Global plastic production reached 460 million tons (Mt) in 2019, which has doubled from 234 Mt in 2000, showcasing a rapid increase in demand owing to population growth and higher incomes coupled with their lightweight, inexpensive, readily processable, and durable properties. In addition, during the same period, plastic waste generation has increased by 197 Mt surpassing the growth of plastic production. Further, it is expected that the amount of plastic waste will increase to 850 Mt per annum by 2050. As a result, increasing concern among the environmental bodies to control plastic waste generation. This, in turn, promotes the use of recycling or biodegradable plastics. Polylactic acid is one of the most widely consumed bioplastics and has similar characteristics to polypropylene (PP), polyethylene (PE), or polystyrene (PS), as well as being biodegradable. The material properties of PLA make it suitable for the manufacture of plastic film, bottles, and biodegradable medical devices, including screws, pins, plates, and rods that are designed to biodegrade within 6 to 12 months. Therefore, it is expected that as the world is moving rapidly toward sustainable alternatives, the demand for polylactic acid is likely to showcase bolstering growth during the foreseeable future.
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According to UnivDatos Market Insights (UMI)’ research report “Global Polylactic Acid Market”, the market is expected to showcase a robust growth of around 18% during the forecast period. Increasing adoption of environment-friendly products and the growing packaging industry coupled with increasing demand for sustainable packaging are some of the key attributable factors to the growth of the market.
Based on grades, the market is categorized into thermoforming, injection molding, extrusion, blow molding, and others. Among these, thermoforming accounted for a significant share in the market and is likely to maintain a strong position during the forecast period. This can be attributed to its fully compostable and degradable properties coupled with similar properties to a number of conventional petrochemical-based resins. As a result, it is used in many application areas like food & beverage packaging.
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Based on end-user, the market is categorized into packaging, consumer goods, agricultural, textile, medical, and others. Among these, packaging accounted for a prominent share in the market owing to the large and growing packaging industry and increasing adoption of sustainable packaging solutions. Further, it is expected to grow at a substantial rate over the forecast period as governments across the globe are trying to ban the use of single-use plastic. This can help in promoting the market for biodegradable plastics.
Asia-Pacific is expected to demonstrate robust growth during the forecast period
Asia-Pacific is expected to showcase significant growth during the forecast period owing to the large base of the end-use industry that is increasingly focusing on sustainable alternatives. Industries like packaging are among the largest consumer of plastic in the region, as governments of various nations are taking stringent regulations to control the environmental issue, the industry is looking for a better alternative like biodegradable plastics. This might increase the market size of polylactic acid as the region is capable of producing polylactic acid on a large scale due to the availability of raw materials in abundance. Further, regional countries are extensively dependent on other countries for crude oil, therefore, to reduce the dependency on crude oil, the regional economies are increasingly taking strategic decisions to promote biobased products. This in turn is expected to promote the use of biobased and biodegradable plastics including polylactic acid.
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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global polylactic acid market include NatureWorks LLC, BASF SE, TotalEnergies Corbion B.V., Futerro S.A., COFCO Group, Mitsubishi Chemical Corporation, Danimer Scientific Inc., Unitika Ltd., Evonik Industries AG, and Toray Industries Inc. These companies are taking several strategic decisions to meet the growing demand and increase their market share.
“Global Polylactic Acid Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Market Segmentation:
- By Grades (Thermoforming, Injection Molding, Extrusion, Blow Molding, and Others)
- By End-User (Packaging, Consumer Goods, Agricultural, Textile, Medical, and Others)
- By Region (North America (the US, Canada, Rest of North America), Europe (Germany, the UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World)
- By Company (NatureWorks LLC, BASF SE, TotalEnergies Corbion B.V., Futerro S.A., COFCO Group, Mitsubishi Chemical Corporation, Danimer Scientific Inc., Unitika Ltd., Evonik Industries AG, and Toray Industries Inc.)
Key questions answered in the study:
- What are the current and future trends of the global polylactic acid industry?
- How the industry has been evolving in terms of grades and end-user?
- How the competition has been shaping across the countries followed by their comparative factorial indexing?
- What are the key growth drivers and challenges for the global polylactic acid industry?
- What are the customer orientation, purchase behavior, and expectations from the global polylactic acid suppliers across various region and countries?