As per a recent research report by FMI, a market research and competitive intelligence provider, sales of polylactic acid (PLA) market are estimated to reach a value of USD 3.1 Billion by 2032, surging at 11.9 % CAGR throughout the evaluation period from 2022 to 2032.
Growing demand for PLA in the manufacturing of bio-based, biodegradable plastics is a key trend that is boosting the market. Over the last few years, companies in both developing and developed economies have increased their production of bioplastics. Growing demand for PLA in the manufacturing of sutures and stents is another factor that is likely to propel medical advancements across the globe.
There is an increasing demand for PLA-based products owing to their multiple functionalities. Also, there has been a rise in terms of new players in the market. There are also many small-scale players that are concentrating more on innovation than sales.
Leading manufacturers that have a significant global presence have increased mergers and acquisitions with small-scale companies to expand their product portfolios and supply their products to a larger consumer base. Some of the key players are also acquiring advanced manufacturing plants to increase their production capacity. Growing trend for green packaging, which is environmentally friendly, is also likely to drive growth in the global polylactic acid market in the projected time frame.
Key Takeaways from the Polylactic Acid Market Study
- During the historical period between 2017 and 2021, demand for polylactic acid grew steadily at a CAGR of 9.8%.
- North America polylactic acid market is estimated to generate a share of around 29.5% in the forecast period.
- Sales of polylactic acid in China is projected to grow at 10.7% CAGR between 2022 and 2032.
- Demand for polylactic acid is expected to grow at 12.8% CAGR between 2022 and 2032 in Europe.
- Based on end use, the 3D printing segment is projected to generate a revenue share of about 44.4% in 2022.
Competitive Landscape: Polylactic Acid Market
Polylactic acid has a strong competitive global market. Introducing new blends with polylactic acid, multiple functionalities of PLA across several industries, and growing awareness about environmentally friendly products are some of the main drivers pushing market expansion.
Some of the leading companies offering polylactic acid include Toray Industries Inc., Stora Enso Oyj., Amcor Plc, LG Chem and ADM (JV), Evonik Industries AG, Total-Corbion PLA, Henan Jindan Lactic Acid Co. Ltd., NatureWorks LLC, Galactic, and Sulzer Chemtech among others.
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Market Segments Covered in Polylactic Acid Market Analysis
By Product Type:
- Films
- Sheets
- Coatings
- Fibers
By End Use:
- Packaging
- Biomedical
- 3D Printing
By Region:
- North America
- Latin America
- Europe
- Middle East and Africa
- East Asia
- South Asia
- Oceania
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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