At A CAGR Of 16%, Polylactic Acid (PLA) Market Size To Grow USD 1.98 Billion By 2029 | Total Corbion PLA, Nature Works LLC, COFCO, Futerro X Herald

The careful efforts of professional forecasters, skilled analysts, and intelligent researchers have resulted in the creation of the polylactic acid Market research study. Companies can better understand the different types of consumers, consumer demands and preferences, perspectives on the product, purchasing intentions, reactions to individual products that are already on the market. Thanks to the detailed and current information provided in this report. By dealing with a wide range of market analyses, product definition, market segmentation, important developments, and the current vendor landscape through 2029, the Polylactic Acid Market Report offers a complete overview of the market.

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Historical Market Size (2022): USD 0.52 billion in 2022

Forecast CAGR (2023-2029): 16%

Forecast Market Size (2029): USD 1.98 billion by 2029

Also, the vendor landscape and competitive scenarios of the Polylactic Acid market are broadly analysed to help market players gain competitive advantage over their competitors. Readers are provided with detailed analysis of important competitive trends of the Polylactic Acid market. Market players can use the analysis to prepare themselves for any future challenges well in advance. They will also be able to identify opportunities to attain a position of strength in the Polylactic Acid market. Furthermore, the analysis will help them to effectively channelize their strategies, strengths, and resources to gain maximum advantage in the market.

In June 2022, The Australian food packaging manufacturer Confoil and BASF partnered to develop a certified compostable and dual ovenable food tray based on paper. The paper tray is coated inside with BASF's ecovio PS 1606, a partly bio-based and certified compostable biopolymer especially developed for coating food packaging made of paper or board. This partnership will intensify the company's operations in the global market.

• Multi-functionalities of PLA

Multi-functionalities and extensive use of PLA in different industries and applications will provide lucrative opportunities for growth in the global polylactic acid (PLA) market. Bas Polylactic acid is biodegradable and industrially compostable. Among the first renewable polymers, we can compete with the existing polymers, combining their functional characteristics, such as transparency, gloss, and stiffness. Polylactic acid is currently used in many industries and applications, including packaging, single-use tableware, textiles, oil & gas, electronics, automotive, and 3D printing. Due to the various and versatile uses of polylactic acid across multiple industries and the multi-functionalities of polylactic acids, the market is projected to witness significant growth opportunities in the near future.

• Growing consumer inclination towards eco-friendly plastic product

Furthermore, the richness of biomass, research-driven resources, strong downstream industry demand, material supply, and supporting government policy has created significant bioplastic business opportunities in these regions. The growth has also been supported by improving consumer awareness regarding sustainable plastic solutions and increasing efforts to eliminate the use of non-biodegradable conventional plastics PLA. Traditionally used petroleum-based plastics take decades to break down or degrade and lay in landfills for a long period. PLA breaks down faster when they are discarded and absorbed back into the natural system. In addition, the decomposition rate of biodegradable plastics such as PLA by the activities of microorganisms is much faster than that of traditional plastics.

Drivers

• Increasing demand for biodegradable packaging alternatives from the packaging industry

The pandemic has led to a positive impact on the growth of the packaging industry. It has resulted in high demand for plastic packaging, including eco-friendly substitutes of plastics such as packaging materials made from PLA. Food manufacturers, who initially opted for other types of packaging, had initiated using PLA-based packaging, as products are economical, safe, and enduring. Additionally, due to the increase in sustainability in the packaging industry for maintaining product quality, biopolymer packaging materials such as PLA-based materials are increasing as PLA decomposes into water and carbon dioxide in approximately 47 to 90 days. Four times faster than PET-based bags used in various packaging. Moreover, their low cost, renewable raw materials, and agro-industrial waste usage drive their demand, as polylactic acid is obtained from renewable sources.

• PLA can be an alternative to petroleum-based polymers

Apart from this, polylactic acid is used in manufacturing various components used in the automotive sector. Polylactic acids are used in applications such as the interior parts and hood under components. These products are known for reducing their carbon footprint owing to their high bio content. PLA offers numerous properties such as UV resistance, impact resistance, high gloss, dimensional stability, and coloring ability. These factors make it an alternative to most traditional plastics made up of petroleum products and raw materials such as polyethylene terephthalate, polycarbonate, polybutylene terephthalate, and acrylonitrile butadiene styrene, and polyamide, which are preferred for automotive engine compartments and interiors and other uses as well.

• Growing demand for bio-based plastics film in agriculture

With growing awareness regarding disposal problems of non-degradable films, applications of polylactic acid-based mulch films are expected to increase in agriculture. Mulch films are extensively used in the cultivation of fruits & vegetables. The mechanical properties of PLA are comparable to the existing mulch film products and have the advantage of being completely biodegradable through a single growing season. This will positively impact the market growth and act as a global polylactic acid (PLA) market driver.

The main research methodology applied here by the research team is data triangulation, which includes data mining, analysis of the impact of data variables on the market, and primary (industry experts) validation. This report helps to gather information about all the above factors by providing actionable market insights and comprehensive analysis. The Polylactic Acid market report mainly focuses on important aspects of the market which include historical data, current market trends, environment, technological innovations, upcoming technologies, and technological advancement in the industry among others.

Leading market players in the Polylactic Acid market is focusing on strategies such as expansion, new product launches, and acquisitions to gain large market share and enhance their global presence in the target market. Some Key Competitors of the Polylactic Acid market is Total Corbion PLA, Nature Works LLC, COFCO, Futerro, Jiangxi Keyuan Bio-Material Co., Ltd., Zhejiang Hisun Biomaterials Co., Ltd., Shanghai Tong-Jie-Liang Biomaterials Co., Ltd., Corbion Purac, Hisun Biomaterials, Synbra Technology bv. and others.

Polylactic Acid Market by End Use Industry, 2023-2029, (USD Million)

• Packaging
• Textile
• Agricultural
• Electronics
• Bio-Medical
• Others

• North America (U.S., Canada, Mexico)
• Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)
• South America (Colombia, Brazil, Argentina, Rest of South America)
• Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)
• Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

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• Business description : a detailed description of company operations and business departments.
• Company strategy: The analyst's summary of the company's business strategy.
• SWOT analysis : Detailed analysis of the company's strengths, weaknesses, opportunities, and threats.
• Company History : The progress of major events related to the company.
• Main products and services : A list of the company's main products, services, and brands.
• Main competitors : A list of the company's main competitors.
• Important locations and subsidiaries : The company's main locations and subsidiaries' list and contact information.
• Detailed financial ratios of the past five years : The latest financial ratios come from the annual financial statements issued by companies with a history of five years.

▶ GTM (Go-to-Market) strategy

▶ Analysis of Market Size (historical and forecast), Total Addressable Market (TAM), Serviceable Available Market (SAM), Serviceable Obtainable Market (SOM), Market Growth, Technological Trends, Market Share, Market Dynamics, Competitive Landscape and Major Players (Innovators, Start-ups, Laggard, and Pioneer)

▶ Development trends, competitive landscape analysis, supply side analysis, demand side analysis, year-on-year growth, competitive benchmarking, vendor identification, QMI quadrant, and other significant analysis, as well as development status

▶ Recent market developments and it's futuristic growth opportunities

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