The Polylactic Acid Market is Driven by Rising Demand for Biodegradable Plastics
Polylactic acid (PLA) is a biodegradable and bio-based plastic made from corn starch, tapioca roots, chips, or sugarcane. It has emerged as a sustainable alternative to fossil fuel-based plastics. PLA is compostable, recyclable and provides properties similar to petroleum-based plastics such as polyesters and polyolefins. It is used to make films, fibers and rigid containers and packaging. The growing environmental concerns and stringent regulations regarding the use of conventional plastics have boosted the demand for PLA in various industries.
The Global Polylactic Acid Market is estimated to be valued at US$ 2,717.5 Mn in 2024 and is expected to exhibit a CAGR of 18% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the Polylactic Acid Market Size are TotalEnergies Corbion bv, NatureWorks LLC, JIANGSU SUPLA BIOPLASTICS CO., LTD., Futerro, COFCO, Jiangxi Keyuan Biopharm Co.,Ltd., Shanghai Tong-jie-liang Biomaterials Co.,LTD., Zhejiang Hisun Biomaterials Co., Ltd., BASF SE, Danimer Scientific, Mitsubishi Chemical America, Inc., UNITIKA LTD., Sulzer Ltd., Weforyou, Polysciences Inc., Musashino Chemical Laboratory Ltd., BEWiSynbra Group, Esun, and Danimer Scientific.
The growing demand for sustainable and biodegradable packaging solutions from various end-use industries is driving the PLA market. Several companies are increasingly adopting bioplastics to meet sustainability targets. Moreover, favorable government policies and regulations regarding the use of conventional plastics are further propelling the demand.
The PLA market is witnessing significant expansion globally with growing production capacities. Leading manufacturers are investing in capacity expansions to cater to the increasing needs across the globe. Emerging economies with large populations and growing industrialization are expected to offer lucrative opportunities for PLA producers in the coming years.
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