The global PLA market size is projected to grow from USD 1.0 billion in 2021 to USD 1.9 billion by 2026, at a CAGR of 12.2% between 2021 and 2026. The major factors driving the market are rising demand of PLA in packaging industry, stringent waste management regulations in Europe, increased focus of government on green procurement policies, and shift in consumer preference toward eco-friendly and biodegradable plastic products. Moreover, development of new applications, high potential in emerging countries of APAC, and multi-functionalities of PLA is expected to drive the market during the forecast period. To know about the assumptions considered for the study download the pdf brochure With the increasing focus on sustainability and favorable government regulations for green procurement policies, PLA manufacturers have significant opportunities in new end-use industries such as electronics, biomedical, and automotive. Manufacturers are investing heavily in R&D activities for the use of PLA in various applications in the medical industry, such as stitching materials, screws, and implants. PLA is used for manufacturing medical devices & equipment. It is used in tires with starch-based materials in the automotive industry to reduce fuel consumption. They are also used for making electrical equipment more efficient and cost-effective. The packaging application is also expected to witness significant growth. PLA films have an extensive application in the agriculture industry. PLA is a highly demanded biodegradable plastic material and is used in making trays, cutleries, and cups in the food industry. Europe is expected to be the largest market for PLA during the forecast period. The packaging industry is the largest end-use industry of PLA in Europe. The political and economic conditions have also driven the market penetration of PLA. The EU Commission has focused on the Lead Markets Initiative, where PLA has been identified as one of the most important potential markets. The strict government norms and economic conditions have also driven the PLA market. These factors have been responsible for the development of PLA with collaborative research in the region. The key players in this market are Natureworks LLC (US), Total Corbion PLA (Netherlands), BASFSE (Germany), Cofco (China), Futerro (Belgium), Danimer Scientific (US), Toray Industries Inc. (Japan), Evonik Industries (Germany), Mitsubishi Chemical Corporation (Japan), and Unitika Ltd. (Japan). Recent Developments
In October 2021, Total Corbion PLA launched recycled PLA range under the brand name Luminy rPLA, which is derived from post-industrial and post-consumer PLA waste. The new product is a chemically recycled product with similar characteristics as the existing Luminy PLA product.
In April 2021, NatureWorks LLC developed a new PLA grade Ingeo 3D700. The new material is ideal for large-format additive manufacturing, along with the reduction in warping and print failures. Ingeo 3D700 is specially designed for 3D printing, having performance characteristics such as precise detail, good adhesion, reduced warping or curling, and low odor while printing.
In November 2021, Danimer Scientific and Total Corbion PLA collaborated to manufacture biodegradable PLA. The collaboration will support the production of custom-built resin to meet the customers’ requirements for biodegradable and functional aspects of the products.
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