Report Scope & Overview:
Polylactic Acid (PLA) Market Size was valued at USD 1.27 billion in 2022, and is expected to reach USD 3.39 billion by 2030, and grow at a CAGR of 13% over the forecast period 2023-2030.
The polymer of polylactic acid (PLA) is different from the thermoplastic polymers that are usually available. It's mostly made of things that grow back, like sugar cane. PLA is a popular material because it is fairly cheap and, compared to other biodegradable polymers, has a number of good mechanical properties. PLA is mostly made from plant materials like sugar cane, cassava, corn, and potatoes. As possible feedstocks, scientists have looked into agricultural waste, cellulosic materials, and greenhouse gases. But the process is still being worked on, and for the foreseeable future, agricultural products are likely to remain the main source of starch blends and PLA.
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Changing consumer preference toward plastic products that are good for the environment
Demand for biodegradable plastic has gone up a lot, and cities are growing quickly.
PLA costs more than other kinds of plastic
The high raw material cost
The making of a new programme
The strict rules that the government has put in place
Problems with work
Impact of Covid-19:
COVID 19 is a global pandemic that has affected a lot of people. Because of this global pandemic, most people have lost their way of making a living. It has changed the way several industries grow and change. Due to a lack of vaccines, everyone is worried about their immunity and tries to keep their distance from others. With more people living alone and doing things without talking to each other, the demand for packaged goods has gone up a lot. Now, people are more likely to buy packaged food to make sure it is safe and clean. Food and beverages also show significant demand when packed, taking all the necessary measures.
The global pandemic of COVID 19 is good for the market share of polylactic acid all over the world. During the period from 2023 to 2030 that is expected, PLA's market share is also expected to grow.
Injection molding grade
Blow molding grade
Films & sheets
By End-Use Industries
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The market has been split into North American, Latin American, Asia-Pacific, European, and Middle East and African regions. The Asia-Pacific region has the biggest share of the global market because it is the fastest-growing region. Also, both the packaging industry and the auto industry have grown steadily in this area. Also, countries in this area, like Japan, South Korea, Singapore, Thailand, Vietnam, India, China, and Malaysia, offer the polylactic acid market a lot of ways to grow.The second-largest share of the market is in the European region. As Germany, the UK, Spain, France, Russia, and Poland are thought to be the biggest consumer markets in this area. The transportation sector has been growing and changing all the time, and strict rules are also pushing this region forward.
The North American region has the third-largest market share because it is growing steadily. Increasing investment in consumer goods and the electronics industry is also a factor. The fact that the US and Canada are there also helps. The Latin American region, which includes countries like Venezuela, Brazil, and Columbia, has the fourth-largest market share. Also, more money is being spent in the auto and electronics industries. Due to the growth of the textile industry, polylactic acid is also on the rise in the Middle East and Africa.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
Hitachi Ltd. (Japan), BASF SE (Germany), Musashino Chemical Laboratory, Ltd. (Japan), The DOW Chemical Company (US), Galactic (Belgium), Sulzer Ltd (Switzerland), NatureWorks LLC (US), Synbra Technology BV (the Netherlands), Corbion (the Netherlands), The DOW Chemical Company (US).
Hitachi Ltd. (Japan)-Company Financial Analysis
|Market Size in 2022
|US$ 1.27 Billion
|Market Size by 2030
|US$ 3.39 Billion
|CAGR of 13% From 2023 to 2030
|Report Scope & Coverage
|Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
|• By grades (Thermoforming grade, Injection molding grade, Extrusion grade, Blow molding grade, Others)
• By applications (Rigid thermoforms, Films & sheets, Bottles, Others)
• By end-use industries (Packaging, Consumer goods, Agricultural, Textile, Biomedical, Others)
|North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Hitachi Ltd. (Japan), BASF SE (Germany), Musashino Chemical Laboratory, Ltd. (Japan), The DOW Chemical Company (US), Galactic (Belgium), Sulzer Ltd (Switzerland), NatureWorks LLC (US), Synbra Technology BV (the Netherlands), Corbion (the Netherlands), The DOW Chemical Company (US)
|• Changing consumer preference toward plastic products that are good for the environment
• Demand for biodegradable plastic has gone up a lot, and cities are growing quickly.
|• PLA costs more than other kinds of plastic.
• The high raw material cost
Ans: Manufacturers, Consultant, aftermarket players, association, Research institute, private and universities libraries, suppliers and distributors of the product.
Ans: Rigid thermoforms, Films & sheets, Bottles and Others are the sub-segments of by application segment.
Ans: COVID 19 is a global pandemic that has affected a lot of people. Because of this global pandemic, most people have lost their way of making a living. It has changed the way several industries grow and change. Due to a lack of vaccines, everyone is worried about their immunity and tries to keep their distance from others. With more people living alone and doing things without talking to each other, the demand for packaged goods has gone up a lot. Now, people are more likely to buy packaged food to make sure it is safe and clean. Food and beverages also show significant demand when packed, taking all the necessary measures.
Ans: PLA costs more than other kinds of plastic and The high raw material cost are the restraints for Polylactic Acid (PLA) Market.
Ans: Polylactic Acid (PLA) Market Size was valued at USD 1.13 billion in 2021, and expected to reach USD 2.65 billion by 2028, and grow at a CAGR of 13 % over the forecast period 2022-2028.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.2 Impact on major economies
22.214.171.124 United Kingdom
126.96.36.199 South Korea
188.8.131.52 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8.Polylactic Acid (PLA) Market Segment, By grades
8.1 Thermoforming grade
8.2 Injection molding grade
8.3 Extrusion grade
8.4 Blow molding grade
9.Polylactic Acid (PLA) Market Segment, By applications
9.1 Rigid thermoforms
9.2 Films & sheets
10.Polylactic Acid (PLA) Market Segment, By end-use industries
10.2 Consumer goods
11. Regional Analysis
11.2 North America
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4.2 South Korea
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.3 South Africa
11.6 Latin America
11.6.3 Rest of Latin America
12. Company Profile
12.1 Hitachi Ltd. (Japan)
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 BASF SE (Germany)
12.3 Musashino Chemical Laboratory, Ltd. (Japan)
12.4 The DOW Chemical Company (US)
12.5 Galactic (Belgium)
12.6 Sulzer Ltd (Switzerland)
12.7 NatureWorks LLC (US)
12.8 Synbra Technology BV (the Netherlands)
12.9 Corbion (the Netherlands)
12.10 The DOW Chemical Company (US)
13.1 Competitive Benchmark
13.2 Market Share analysis
13.3 Recent Developments
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