The global polylactic acid market was surpassed at USD 624.99 million in 2022 and is expected to hit around USD 4,360.04 million by 2032, growing at a CAGR of 21.44% from 2023 to 2032.
Key Pointers
Report Scope of the Polylactic Acid Market
Report Coverage | Details |
Market Size in 2022 | USD 624.99 million |
Revenue Forecast by 2032 | USD 4,360.04 million |
Growth rate from 2023 to 2032 | CAGR of 21.44% |
Base Year | 2022 |
Forecast Period | 2023 to 2032 |
Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
Growing demand for the product is mainly growing by the end-use industries such as transport, agriculture, textile, and packaging. Polylactic Acid, a low carbon emission polymer, has grown rapidly in global demand in comparison to conventional polymers. Growing demand for flexible packaging is boosting the growth of the packaging industry globally. The increasing need for snacks, ready-to-eat meals, packaged foods, and others, is expected to propel the growth of the packaging industry. Thus, the growing packaging industry is further predicted to create demand for PLA over the forecast period.
The U.S. dominated the regional market in 2022 and is anticipated to maintain its dominance over the forecast period. The U.S. PLA market is expected to rise significantly over the forecast period on account of the growing demand for bio-based packaging in the food & beverage sector. The country registers high growth on account of raw materials availability and the presence of major manufacturers of PLA. The growing food processing market is anticipated to fuel the demand for packaging products, thereby creating demand for PLA in the country. Increasing demand for packaged food and ready-to-eat meals is significantly boosting the growth of the U.S. food processing market.
The favorable government laws and regulations implemented in the U.S. related to the production of Polylactic Acid, along with the easy availability of raw materials for the synthesis of this acid in the country, are projected to fuel the growth of the market in the U.S. from 2022 to 2030. The increased production of poly-lactic acid in the country leads to its increased usage in the packaging and healthcare industries in the U.S. other significant factors contributing to the growth of the market in the country are increased awareness among consumers about the use of bioplastics and the presence of key enterprises in the country.
Since the outbreak of the covid-19 pandemic, the industry is witnessing reduced demand, especially in the fashion apparel segment due to a decline in demand from end-use customers. However, the rising demand for personal protective apparel owing to the increasing covid-19 positive cases is fueling the growth of the textile industry. This, in turn, is further anticipated to propel the demand for PLA in the textile industry.
Key Companies & Market Share Insights
The global polylactic acid market is a highly competitive market owed to the presence of major industries across the region as these companies are comparatively concentrated and fiercely competitive.Some of the prominent players operating in the global polylactic acid market are:
Polylactic Acid Market Segmentations and Regions Segmentations:
By End-use | Regions Segmentations |
Packaging Agriculture Automotive & Transport Electronics Textiles Others |
North America Europe Asia Pacific Central & South America Middle East and Africa |