Polylactic Acid Market Size, Share, and Trends 2024 to 2034

The global polylactic acid market size was valued at USD 838.69 million in 2023 and is expected to reach around USD 3,515.39 million by 2033, growing at a CAGR of 15.40% from 2024 to 2033.

Key Takeaways

• North America led the global market with the highest market share of 38.83% in 2023.
• By Raw Material, the cornstarch segment has held the largest market share in 2023.
• By Application, the packaging segment captured the biggest revenue share of 36.94% in 2023.

Polylactic Acid Market in the U.S. 2024 to 2033

The U.S. polylactic acid market size was valued at USD 146.52 million in 2023 and is anticipated to reach around USD 671.99 million by 2033, poised to grow at a CAGR of 16.4% from 2024 to 2033.

North America is estimated to be the Largest Market for Polylactic Acid

Geographically, polylactic acid market is conquered by North America owing to favorable government mandates for the production of the polylactic acid, coupled with easy availability of the raw materials for production of polylactic acid in the countries of this region, especially in the United States. Asia-Pacific is expected to register the fast growth rate, on account of increasing research and development investment by key market players and increasing awareness regarding use of bioplastics in the region. Also, government in the region are offering subsidiaries for the production of biodegradable products in order to reduce the environmental concerns which is another factor anticipated to propel growth of the target industry in the countries of Asia Pacific region.

Crucial factors accountable for market growth are:

• Governments initiatives for the production and use of biodegradable products
• Increasing preferences for the bioplastic over conventional plastic
• Growing demand for the polylactic acid from cosmetic industry
• Easy availability of raw materials for the production of PLA
• Growing awareness among the consumers regarding green packaging and sustainability
• Capacity addition by the major players operating in the target industry

Key market Insights:

Emerging applications offered by polylactic acid are anticipated to create profitable growth prospects for the major players functioning in the global polylactic acid market. Polylactic acids are multifunctional in nature and the raw materials required for its production are easily available in both developed as well as emerging economies. PLA possesses great process ability, high transparency, along with ideal mechanical properties. Further, increasing focus of the government on the production and use of bioplastics is expected to create potential opportunities in target industry. Favorable government regulations are encouraging major companies for the production of polylactic acid. Further, technological advancements have reduced the cost of the polylactic acid which is among major factors used to replace the use of conventional plastic. Also, emerging countries across the globe are focusing on increasing PLA production in order to environmental concerns worldwide. This trend is expected to continue and will boost growth of the global industry in the near future.

COVID-19 Impact on Global Polylactic Acid Market

Outburst of COVID-19 has impacted on most of the key markets across the globe however COVID-19 is projected to have low impact on the target market as the use of Polylactic Acid is finding special significance. Due to COVID-19, adoption of the polylactic acid has been decreased in the fashion apparel market as the demand form the end use costumers has been decreased. On the other hand the demand for the personal protective apparel has been increased dramatically and in turn the adoption of the polylactic acid increased in the textile industry during the critical times of COVID-19. The outbreak of COVID-19 has encouraged the key operating players in the textile market to launch innovative products. Major industries including packaging, electronics, and bio-medical affected due to the distribution in the supply chain as well as lockdown situation worldwide. However, COVID-19 situation is resolving slowly and most of the industries are started their facilities at full capacity.

Future of Global Polylactic Acid Market

Due to ongoing COVID-19 pandemic, usage of polylactic acid has been increased in the textile industry which can have positive impact on the growth of the global polylactic acid over the forecast period. Packaging industry plays vital role in the growth of the polylactic acid industry. However, growing awareness among the consumers regarding heightened hygiene due to the pandemic has forced major packaging companies to innovate and come up with the advanced products and this challenge needs to overcome to get competitive edge in industry. PLA due to its excellent chemical properties, used in the range of applications as raw materials. So the major players in this industry as well as emerging companies are focusing on the capacity addition of polylactic acid this trend is expected to continue and will augment growth of the polylactic acid industry in the next 10 years.

Polylactic Acid Market Scope

Raw Material Insights

The corn starch segment dominated the polylactic acid market with 64% market share in 2023. Corn starch-based polyactic acid meets regulatory requirements and certifications for biodegradability, compostability, and food contact safety, making it suitable for a wide range of applications including food packaging, disposable utensils, and food service products. Compliance with stringent environmental and safety standards further strengthens the market position of corn starch-based polylactic acid. Polylactic acid derived from corn starch exhibits favorable properties such as high transparency, good mechanical strength, and biodegradability, making it suitable for a wide range of applications including packaging, textiles, disposable tableware, and biomedical devices. Corn starch-based polylactic acid offers comparable or superior performance to petroleum-based plastics while offering the added benefits of biodegradability and environmental sustainability.

Application Insights

The packaging segment is projected to dominate the Application Segment of Polylactic Acid Market Revenue

The packaging application segment dominated the market with a share of 36.94% in 2023. The growth is attributed to the growing demand for packaging from food and beverage and cosmetic industries across the globe. These factors are primarily responsible for the greater market share of packaging in the application segment of the polylactic acid market. The textiles segment is observed to be the fastest growing segment during the forecast period. Polylactic acid fibers are biodegradable and compostable, offering an environmentally friendly solution for textile applications. As concerns about plastic pollution and waste disposal escalate, Polylactic acid textiles provide a sustainable alternative that can be recycled or composted at the end of their life cycle, reducing environmental impact and contributing to circular economy initiatives. Polylactic acid is a biodegradable and renewable polymer derived from natural resources such as corn starch or sugarcane. As consumers and industries increasingly prioritize sustainability and environmental responsibility, there is growing demand for eco-friendly alternatives to traditional petroleum-based plastics in the textile industry.

Polylactic Acid Market, By Application, 2020-2023 (USD Million)

Polylactic Acid Market Players :

The companies focusing on research and development are expected to lead the global polylactic acid market. Leading competitors contending in global polylactic acid market are as follows:

• NatureWorks LLC
• Corbion Purac
• Chongqing bofei biochemical products co., ltd.
• Synbra
• Futerro
• Nantong Jiuding Biological Engineering Co. Ltd
• Hisun Biomaterials

In order to better recognize the current status of polylactic acid, and policies adopted by the foremost countries, Precedence Research predicted the future evolution of the polylactic acid market. This research study bids qualitative and quantitative insights on polylactic acid market and assessment of market size and growth trend for potential global market segments.

Key Market Developments:

• NatureWorks LLC, the leading player in the polylactic acid industry, has launched its new product ingeo 3D450, in 2019. This product introduced on account of dual extrusion 3D printers as well as for the printing purpose.
• Further, in 2016, USD 1 Million were invested by the NatureWorks LLC, for the comprehensive research and development on the bio plastics.
• Moreover the NatureWorks LLC, announced to that the company will start its polylactic acid manufacturing facility which is a USD 200 million plant either in the Malaysia or Thailand in recent period of time.

Major Market Segments Covered:

By Raw Material

• Corn Starch
• Sugarcane & Sugar Beet
• Cassava
• Others

By Application

• Packaging
• Agriculture
• Transport
• Electronics
• Textiles
• Others

By Geography

• North America
  • • U.S.
    • Canada
• Europe
  • • Germany
    • France
    • United Kingdom
    • Rest of Europe
• Asia Pacific
• • • China
    • Japan
    • India
    • Southeast Asia
    • Rest of Asia Pacific
• Latin America
  • • Brazil
    • Rest of Latin America
• Middle East & Africa (MEA)
  • • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa