ClinicalTrials.gov reported a significant surge in registered clinical trials, surpassing 452,000 globally - an increase from early 2021's over 365,000 trials. This surge underscores the increasing exploration of PLA's applications, significantly contributing to the market's expansion.

Technological advancement emerges as a prominent trend shaping the polylactic acid (PLA) market, with key industry players investing in R&D and innovative technologies like injection molding. This process involves heating plastic materials to a molten state, injecting them into a mold, and cooling them to form the final product. For instance, Total Corbion PLA, a US-based technology company, introduced Luminy PLA in October 2021, marked as the first globally available bioplastic of its kind. This product, made from chemically regenerated post-industrial and post-consumer waste, offers commercial accessibility, allowing manufacturers to create certified products, including those intended for food contact applications.

Major entities within the polylactic acid market are strategically partnering to expand their capabilities and foster mutual growth. These strategic alliances involve leveraging each other's strengths and resources for mutual benefit and success. An illustrative instance is the partnership forged in May 2023 between Xiamen Changsu Industrial Pte Ltd., a China-based BOPA film manufacturer, and TotalEnergies Corbion, a Netherlands-based PLA producer. Their collaborative effort aims to replace conventional fossil-based materials with BOPLA-based adhesive tapes derived from Changsu's BiONLY, particularly targeting China's postal sector. This strategic collaboration signifies a concerted effort towards innovation and market penetration.

In June 2021, Carbios, a France-based biochemistry company, completed the acquisition of Carbiolice for $17.90 million (Euro 17.9 million). This strategic move has significantly enhanced Carbios' capabilities in the field of polymer biodegradation, expanding beyond polylactic acid (PLA) to innovate a completely new range of PLA-based polymers with 100% biodegradability across diverse environments. Carbiolice Capital, based in France, specializes in polymers and is specifically focused on polylactic acid.

Major companies operating in the polylactic acid market report are Total Corbion PLA, NatureWorks LLC, Futerro SA, COFCO Group, Jiangxi Keyuan Bio-Material Co. Ltd., Shanghai Tong-Jie-Liang Biomaterials Co. Ltd., Zhejiang Hisun Biomaterials Co. Ltd., Evonik Industries AG, Synbra Technology BV, BASF SE, Mitsubishi Chemical Holdings Corporation, Toray Industries Inc., Polyvel Inc., Musashino Chemical Laboratory Ltd., Radici Partecipazioni SpA, Anhui BBCA Biochemical Co. Ltd., Carbios SA, Chengdu Polyster Co. Ltd., Corbion N.V., Danimer Scientific Inc., FKuR Kunststoff GmbH, GC Innovation America, Good Natured Products Inc., Hainan Yisheng Petrochemical Co. Ltd., Hitachi Chemical Company Ltd., Jiangsu Jiuding New Material Co. Ltd., Kingfa Sci. & Tech. Co. Ltd., Nantong Jiuding Biological Engineering Co. Ltd., Shenzhen Esun Industrial Co. Ltd.

North America was the largest region in the polylactic acid market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the polylactic acid market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the polylactic acid market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Various types of polylactic acid exist, including racemic PLLA, PDLA, regular PLLA, PDLLA, and PLA blends. Racemic PLLA, a biocompatible and biodegradable synthetic polymer, finds application in reversing lipoatrophy (facial fat loss) in HIV-positive individuals. Its production utilizes raw materials like corn starch, sugarcane, sugar beet, cassava, and others. Available in forms like films, sheets, coatings, and fibers, it serves industries spanning packaging, agriculture, transportation, electronics, and textiles.

This report provides polylactic acid market statistics, including polylactic acid industry global market size, regional shares, competitors with a polylactic acid market share, detailed polylactic acid market segments, market trends and opportunities, and any further data you may need to thrive in the polylactic acid industry. This polylactic acid market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The polylactic acid market consists of sales of polylactic acid that are of thermoforming grade, injection molding grade, extrusion grade, and blow molding grade. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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