Global Polylactic Acid (PLA) Market Worth Around USD 4.32 Billion by 2026: Acumen Research and Consulting

Global polylactic acid (PLA) market is projected to grow at CAGR around 20.5% over the forecast period and reach US$ 4.32 Bn by 2026. According to the report, the global market will continue to be influenced by a range of macroeconomic and regulatory factors. Growing application in the cosmetics and personal care industry, ongoing advancements in science and technology, increasing consumer awareness and government incentives across the globe are boosting the growth of the global polylactic acid (PLA) market. The market in the Asia Pacific is likely to expand at highest CAGR due to rise in personal care industry and growing awareness towards innovative products.

 

 

 

Sugarcane raw material is expected to be the leading segment of the global polylactic acid (PLA) market during the forecast period, owing to the owing to the increasing penetration of polylactic acid (PLA) in various industries such as food and beverages, personal care and manufacturing. Raw sugar extricated from sugarcane or sugar beet, is one of the primary feedstock used to produce lactic acids and its derivatives, thereby increasing the demand for sugarcane raw materials in lactic acid products. Sugarcane-based lactic acid is evaluated to witness high growth due to various improvement activities taken for manufacturing of bioplastics and biochemical produced using supportable feedstock. For istance, the Institute for Bioplastics and Biocomposites (IFBB) and Wageningen University and Research Center (WUR) analyzed and investigated the information for crop yields, whose feedstock is capable for creating biomaterials. However, the most common nutrients required for the production of the lactic acid products is yeast extract, and is associated with high production cost. Hence, as an alternative, corn steep liquor (CSL) is used, resulting in increasing the demand for corn raw material. On the other side, food & beverages segment is anticipated to grow at highest growth rate during the forecast period owing to the growing penetration of lactic acid in the poultry, meat and seafood industries in order to enhance product ability to enhance flavors and increase life span. 

 

 

 

Growing introduction of sophisticated and innovative personal care products is expected to boost the growth of the polylactic products. Rejuvenating, moisturizing and antimicrobial properties of the polylactic acid is acting as a helping factor for the growth of the overall market. Due to ongoing development in science and technology, the polylactic acid (PLA) market is projected to expand at rapid pace over the forecast period.

 

 

Geographically, the global polylactic acid (PLA) market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America accounted for largest market share in 2017 due to the technological advancements in pharmaceutical and food industries and introduction of innovative skin care products. North America is anticipated to grow at significant CAGR over the forecast period. This is due to the rising consumption of biodegradable polymers and growing composting infrastructure.  Asia Pacific is also forecasted to witness a considerable growth over the forecast years owing to growing focus on product development, rising investments in research & development activities, and increasing production capacities. Due to various technological advancements and mounting domestic consumption and the food and beverages industry is witnessing the augmented growth in the region, resulting in the growth in the polylactic acid (PLA).

 

 

The polylactic acid (PLA) market is consolidated with limited number of manufacturers. The company profiling of key players in the market includes company overview, major business strategies and revenues. The key players of the market are Danimer Scientific LLC, Zhejiang Hisun Biomaterials Co., Ltd, Nature Works LLC, Nantong Jiuding Biological Engineering Co., Ltd, Spectrum Chemical Manufacturing Corp. NatureWorks LLC, Synbra Technology BV, Hawkins, Inc., Corbion Purac and Chongqing Bofei Biochemical Products Co. Ltd. Industry participant battle on the basis of price, new innovated product launch, and expanding market presence.