Overview of the global polylactic acid industry market
According to Bergers Consulting, the market size of the global polylactic acid industry in 2023 will be 21$5.9 billion, growing at a CAGR of 1785%。
Polylactic acid, a thermoplastic aliphatic polyester derived from renewable sources, has become a popular material from raw materials such as corn starch (mainly in the United States), tapioca root, potato chips or starch (mainly in Asia) or sugar cane (in other parts of the world). Polylactic acid generally has good mechanical properties and processability, and polylactic acid products can be rapidly degraded in a variety of ways after disposal.
The packaging segment holds the largest market share
Similar to other sustainable bioplastics, the PLA market has great market potential, as the material is already used in a variety of packaging applications for food, beverages, and other consumer products with short shelf life. In addition, due to its versatility, the material can be used in more fields, including textiles, construction, and automotive. As a result, countries around the world** are promoting the production and consumption of sustainable materials. In terms of application, the packaging segment accounted for the largest market share in 2022.
Analysis of industry development drivers and restraints
Polylactic acid (PLA) is a new biodegradable material made from starch from renewable plant resources such as corn. It has good biodegradability, can be completely degraded by microorganisms in nature after use, and eventually produces carbon dioxide and water, does not pollute the environment, is very conducive to environmental protection, and is recognized as an environmentally friendly material. As a result, increased consumer awareness in terms of affordability, green packaging, and sustainability is likely to drive the consumption of PLA in the coming years. The ** of PLA is about 3-4 times that of polyethylene, and its ** and the polymerization process determine the higher cost of PLA.