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Polylactic Acid Market Share

ID: MRFR//3138-HCR | 138 Pages | Author: Chitranshi Jaiswal| November 2024

The Polylactic Acid (PLA) market, a segment within the broader bioplastics industry, is witnessing a surge in demand owing to growing environmental concerns and increasing regulations on traditional plastics. In this competitive landscape, market share positioning strategies play a pivotal role in determining a company's success. One prevalent strategy is differentiation, where companies aim to distinguish their PLA products from competitors through unique features such as improved biodegradability, higher purity, or enhanced mechanical properties. By offering a product that stands out in the market, companies can capture the attention of environmentally conscious consumers and gain a competitive edge.

Various factors drive the polylactic acid market in the global market. Huge rise in the demand for biodegradable plastic, rapid urbanization, and unbroken growth of the automotive industry coupled with the building and construction industry are the major driving forces. Additionally, the increasing use of polylactic acid in the packaging industry also drives the market. Owing to increasing awareness regarding bio-based plastic and its application in the electrical & electronics industry boost the market growth.

Another strategy is cost leadership, wherein companies focus on optimizing production processes and reducing manufacturing costs to offer PLA products at lower prices than competitors. This approach appeals to price-sensitive consumers and allows companies to penetrate new market segments. Additionally, economies of scale play a crucial role in cost leadership strategies, as larger production volumes often lead to lower per-unit costs, enabling companies to maintain competitive pricing while maximizing profitability.

Furthermore, market segmentation is a key aspect of market share positioning in the PLA market. By identifying distinct customer segments with varying needs and preferences, companies can tailor their products and marketing efforts to effectively target each segment. For instance, companies may develop specialized PLA grades for specific applications such as packaging, textiles, or biomedical materials, catering to the unique requirements of different industries and customer groups.

In addition to product differentiation and cost leadership, strategic alliances and partnerships can also significantly impact market share positioning in the PLA market. Collaborating with suppliers, distributors, or research institutions can provide companies with access to new technologies, markets, or resources, enhancing their competitive position. Moreover, strategic alliances enable companies to leverage each other's strengths and mitigate weaknesses, fostering innovation and growth in the PLA market.

Furthermore, geographic expansion is a vital strategy for companies seeking to increase their market share in the PLA market. By entering new regions or countries, companies can tap into unexplored markets and diversify their customer base. Additionally, establishing local production facilities or distribution networks can help companies overcome logistical challenges and better serve regional markets, thereby strengthening their competitive position.

Moreover, continuous innovation is essential for companies aiming to maintain or expand their market share in the rapidly evolving PLA market. Investing in research and development allows companies to develop new PLA formulations, improve existing products, or explore novel applications, staying ahead of competitors and meeting the changing needs of customers. Innovation also enables companies to differentiate their offerings and command premium prices, driving revenue growth and market share expansion.

Lastly, effective marketing and branding strategies are crucial for companies looking to enhance their market share in the PLA market. Building a strong brand identity and communicating the unique value proposition of PLA products can help companies differentiate themselves from competitors and establish a loyal customer base. Moreover, targeted marketing campaigns that highlight the environmental benefits, performance advantages, or cost-effectiveness of PLA can resonate with consumers and drive demand for these sustainable alternatives to traditional plastics.

Covered Aspects:

Report Attribute/Metric	Details
Growth Rate	16.00% (2023-2030)

Polylactic Acid Market Highlights:

Polylactic Acid Market Trends

Polylactic Acid Market Analysis

Polylactic Acid Market Share

Polylactic Acid Companies

Global Polylactic Acid (PLA) Market Overview

Polylactic Acid (PLA) Market Size was valued at USD 1.16 Billion in 2023. The Polylactic Acid (PLA) industry is projected to grow from USD 1.35 Billion in 2024 to USD 4.41 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 16% during the forecast period (2024 - 2032). A thermoplastic polyester widely acquired from a wide variety of renewable feedstock like tapioca roots, starch, sugarcane, corn, and wheat is commonly called polylactic acid. This polylactic acid is manufactured using two different processes, specifically called polymerization and condensation. The nature of this acid is biocompatible along biodegradable. Since polylactic acid is a thermoplastic material, it is widely used in innumerable applications like consumer goods, electrical and electronics, textile, packaging, automotive, and many others are the key market drivers enhancing market growth.
Polylactic Acid Market Ovevriew Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Polylactic Acid (PLA) Market Trends

Huge rise in the demand for biodegradable plastic to boost market growth

Polylactic acid (PLA) is a biodegradable and compostable thermoplastic polymer that is derived from renewable resources such as corn starch or sugarcane. PLA has gained popularity in recent years due to its eco-friendliness and sustainability, making it a popular alternative to traditional plastics that are derived from non-renewable sources.

As the demand for eco-friendly products has increased, so has the demand for biodegradable plastics like PLA. The market for PLA has grown significantly in recent years, and it is projected to continue to grow in the coming years as consumers and businesses become more environmentally conscious. Additionally, government regulations and initiatives promoting the use of sustainable materials have also contributed to the growth of the PLA market. For example, the European Union has set a target to make all plastic packaging recyclable or reusable by 2030, and PLA is seen as a key material that can help achieve this goal. Overall, the rise in demand for biodegradable plastics, coupled with increasing environmental regulations and awareness, has driven the growth of the polylactic acid market. Therefore, such factors related to Polylactic Acid (PLA) have enhanced the Polylactic Acid (PLA) market CAGR across the globe in recent years.

TotalEnergies Corbion has entered into an agreement with Xiamen Changsu Industrial Pte Ltd. To advance on polylactic acid market developments, this was announced in May 2023. Both companies will work together towards market promotion, research, and development as well as product innovation on biaxially oriented polylactic acid (BOPLA) for emerging applications and technologies.

NatureWorks LLC announced a partnership with Jabil Inc. to produce the latest polylactic acid-based powder for selective laser sintering 3D printing platforms in April 2023.

Polylactic Acid (PLA) Market Segment Insights

Polylactic Acid (PLA) Type Insights

The Polylactic Acid (PLA) market segmentation, based on type, includes PLLA (Poly-L-lactic Acid), PDLA (Poly-D-lactic Acid), PDLLA (Poly-DL-lactic Acid). The PDLA (Poly-D-lactic Acid) segment held the majority share in 2022 of the Polylactic Acid (PLA) market revenue. PDLA is a specific form of PLA that is composed entirely of the D-isomer of lactic acid, as opposed to the more common L-isomer found in regular PLA. PDLA has some unique properties compared to regular PLA, such as increased crystallinity and a higher melting point, which make it suitable for specialized applications such as medical implants, drug delivery systems, and 3D printing.

Polylactic Acid (PLA) Application Insights

Based on application, the Polylactic Acid (PLA) market segmentation includes Automotive, Textile, Packaging, Consumer Goods, Electrical & Electronics, and Others. The Packaging segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2023-2030. This is a common trend in the PLA market as the packaging industry is one of the largest consumers of biodegradable plastics. PLA's biodegradability and compostability make it an attractive option for packaging applications, especially for food and beverage products, where environmental concerns are high. Furthermore, the packaging segment is projected to be the faster-growing segment during the forecast period due to the increasing demand for sustainable and eco-friendly packaging solutions. This trend is driven by various factors, such as changing consumer preferences, government regulations, and corporate sustainability initiatives. These all factors for Polylactic Acid (PLA) positively impact the market growth.

Figure 2: Polylactic Acid (PLA) Market, by Type, 2022 & 2030 (USD Billion)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Polylactic Acid (PLA) Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific region currently holds the largest share of the Polylactic Acid (PLA) market. This is due to several factors such as the growing demand for sustainable and eco-friendly products in the region, as well as the increasing awareness and adoption of biodegradable plastics in various end-use industries. These countries have been investing in the development of bioplastics to reduce dependence on traditional petrochemical-based plastics, and PLA has emerged as a popular alternative due to its biodegradability and compostability. Furthermore, the Asia-Pacific region has a large population and a rapidly growing middle class, which is driving demand for sustainable and environmentally friendly products, including biodegradable packaging solutions. This trend is expected to continue to fuel growth in the PLA market in the region.

Further, the major countries studied in the market report are The U.S., Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil

Figure 3: POLYLACTIC ACID (PLA) MARKET SHARE BY REGION 2022 (%)Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s Polylactic Acid (PLA) market accounts for the second-largest market share. This is due to several factors such as the strict regulations on plastic usage and waste management in the region, which have driven the adoption of sustainable and eco-friendly materials like PLA. The European Union has set ambitious targets for reducing plastic waste and increasing the use of sustainable materials, including a goal to make all plastic packaging recyclable or reusable by 2030. PLA is seen as a key material that can help achieve this goal, and many companies in Europe are investing in the development and production of PLA-based products and packaging solutions. Further, the Germany Polylactic Acid (PLA) market held the largest market share, and the UK Polylactic Acid (PLA) market was the fastest-growing market in the European region.

North America, Polylactic Acid (PLA) market, is expected to grow at the fastest CAGR from 2023 to 2030. This is due to several factors such as the increasing demand for sustainable and biodegradable materials in the region, and the growth of end-use industries that are adopting PLA-based products and packaging solutions. The United States is the largest consumer and producer of PLA in the North American region. The country has been investing in the development of sustainable materials to reduce dependence on traditional petrochemical-based plastics, and PLA has emerged as a popular alternative due to its biodegradability and compostability. Moreover, the U.S. Polylactic Acid (PLA) market held the largest market share, and the Canada Polylactic Acid (PLA) market was the fastest-growing market in the North American region.

Polylactic Acid (PLA) Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Polylactic Acid (PLA) market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Polylactic Acid (PLA) industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Polylactic Acid (PLA). With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Polylactic Acid (PLA) industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Polylactic Acid (PLA) industry to benefit customers and expand the market sector. Major Polylactic Acid (PLA) market players, including BASF SE, The DOW Chemical Company, Corbion, TEIJIN LIMITED., NatureWorks LLC, Synbra Technology, Galactic, Sulzer Ltd, Hitachi, Ltd., Musashino Chemical Laboratory, Ltd., and others, are attempting to increase market demand by funding R&D initiatives.

BASF SE is a German multinational chemical company that operates in a wide range of industries, including chemicals, plastics, coatings, performance materials, catalysts, and agricultural solutions. BASF's products are used in a variety of applications, including construction, automotive, electronics, agriculture, pharmaceuticals, and personal care. The company has a strong focus on sustainability and has set ambitious targets to reduce its environmental impact and contribute to a more sustainable future. In addition to its chemical products, BASF also offers a range of services, including consulting, technical support, and research and development. The company operates in more than 80 countries worldwide and has a strong presence in Europe, Asia-Pacific, and North America.

The Dow Chemical Company is an American multinational chemical company that produces a wide range of chemical, plastic, and agricultural products. Dow's products are used in various industries, including packaging, construction, automotive, electronics, and agriculture. The company has a strong focus on innovation and sustainability and has set ambitious targets to reduce its environmental impact and address challenges such as climate change and plastic waste.

In 2022, LG Chem, a leading global diversified chemical company, and ADM, a global leader in nutrition and biosolutions, held a signing ceremony to establish two joint ventures for lactic acid and polylactic acid production in the United States to meet rising demand for a wide range of plant-based products, including bioplastics. The joint ventures have picked Decatur, Illinois, United States, as the location of their proposed manufacturing facilities while final investment choices are being made. The first joint venture, GreenWise Lactic, would generate up to 150,000 tons of high-purity corn-based lactic acid per year. ADM would control the majority of GreenWise and supply fermentation capacity from its Decatur bioproducts facility to the business. The second joint venture, LG Chem Illinois Biochem, would be majority controlled by LG Chem. It would build upon LG Chem’s expertise in bioplastics to build a facility that will use product from GreenWise Lactic to produce approximately 75,000 tons of polylactic acid (PLA) per year.

Key Companies in the Polylactic Acid (PLA) market includes

BASF SE

The DOW Chemical Company

Corbion

TEIJIN LIMITED.

NatureWorks LLC

Synbra Technology

Galactic

Sulzer Ltd

Hitachi, Ltd.

Musashino Chemical Laboratory, Ltd among others

Polylactic Acid (PLA) Industry Developments

Total Energies Corbion in Gorinchem, the Netherlands, has reported a ground-breaking development in the circular plastics economy, which demonstrated that polylactic acid (PLA) bioplastic can be sorted out from municipal plastic waste. The sorting trial for PLA from municipal mixed plastic waste was performed by a coalition of TotalEnergies, Corbion, and TOMRA Recycling.

New aramid fibers with high strength, heat resistant, flame retardant, and other properties were announced by Teijin in August 2021. The same operate multiple products under this as well as protective clothing, reinforcement materials and aerospace components.

On October 2023 a new NatureWorks LLC’s PLA plant began its operation in Thailand. According to the company, by 2025 a full-scale production facility will be launched with an application capacity of 75 Ktons per year.

PLA biopolymers for non-wovens were introduced by NatureWorks under the brand name Ingeo 6500D in April 2023. The tensile strength of the newly introduced application provides enhanced processing for converters, boosting low-basis weight fabric application on the latest generation of spun-bound equipment.

In May 2023, TotalEnergies Corbion partnered with Bluepha Co. Ltd to develop advanced sustainable biomaterials solutions in China by combining polyhydroxyalkanoates (PHA) of Bluepha® with Luminy® polylactic acid technology.

Polylactic Acid (PLA) Market Segmentation

Polylactic Acid (PLA) Type Outlook

PLLA (Poly-L-lactic Acid)

PDLA (Poly-D-lactic Acid)

PDLLA (Poly-DL-lactic Acid)

Polylactic Acid (PLA) Application Outlook

Automotive

Textile

Packaging

Consumer Goods

Electrical & Electronics

Others

Polylactic Acid (PLA) Regional Outlook

North America
- US
- Canada

Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe

Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific

Rest of the World
- Middle East
- Africa
- Latin America

Polylactic Acid Companies

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