Polylactic Acid Market (By End-use: Packaging, Agriculture, Automotive & Transport, Electronics, Textiles, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2023-2032

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

• The packaging end-use segment accounted for the largest revenue share of over 36.01% in 2022, owing to its wide utilization of Polylactic Acid for manufacturing jars, containers, and bottles, along with fresh food packaging.
• Textile is another important sector having high market penetration and a high growth rate, as Polylactic Acid offers smooth and pleasant fabrics.
• North America accounted for the largest regional share of over 48.06% in 2022. This is due to increased demand for bioplastics, with Europe being one of the main markets for Polylactic Acid, followed by Asia Pacific.

Report Scope of the Polylactic Acid Market

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:

• 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.

Polylactic Acid Market Segmentations and Regions Segmentations: