Polylactic Acid Market Soars with Demand for Biodegradable Packaging
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Polylactic Acid Market |
The Polylactic Acid Market has been
growing rapidly owing to high demand for biodegradable and eco-friendly
packaging materials from food and beverage sector. Polylactic acid or PLA is a
biodegradable and bio-based plastic made from fermented plant starch such as
corn, tapioca roots or sugarcane. It can be used to produce packaging films,
bottles, food containers, 3D printing filaments and fibers for textiles among
other applications. PLA degrades completely in compost and leaves no toxic
residues over the time. The growing emphasis on using sustainable packaging
solution due to rising concerns regarding plastic waste has boosted the
adoption of PLA worldwide.
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
2024 to 2031.
Key
Takeaways:
Key players operating in the
Polylactic Acid Market 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 key opportunities in the Polylactic
Acid Market Size include rising application of PLA in 3D printing
filaments and fibers owing to their superior strength and puncture resistance
properties. Moreover, growing application in food packaging for fresh food,
frozen food, beverages and bakery products is anticipated to drive the demand
over the forecast period.
Geographically, Asia Pacific dominates global PLA market led by China, which
has emerged as a major producer of the bioplastic resin. However, North America
and Europe are also anticipated to portray high growth in coming years
supported by favorable government initiatives to reduce plastic waste. Major global
players are expanding their production facilities in these regions in order to
cater growing regional demand.
Market Drivers:
Stringent government regulations
regarding single-use plastics along with bans on microplastics are majorly
driving the growth of biodegradable Polylactic Acid Market. Various countries
and regions across the globe have imposed bans on single-use plastic items like
straws, stirrers, cutlery and plates which is positively impacting the sales of
PLA. Moreover, growing consumer preference for sustainable packaging owing to
increasing awareness about environmental protection is anticipated to propel
the market growth over the forecast period.
Market Restraints:
High production cost of PLA as
compared to conventional plastics may limit its demand to some extent.
Moreover, limited resources for production of PLA resin and dependence on crops
like corn for raw materials also poses challenges. Fluctuating prices of row
materials affect the overall production cost of PLA over time.
Segment
Analysis
The polylactic acid market is
dominated by the flexible packaging sub segment which accounts for over 40%
share of the global market. PLA is increasingly being used in flexible
packaging formats like pouches, wraps, bags and films due to its properties
like tensile strength, clarity, printability and ability to act as an effective
barrier against moisture, grease and oxygen. It is widely used for packaging
various food products, pharmaceuticals and consumer goods. The food and
beverage industry is the major end use sector for flexible packaging made using
PLA.
Global Analysis
The Asia Pacific region dominates
the global polylactic acid market with a share of over 35% in 2024. China leads
the APAC PLA market with the country emerging as the largest producer and
consumer of polylactic acid globally. Easy availability of raw materials,
expanding food packaging industry and support from the government through
favorable policies have boosted the PLA market in the region. Europe is the
second largest regional market attributed to stringent regulations restricting
the use of plastics and growing demand for bioplastics from various industries
in the region. Countries like Germany, Spain and Italy are the major consumers
of PLA in Europe. North America is projected to witness steady growth during
the forecast period with growing research on developing innovative application
of PLA in various end use industries.
Gets
More Insights on, Polylactic
Acid Market
About Author:
Money Singh is a seasoned content writer with over four years of
experience in the market research sector. Her expertise spans various
industries, including food and beverages, biotechnology, chemical and
materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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