Global Polylactic Acid (PLA) Market to Grow at 14.7% During 2024-2032, Impelled by Rising Demand for Biocompatible Food Packaging

August 12, 2021 | Chemical & Materials

According to the latest report by IMARC Group, titled "Polylactic Acid (PLA) Market Report by Raw Material (Corn, Sugarcane and Sugar Beet, Cassava, and Others), End Use Industry (Packaging, Agriculture, Automotive and Transport, Electronics, Textiles, and Others), and Region 2024-2032," the global polylactic acid (PLA) market reached a value of US$ 993.4 Million in 2023. Polylactic acid (PLA) refers to a recyclable and biodegradable polyester that is made from renewable feedstock. It is a thermoplastic aliphatic polymer that is manufactured using sugar cane or corn starch. It is commonly available in the forms of fiber, sheets, films and coatings that are often characterized by excellent optical and mechanical properties. It also offers exceptional resistance to heat, light and moisture, due to which it is commonly utilized across the food industry as a preferred packaging material. Moreover, it also finds extensive applications across the medical, textile, automotive and agricultural sectors.

Global Polylactic Acid (PLA) Market Trends:

The global market is majorly driven by the increasing demand for biocompatible food packaging solutions across the globe. PLA is widely utilized in the formulation of disposable cutlery and food containers that are also microwaveable in nature, thereby providing an impetus to the market growth. Moreover, the containers made by using PLA are grease-resistant while offering enhanced aesthetic appeal to the packaged food products, which is creating a positive outlook for the market. The market is further driven by the growing utilization of PLA in the manufacturing of numerous textiles that are characterized by improved durability, breathability, and drapability. Significant growth in the textile sector is providing a boost to the market growth. Some of the other factors contributing to the market growth include an enhanced focus on sustainable development and the numerous initiatives undertaken by the governments of multiple countries to promote the usage of biodegradable products, including PLA. On account of the aforementioned factors, the market is expected to grow at a CAGR of 14.7% during 2024-2032.

Market Summary:

On the basis of the raw materials, the market has been divided into corn, sugarcane and sugar beet, cassava, and others.
Based on the end use industry, the market has been classified into packaging, agriculture, automotive and transport, electronics, textiles, and others.
On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include BASF SE, COFCO, Evonik Industries AG, Futerro, Jiangsu Supla Bioplastics Co. Ltd., Jiangxi Keyuan Bio-Material Co. Ltd., Mitsui Chemicals Inc., NatureWorks LLC (Cargill Incorporated), Shanghai Tong-Jie-Liang Biomaterials Co. Ltd. and Total Corbion PLA.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Million
Segment Coverage	Raw Material, End Use Industry, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	BASF SE, COFCO, Evonik Industries AG, Futerro, Jiangsu Supla Bioplastics Co. Ltd., Jiangxi Keyuan Bio-Material Co. Ltd., Mitsui Chemicals Inc., NatureWorks LLC (Cargill Incorporated), Shanghai Tong-Jie-Liang Biomaterials Co. Ltd. and Total Corbion PLA
Customization Scope	10% Free Customization
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Global Polylactic Acid (PLA) Market to Grow at 14.7% During 2024-2032, Impelled by Rising Demand for Biocompatible Food Packaging

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