Global Polylactic Acid Market

Polylactic Acid Market Size, Share, Growth Analysis, By Raw Material(Corn Starch-based PLA, Sugarcane-based PLA), By End-user Industry(Packaging, Textiles, Automotive, Electronics), By Application(Films and Sheets, Bottles and Cups, Injection Molding), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35A2726 | Region: Global | Published Date: February, 2024
Pages: 219 | Tables: 91 | Figures: 76

Polylactic Acid Market News

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In October 2022, Total Energies Corbion (Gorinchem, the Netherlands) has announced a breakthrough in the circular plastics economy by proving that polylactic acid (PLA) bioplastic can be sorted with municipal plastic waste. With the aim of determining the sortability of PLA from municipal mixed plastic waste, TotalEnergies Corbion and TOMRA Recycling conducted a sorting test.

In August 2021, Teijin announced that it had developed a new aramid fiber that is heat-resistant, flame-retardant, and has high strength. The company claims that this fiber can be used in a wide range of applications, including protective clothing, reinforcement materials, and aerospace components.

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Polylactic Acid Market size was valued at USD 1.89 billion in 2022 and is poised to grow from USD 2.01 billion in 2023 to USD 3.31 billion by 2031, growing at a CAGR of 6.42% in the forecast period (2024-2031).

Top Player’s Company Profiles 'NatureWorks LLC (North America)', 'Corbion N.V. (Europe)', 'Futerro SA (Europe)', 'Total Corbion PLA (Europe)', 'Teijin Limited (Asia Pacific)', 'Mitsubishi Chemical Corporation (Asia Pacific)', 'Zhejiang Hisun Biomaterials Co., Ltd. (Asia Pacific)', 'BASF SE (Europe)', 'Danimer Scientific (North America)', 'Synbra Technology BV (Europe)', 'Galactic SA (Europe)', 'Good Natured Products Inc. (North America)', 'Nantong Jiuding Biological Engineering Co., Ltd. (Asia Pacific)', 'Sulzer Ltd. (Europe)', 'Thyssenkrupp AG (Europe)', 'Toyobo Co., Ltd. (Asia Pacific)', 'Uhde Inventa-Fischer AG (Europe)', 'Wuhan Huali Enviro nmental Technology Co., Ltd. (Asia Pacific)', 'Zhejiang Hisun Biomaterials Co., Ltd. (Asia Pacific)', 'Zhejiang Hisun Biomaterials Co., Ltd. (Asia Pacific)'

Increasing environmental awareness and concerns about the detrimental impact of conventional plastics have led to a growing demand for sustainable alternatives. Polylactic acid (PLA), being derived from renewable sources and offering biodegradability, has emerged as a promising solution. The rising focus on reducing plastic waste and carbon footprint is a significant driver for the polylactic acid market.

One prominent market trend is the growing adoption of polylactic acid (PLA) in the packaging industry. As consumer demand for sustainable and eco-friendly packaging solutions continues to rise, PLA has emerged as a preferred alternative to traditional petroleum-based plastics. PLA offers several advantages, including biodegradability, reduced carbon footprint, and compatibility with existing packaging machinery. The packaging industry has witnessed a shift towards sustainable practices due to stringent regulations and increased consumer awareness. Governments worldwide are implementing bans on single-use plastics and promoting the use of eco-friendly materials. This has led to a surge in the demand for PLA-based packaging solutions such as films, containers, and bottles.

North America dominates the polylactic acid market due to several factors. The region has stringent regulations promoting the use of sustainable materials and reducing plastic waste. The United States and Canada are the major contributors to the market growth in North America. The presence of key market players, technological advancements, and increasing consumer awareness about environmental issues drive the demand for polylactic acid in this region.

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Global Polylactic Acid Market

Report ID: SQMIG35A2726

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