The global polylactic acid (PLA) market is growing at a significant CAGR of nearly 17.5% during the forecast period. The major factors that are augmenting the growth of the market include the rising demand for biodegradable polymers and unstable crude oil prices. Biodegradable polymers are the polymers which get decomposed under anaerobic or aerobic conditions due to the action of microorganism/enzymes. PLA is the most popular bioderived polymer that can be utilized as packaging materials and mulch film that is utilized in the agriculture sector. PLA is regarded as a versatile polymer, compostable, and recyclable with good processability, high transparency, resistance to water solubility, and high molecular weight. It is different from several thermoplastic polymers as it is derived from renewable resources such as sugarcane or corn starch.
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Therefore, PLA occupies a significant position in the production volume of any bioplastic. There is a wide range of PLA applications. Some common applications include biodegradable medical devices (such as plates, screws, rods, and pins that are expected to biodegrade in 6-12 months), as well as plastic films and bottles. However, certain factors are affecting the growth of the market. The higher production cost of the PLA is acting as a restraining factor for the market growth. Additionally, the presence of several alternatives including polypropylene (PP), polyethylene (PE), or polystyrene (PS) is the major factors that are hindering the market growth.
The market is segmented based on application and raw material. Based on application, the market is segmented into packaging, construction material, catering and tableware, agriculture material, consumer goods, electronic material, automobile, and others. Based on the raw material segment, the market is segmented into corn-based PLA, sugar-based PLA, cassava-based PLA, other raw materials-based PLA.
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Market Segmentation
By Application
- Packaging
- Construction Material
- Catering and Tableware
- Agriculture Material
- Consumer Goods
- Electronic Material
- Automobile
- Others
By Raw Material
- Corn Based PLA
- Sugar Based PLA
- Cassava Based PLA
- Other Raw Materials-Based PLA
Company Profiles
- BBCA Biomaterial Co., Ltd.
- Futerro SA
- Good Natured Products Inc.
- LG Chem
- Merck KGaA
- MiniFIBERS, Inc.
- NatureWorks LLC
- RadiciGroup SpA
- RTP Co.
- Salfeco, LLC
- Sulzer Ltd.
- Think3D
- Thyssenkrupp AG
- Toyo Engineering Corp.
- Zhejiang Hisun Biomaterials Co., Ltd.
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