The «Polylactic Acid Market Size, Share and Trends Analysis Report by End Use (Packaging, Agriculture, Transport, Electronics, Textile, Others), by Region, and Segment Forecasts, 2022-2030» report has been added to ResearchAndMarkets.com’s offering.
The global polylactic acid market size is expected to reach USD 2,709.61 million by 2030. The market is expected to expand at a CAGR of 26.6% from 2022 to 2030.
The growth is mainly driven by the end-use industries such as agriculture, transport, and textile, the increasing popularity of quick-service restaurants, and changing consumer preferences that are fueling the growth of flexible packaging. The growing packaging sector is anticipated to create high opportunities for polylactic acid during the forecast period.
Packaging was the dominant end-use segment in 2022 and is estimated to continue its dominance over the forecast period. PLA is extensively used in packaging end-use products, including household care, food & beverage, and personal care products, among others. Growing consumer awareness regarding the need for sustainability, recyclability, and green packaging is expected to drive the global PLA demand during the forecast period.
In the automotive & transportation sector, several reforms in terms of component manufacturing are observed globally. For instance, vehicle interior components such as engine components, interior trim, and under the hood components are manufactured using lightweight substances to enhance performance and reduce vehicle weight.
This has led to an increasing need for sustainable bioplastic component manufacturing to increase the toughness and increase fuel economy, which, in turn, has led to the growing demand for polylactic acid. Rising demand for equipment and protective apparel due to the COVID-19 outbreak is anticipated to drive the inclusion of PLA in the medical and textile end-use segments.
The European PLA market is anticipated to witness substantial growth in the coming years, owing to various factors such as the presence of stringent environment-friendly laws and increasing environmental concerns among consumers.
In addition, government initiatives such as the decision of the EU to minimize the overall consumption of single-use plastic products are anticipated to propel the demand for PLA over the forecast period.
Polylactic Acid Market Report Highlights
- In 2021, packaging emerged as the largest end-use segment, contributing to over 36.7% share, owing to its wide usage in fresh food wrapping as well as manufacturing containers, jars, and bottles.
- In 2021, North America accounted for more than 42.4% share of the overall revenue owing to the mounting demand for 3D printing filaments, as well as the accessibility of raw materials, which are promoting the product growth regionally.
- In 2021, the U.S. dominated the regional polylactic acid market of the packaging end-use segment, contributing to 90.60% volume share, and is anticipated to maintain its dominance during the forecast period.
- In 2021, China led the Asia Pacific market with nearly 49% share in terms of revenue, which is anticipated to grow owing to the rising demand for the product in end-use areas, including automotive & transport, agriculture, appliances, electronics, and textile .