Key Takeaways
Key players operating in the polylactic acid market include TotalEnergies, Corbion bv, NatureWorks LLC, JIANGSU SUPLA BIOPLASTICS CO., LTD., Futerro, COFCO, Jiangxi Keyuan Biopharm Co.,Ltd., Shanghai Tong-jie-liang Biomaterials Co.,LTD., Zhejiang Hisun Biomaterials Co., Ltd., BASF SE, Danimer Scientific, Mitsubishi Chemical America, Inc., UNITIKA LTD., Sulzer Ltd., Weforyou, Polysciences Inc., Musashino Chemical Laboratory Ltd., BEWiSynbra Group, Esun, and Danimer Scientific. The key players are focusing on geographical expansion and capacity expansions to tap the growing demand.
The key opportunities in the Polylactic Acid Market size include increasing applications in food packaging, textiles and 3D printing. As the regulations ban single-use plastics globally, the demand for biodegradable alternatives is expected to spike exponentially. Leading players are investing in R&D to develop advanced PLA grades for new applications.
North America and Europe dominate the global PLA market due to strict regulations. However, Asia Pacific is expected to witness highest growth owing to presence of major players and rapid industrialization in countries such as China and India. The players are focusing on Asia Pacific region through partnerships and new plant set-ups to cater to the rising demand.
Market Drivers
Stringent regulations against single-use plastics by organizations like European Union is a major market driver for PLA. Many countries and states have banned or levied heavy taxes on conventional plastic bags and cutlery. This is positively impacting the demand for biodegradable alternatives like PLA.
Growing awareness about environmental protection and sustainability is another key factor driving the PLA market. Both customers and brand owners are preferring eco-friendly bio-based plastics over conventional plastics. Various applications from packaging to textiles to 3D printing provide tremendous growth opportunities.
Market Restraints
High material and production cost of PLA is a major Polylactic Acid Market Challenges And Opportunities compared to traditional petroleum-based plastics. This limits its access and affordability for price-sensitive applications. Continuous R&D is required to reduce costs through advanced production technologies and economies of scale.
