The report "Poly Lactic Acid Market by Grade (Thermoforming, Extrusion, Injection Molding, Blow Molding), Application (Rigid Thermoform), End-use Industry (Packaging, Consumer Goods, Agricultural, Textile, Biomedical) & Region - Global Forecast to 2028", The PLA market is projected to reach USD 3.3 billion by 2028, at a CAGR of 17.1% from USD 1.5 billion in 2023. The PLA market is mainly driven by the increase in consumer awareness and growing demand in end-use industries like packaging, consumer goods, agriculture, biomedical, textiles among other industries. Moreover, it is also driven by the rapidly developing market in the Asia Pacific region.

Browse in-depth TOC on "Polylactic Acid Market"

235 – Tables
48 – Figures
242 – Pages

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Poly Lactic Acid (PLA) Market Segments
 

On the basis of Grade

  • Thermoforming
  • Injection Molding
  • Extrusion
  • Blow Molding
  • Others

Thermoforming grade is expected to lead the PLA market during the forecast period, in terms of value.

Thermoforming grade PLA is in high demand in the PLA market due to its exceptional characteristics that make it well-suited for thermoforming processes. Thermoforming involves heating a plastic sheet and molding it into desired shapes. PLA's thermoforming grade offers excellent heat resistance, dimensional stability, and clarity, making it ideal for packaging, disposable food containers, and consumer products. Its transparency allows for appealing product displays, while its ability to maintain shape and withstand elevated temperatures ensures durability. Moreover, PLA's biodegradability and renewable nature align with consumer preferences for eco-friendly packaging solutions, further driving the demand for thermoforming grade PLA.

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On the basis of Application

  • Rigid Thermoforms
  • Films & Sheets
  • Bottles
  • Others

On the basis of End-use industry

  • Packaging
  • Consumer Goods
  • Agriculture
  • Textile
  • Biomedical
  • Others

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Packaging industry is projected to grow at fastest CAGR, in terms of value, during the forecast period.

Packaging is the largest end-use industry for PLA, during the forecast period. Several industrial sectors, including food and beverage, e-commerce, and FMCG, have seen the need for sustainable solutions. Packaging's special qualities make it suitable for use in a range of culinary and non-food applications, including the packaging of cigarettes, cookies, sugar confections, baked goods, noodles, and other snacks. In addition, packaging requirements have grown as e-commerce has grown. 

On the basis of Region

  • Asia Pacific
  • Europe
  • North America
  • Middle East & Africa
  • South America 

Asia Pacific is expected to be the fastest growing market for PLA during the forecast period, in terms of value.

Asia Pacific is expected to be the fastest growing market for PLA due to several key factors. The region's strong industrial and manufacturing sectors, particularly in countries like China, Japan, and South Korea, are driving the demand for PLA across diverse applications such as packaging, textiles, and automotive. Moreover, the region's large population, coupled with a growing middle class, is leading to increased consumption of packaged goods and disposable products, thereby fueling the demand for PLA-based packaging materials. Additionally, governments in the Asia Pacific region are implementing favorable policies to promote eco-friendly materials and reduce plastic waste, which is further driving the adoption of PLA and contributing to its rapid market growth.

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Poly Lactic Acid (PLA) Market Key Players
 

New product launches, acquisitions, investments, and expansions are the major growth strategies adopted by the key players in the market. The key global players in the PLA market include NatureWorks LLC (US), TotalEnergies Corbion (Netherlands), BASF SE (Germany), COFCO (China), Futerro (Belgium), Danimer Scientific (US), Toray Industries Inc. (Japan), Evonik Industries (Germany), Mitsubishi Chemical Corporation (Japan), Unitika Ltd. (Japan).

NatureWorks LLC is jointly owned by PTT Global Chemical (Thailand) and Cargill (US). NatureWorks LLC is one of the leading PLA suppliers and innovators with its Ingeo product portfolio of naturally advanced materials. It manufactures PLA from greenhouse gases such as carbon dioxide and plant derivatives such as corn, cassava, sugar cane, and beets. The company has a broad portfolio of PLA performance material Ingeo, which is used in various end-use industries such as food & beverage packaging, agriculture, building & construction, electronics, medical & hygiene, consumer goods, textiles, 3D printing, coffee capsules, cards, and non-food packaging. PLA-based performance materials are ideal for fresh food packaging and foodservice-ware applications.

TotalEnergies Corbion, formerly known as Total Corbion PLA, is a global leader in the PLA and lactide monomers market. The company was established as a 50/50 joint venture between Total (France) and Corbion (Netherlands) in March 2017. It offers PLA under the brand Luminy, derived from renewable feedstocks like sugarcane, corn, sugar beet, and cassava. Luminy PLA offers a 75% reduction in carbon footprint, creating a sustainable product portfolio of PLA. Total Corbion PLA has a production facility in Rayong, Thailand, with an annual PLA production capacity of 75,000 tons. The company is also planning to manufacture a new PLA production plant in Grandpuits, France, which is expected to become operational by 2024.

Recent Developments

  • CJ BIO, leading producer of polyhydroxyalkanoate (PHA) and NatureWorks LLC, world’s leading producer of PLA had signed an agreement in May 2022, for developing high-performance PLA based biopolymers that will replace fossil fuel-based plastics in applications ranging from compostable food packaging and food service ware to personal care.
  • Evonik Industries acquired Lactel Absorbable Polymers from Durect Corporation in January 2021. This acquisition plays a vital role in strengthening innovative healthcare solutions as a global leader for providing integrated CDMO for drug delivery solutions. This development complements the Resomer product line of Evonik Industries.
  • In March 2023, TotalEnergies Corbion, POSCO International and ESOL announced a partnership aimed at developing the PLA recycling infrastructure and technology in South Korea. The partnership will also contribute to the Korean Government framework for Carbon Neutrality.
  • In April 2023, NatureWorks LLC and Jabil Inc. have teamed up to provide a novel powder based on Ingeo PLA that can be used for selective laser sintering 3D printing platforms. It is a cost-effective option, with lower sintering temperature, and 89% smaller carbon footprint, compared to the incumbent PA-12.