DUBLIN–(BUSINESS WIRE)–The “Polylactic Acid Market Size, Share and Trends Analysis Report by End Use (Packaging, Agriculture, Transport, Electronics, Textile, Others), by Region, and Segment Forecasts, 2022-2030” report has been added to ResearchAndMarkets.com’s offering.
The global polylactic acid market size is expected to reach USD 2,709.61 million by 2030. The market is expected to expand at a CAGR of 26.6% from 2022 to 2030.
The growth is mainly driven by the end-use industries such as agriculture, transport, and textile, the increasing popularity of quick-service restaurants, and changing consumer preferences that are fueling the growth of flexible packaging. The growing packaging sector is anticipated to create high opportunities for polylactic acid during the forecast period.
Packaging was the dominant end-use segment in 2022 and is estimated to continue its dominance over the forecast period. PLA is extensively used in packaging end-use products, including household care, food & beverage, and personal care products, among others. Growing consumer awareness regarding the need for sustainability, recyclability, and green packaging is expected to drive the global PLA demand during the forecast period.
In the automotive & transportation sector, several reforms in terms of component manufacturing are observed globally. For instance, vehicle interior components such as engine components, interior trim, and under the hood components are manufactured using lightweight substances to enhance performance and reduce vehicle weight.
This has led to an increasing need for sustainable bioplastic component manufacturing to increase the toughness and increase fuel economy, which, in turn, has led to the growing demand for polylactic acid. Rising demand for equipment and protective apparel due to the COVID-19 outbreak is anticipated to drive the inclusion of PLA in the medical and textile end-use segments.
The European PLA market is anticipated to witness substantial growth in the coming years, owing to various factors such as the presence of stringent environment-friendly laws and increasing environmental concerns among consumers.
In addition, government initiatives such as the decision of the EU to minimize the overall consumption of single-use plastic products are anticipated to propel the demand for PLA over the forecast period.
Polylactic Acid Market Report Highlights
- In 2021, packaging emerged as the largest end-use segment, contributing to over 36.7% share, owing to its wide usage in fresh food wrapping as well as manufacturing containers, jars, and bottles.
- In 2021, North America accounted for more than 42.4% share of the overall revenue owing to the mounting demand for 3D printing filaments, as well as the accessibility of raw materials, which are promoting the product growth regionally.
- In 2021, the U.S. dominated the regional polylactic acid market of the packaging end-use segment, contributing to 90.60% volume share, and is anticipated to maintain its dominance during the forecast period.
- In 2021, China led the Asia Pacific market with nearly 49% share in terms of revenue, which is anticipated to grow owing to the rising demand for the product in end-use areas, including automotive & transport, agriculture, appliances, electronics, and textile .
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
2.1 Market Summary
2.2 Market Segmentation
Chapter 3 Polylactic Acid Market Variables, Trends & Scope
3.1 Penetration & Growth Prospect Mapping
3.2 Value Chain Analysis
3.3 Raw Material Trend
3.3.1 Comparative Analysis On Key Raw Materials
3.3.2 South-East Asia Analysis On Key Raw Materials
3.3.3 Philippines Analysis On Key Raw Materials
3.4 Price Trend Analysis, 2019-2030
3.4.1 Major Factors Influencing Prices
3.4.2 Price Trend Pla Vs Lactic Acid
3.4.3 Regulatory Framework
3.4.3.1 U.S. Fda
3.4.4 Eu Commission
3.4.5 Regulations For Bioplastics In The Flexible Packaging Market
3.4.6 Asia Pacific Regulatory Framework
3.4.6.1 China
3.4.6.2 India
3.4.6.3 Japan
3.4.6.4 Philippines
3.4.6.5 Australia & New Zealand
3.4.7 Patent Analysis
3.5 Market Dynamics
3.5.1 Market Driver Analysis
3.5.1.1 Growing Demand For Bioplastics
3.5.1.2 Growing Demand From Flexible Packaging Industry
3.5.2 Market Restraint Analysis
3.5.2.1 Price Competitiveness
3.6 Market Opportunity Analysis
3.7 Business Environment Analysis: Polylactic Acid Market
3.7.1 Porter’s Five Forces Analysis
3.7.2 Pestel Analysis
Chapter 4 Polylactic Acid Market: End-Use Estimates & Trend Analysis
4.1 Polylactic Acid Market: End-Use Movement Analysis, 2020 & 2028
4.2 Packaging
4.2.1 Polylactic Acid Market Estimates and Forecasts, In Packaging, 2019-2030 (Tons) (USD Thousand)
4.3 Agriculture
4.4 Automotive & Transport
4.5 Electronics
4.6 Textile
Chapter 5 Polylactic Acid Market: Regional Estimates & Trend Analysis
5.1 Polylactic Acid Market: Regional Movement Analysis, 2020 & 2028
Chapter 6 Competitive Landscape
6.1 Key Global Players & Recent Developments & Their Impact On The Industry
6.2 Key Company/Competition Categorization
6.3 Vendor Landscape
6.4 Prominent Companies Competition Dashboard Analysis
6.5 Production Capacity Analysis by Manufacturer, 2019
6.6 Availability Of Alternatives Feedstocks (Cellulosic Raw Materials)
Chapter 7 Company Profiles
- Total Corbion Pla
- Natureworks 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.
For more information about this report visit https://www.researchandmarkets.com/r/kqbepi