The global Polylactic Acid market size is expected to be worth around US$ 2.82 billion by 2030, according to a new report by Vision Research Reports.
The global Polylactic Acid market size was valued at US$ 525.47 million in 2020 and is anticipated to grow at a CAGR of 18.8% during forecast period 2021 to 2030.
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Growth Factors
The market growth is mainly driven by the high demand for flexible packaging due to the increasing popularity of Quick-Service Restaurants (QSRs) and changing consumer preferences. Moreover, the rapid expansion of the end-use industries, such as agriculture, transport, and textile, will support the market growth. The growing packaging sector is anticipated to create high opportunities for polylactic acid (PLA) during the forecast period.
Packaging was the dominant end-use segment in 2020 and is estimated to continue its dominance over the forecast period. The product is extensively used in this segment for the packaging of foods & beverages, household care, and personal care products. Growing consumer awareness regarding the need for sustainability, recyclability, and green packaging is expected to boost the demand for PLA on a global level over 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 to reduce overall vehicular weight. This has led to the rising need for sustainable bioplastic component manufacturing for enhanced toughness and fuel economy, which, in turn, has resulted in the growing demand for PLA. Rising demand for protective apparel and equipment due to the COVID-19 outbreak is anticipated to drive the inclusion of PLA in the medical and textile end-use segments.
Report Highlights
The packaging end-use segment accounted for the largest revenue share of over 36% in 2020, owing to the wide utilization of PLA in the manufacturing of bottles, jars, and containers, as well as in fresh food packaging solutions. The inclination of consumers towards sustainable packaging and rising environmental concerns across the globe are compelling manufacturers to use the product in various packaging solutions.
The packaging industry is one of the major consumers of PLA, especially in the food packaging sector. PLA plastic bottles are durable, disposable, and possess properties such as transparency and gloss. In addition, a strict ban on single-use plastics in many countries, such as the U.K., Zimbabwe, New Zealand, Taiwan, and several states of the U.S. (such as Hawaii, New York, and California), is significantly driving the product demand in the packaging end-use segment.
Moreover, PLA can be easily composted as compared to petroleum-based products and does not emit toxic gases on incineration; thus, its demand in this application area is expected to remain strong over the forecast period. Bioplastic packaging, including rigid packaging and loose-fill packaging, has witnessed considerable regulatory support on account of the need for reducing Greenhouse Gas (GHG) emissions.
Textile is another important sector having high market penetration and a high growth rate as PLA helps in manufacturing smooth fabrics. In addition, PLA provides excellent moisture resistance, drapability, breathability, and durability. These benefits are anticipated to propel its demand in the global textile industry over the forecast period.
North America accounted for the largest revenue share of over 42% in 2020. This large share is attributed to the high demand for bioplastics, which is one of the largest markets for PLA. Moreover, several initiatives promoting environmentally-friendly products by the regional government are supporting market growth.
Asia Pacific is expected to be the fastest-growing regional market from 2021 to 2028, owing to factors such as increasing demand for PLA from key end-use sectors (automobile, electronics, textile, appliance, and medical) of developing countries like Indonesia and Malaysia, fluctuating petroleum prices, and lack of resources for fossil fuels.
China led the Asia Pacific regional market in 2020. Furthermore, the richness of biomass, research-driven resources, strong downstream industry demand, material supply, and supporting government policies have created significant business opportunities for bioplastic in Thailand. This factor is also likely to drive the regional market of APAC over the forecast years. Moreover, the rapidly expanding food & beverage sector, particularly in India and China, is augmenting the market growth.
Key Players
Market Segmentation
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