Charting the Course: Prismane Consulting Expects a Thriving Biodegradable Polylactic Acid (PLA) Market set to surpass USD 3.3 Billion by 2032
PUNE, India, May 31, 2024 /PRNewswire/ -- Prismane Consulting, a distinguished consulting firm specializing in Strategy Reports and Market Studies within Petrochemicals, Chemicals, Refining, Polymers & Plastics, and Materials, is excited to announce the launch of its latest report titled "Global Polylactic Acid (PLA) Market 2023". This comprehensive market study explores consumption dynamics and supply trends, offering insights into the global PLA market with a focus on major countries and their consumption patterns across various applications.
The report includes segmented demand data by application, covering Packaging, Consumer Goods, Automotive, Textile, Agricultural, Medical Devices, and Others. Both volume and value market data for each application at the country and regional levels are also detailed in the report.
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Polylactic acid (PLA) is a biodegradable thermoplastic derived from lactic acid, primarily sourced from renewable products like sugar beet, maize, sugar cane, and wheat. Recognized as an eco-friendly alternative to traditional petroleum-based plastics, PLA exhibits excellent tensile strength and modulus of elasticity similar to PET. Widely used in thermoforming applications, particularly in disposable tableware for the food industry, PLA is also used in the production of cutlery, bottles, and various industrial and automotive components through injection molding and roto moulding. Additionally, PLA finds use in agricultural sectors for films and bags. In fiber and non-woven applications, PLA is employed for one-use fabric items, including blankets, carpets, disposable garments, diapers, and hygiene products. Emerging applications include 3D printing, where PLA serves as a filament for 3D printers.
Leading Polylactic Acid Producers
Key producers operating in the PLA market include NatureWorks, Total Corbion, Shandong Hongda Biotech, BIOTEC GmBH, Zhejiang HiSun Biomaterials, Henan Longdu Tianren Biomaterials, and Shanghai Tongjie Liang Biomaterials.
Polylactic Acid Demand, By Region
Nearly 70% of the global PLA supply resides in Asia Pacific, concentrated in China, Thailand, Japan, and South Korea. Around one-fourth of the global capacity resides in North America, all of which is located in the USA. The European region represents the remaining supply. China, which has seen several capacity additions in the last six years is expected to continue to remain the largest producer of PLA, with more plants on track to come onstream in the forecast period 2023-2032. Emerging market entrants include China ESTBay (Shanghai) Biotechnology and Zhejiang Youcheng, while producers like Anhui Fengyuan Futerro Polylactic Acid (subsidiary of BBCA) and Henan Jindan Technology are planning to expand their existing capacities.
While Middle East & Africa currently lacks domestic supply, it is set to become a producer of PLA in the forthcoming years, with Gulf Biopolymers Industries announcing its intentions to build a new PLA plant in the region.
In terms of demand, Asia Pacific leads the PLA market with a 60% share, followed by Western Europe and North America. All other regions are very small consumers, collectively representing a share less than 1%. Asia Pacific is projected to register the fastest growth over the forecast period. Packaging remains the largest consumer of polylactic acid in terms of application, and demand in the outlet will continue to witness the fastest growth over the forecast.
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In India, Balrampur Chini Mills Limited (BCML) announced in February 2024 its plans to manufacture Polylactic Acid (PLA). The sugar manufacturing company plans to invest INR 2,000 crores (about USD 241.1 million) over 30 months to build a facility adjacent to its existing sugar plant. This new plant, utilizing sugarcane fermentation, will have an annual production capacity of 75 kilo tons. PLA at the facility will be manufactured via the fermentation of sugarcane into lactic acid.
India has major potential in terms of PLA demand growth. In addition to government support through production-linked initiatives for eco-friendly bioplastics, producers are experiencing a rise in PLA demand in India. Notable companies such as Starbucks and Costa are integrating PLA into a range of items including cups, straws, paper cup linings, and stirrers. Leading Indian companies like Amul and Aditya Birla are also adopting PLA for their end-use products. There's substantial potential to replace India's current Single-Use Plastics (SUP) with PLA and PLA compounds.
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About Prismane Consulting:
Prismane Consulting is a unique global research & consulting firm serving businesses in the field of Chemicals, Energy and Environment offering in-depth technical & strategy reports and consulting services. Our Strategy and Market study reports cover information on complete value chains, supply- demand analysis, trade, supplier profiles, target markets, business opportunity assessments, new technologies and emerging trends.
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Tejas Shah
Prismane Consulting Private Limited
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SOURCE Prismane Consulting Private Limited
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