Bio-Polylactic Acid (PLA) Market: Global Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2017-2021 and Forecast 2022-2028

Description

Bio-Polylactic Acid (PLA) Market Size is anticipated to be valued at USD 573.2 million in 2021 and is expanded to grow at a significant CAGR of 18.7% over 2022-2028. A common bio-based plastic made from bio-based monomers is bio-polylactic acid. Unlike plastic films, Bio-PLA films can hold twists and folds. The rising popularity of bio-polylactic acid films is mostly due to greater consumer health and environmental awareness. Furthermore, governments in many countries have enacted strict rules and policies in order to boost bio-polylactic acid’s appeal. The rising use of bio-PLA in 3D printing and the increased output of genetically modified corn are anticipated to present opportunities in the future. The Food and Drug Administration (FDA) and affiliated organizations advocate the use of biodegradable and food-grade plastics for beverage and snack consumption as part of their increased food safety intervention. The packaging segment is predicted to dominate the market based on end-user industries. One of the biggest users of bio-polylactic acid is the packaging sector (PLA). During the projected period, packaging demand is expected to rise in areas such as groceries, home entertainment items, and household supplies. At the same time, many industries, such as food and pharmaceutical packaging, continue to see strong demand.

Recent Market Developments:

In August 2021, continuing its global manufacturing expansion plan, NatureWorks, the world’s leading manufacturer of low-carbon polylactic acid (PLA) biopolymers made from renewable resources, has obtained final authorization from the parent company, GC International Corporation Company Limited, a subsidiary of PTT Global Chemical Public Company Limited (GC) and Cargill Incorporated (Cargill), to build a new Ingeo™️ PLA manufacturing complex in Thailand. NatureWorks plans to invest more than $600 million to construct the complex, which will include production sites for lactic acid, lactide, and polymer, making it the world’s first PLA facility designed to be fully integrated.

In Jan 2022, Danimer Scientific, Inc., and TotalEnergies Corbion are set to enter a long-term collaborative agreement for the supply of Luminy PLA, a bio-based polymer made with approximately 20% recycled content, to enhance the production of resins with blended PHA and PLA inputs.