Lactic Acid and Poly Lactic Acid (PLA) Market Size, Share, Growth, and Industry Analysis, By Type (Lactic Acid and Poly Lactic Acid (PLA)), By Application (Industrial, Personal Care, Packaging, Petroleum Based Products, Textiles), Regional Insights, and Forecast To 2031

Updated On: 08 April 2024

Lactic Acid and Poly Lactic Acid (PLA) Market Report Overview

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The global lactic acid and poly lactic acid (PLA) market size was USD 696 million in 2022 and is projected to touch USD 3618 million by 2031, at CAGR of 20.1% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the lactic acid and poly lactic acid (PLA) market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Lactic acid and polylactic acid (PLA) are two bio-based polymers that are made from renewable resources. Lactic acid is a naturally occurring compound that is produced by fermentation of sugars from plants or animals. PLA is a synthetic polymer that is made from lactic acid monomers.

PLA is a thermoplastic polymer that is biodegradable and compostable. It has a number of properties that make it a good candidate for a variety of applications including, food packaging, medical devices, textiles, consumer goods, engineering plastics.

COVID-19 Impact: Pandemic Increased the Market Demand

The COVID-19 pandemic has had a significant impact on the lactic acid and poly lactic acid (PLA) market share. The pandemic has led to an increased demand for lactic acid and poly lactic acid (PLA) in certain sectors, such as food packaging and medical devices. This is because lactic acid and poly lactic acid (PLA) is a biodegradable and compostable plastic, which makes it a good choice for applications where environmental sustainability is important. The COVID-19 pandemic has led to an increase in online food ordering, which has in turn led to an increased demand for food packaging. PLA is a good choice for food packaging because it is biodegradable and compostable. The COVID-19 pandemic has also led to an increased demand for medical devices. Lactic acid and poly lactic acid (PLA) is a good choice for medical devices because it is biocompatible and biodegradable.

Latest Trends

"The increasing demand for food packaging made from PLA is expected to fuel the growth in the market"

As consumers become more aware of the environmental impact of plastics, there is a growing demand for food packaging made from sustainable materials. Lactic acid and poly lactic acid (PLA) is a good choice for food packaging because it is biodegradable and compostable. It is also a clear and rigid material, which makes it suitable for a variety of food packaging applications. Some governments are starting to regulate the use of plastics in food packaging. For example, the European Union has banned the use of single-use plastics in food packaging. This has created a demand for alternative materials, such as PLA. Consumers are becoming more aware of the environmental impact of plastics. They are looking for sustainable food packaging options that are better for the environment. The development of new technologies has made it possible to produce PLA food packaging that is more affordable and accessible. This has helped to increase the demand for PLA food packaging.

Lactic Acid and Poly Lactic Acid (PLA) Market Segmentation

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• By Type Analysis

According to type, the market can be segmented lactic acid and poly lactic acid (PLA).

• By Application Analysis

Based on age, the market can be divided into Industrial, personal care, packaging, petroleum based products, textiles.

Driving Factors

"The increasing demand for biodegradable and compostable plastics to foster the market growth"

As consumers become more aware of the environmental impact of plastics, there is a growing demand for biodegradable and compostable plastics. PLA is a good choice for these applications because it is made from renewable resources and can be broken down by microorganisms. Consumers are becoming more aware of the environmental impact of plastics, and they are looking for sustainable alternatives. As mentioned above, some governments are starting to regulate the use of plastics in certain applications. This is creating a demand for alternative materials that meet these regulations. The development of new technologies has made it possible to produce biodegradable and compostable plastics that are more affordable and accessible. This has helped to increase the demand for these materials.

"Government regulations to result in the expansion of the market"

Some governments are starting to regulate the use of plastics in certain applications. For example, the European Union has banned the use of single-use plastics in food packaging. This has created a demand for alternative materials, such as PLA. Government regulations are another major driving factor of the lactic acid and PLA market. Some governments are starting to regulate the use of plastics in certain applications, such as food packaging. This is creating a demand for alternative materials, such as PLA, that meet these regulations. For example, the European Union has banned the use of single-use plastics in food packaging. This has created a demand for alternative materials, such as PLA, that can be used in these applications. The demand for biodegradable and compostable plastics is expected to continue to grow in the coming years. This is being driven by a number of factors, including environmental concerns, government regulations, and technological advances.

Restraining Factors

"High production costs to hamper the market growth"

The production costs of PLA are relatively high compared to other plastics. This is due to the use of renewable resources, such as corn starch, in the production process. The high production costs can make PLA a less attractive option for some applications. The high production costs of PLA can be a restraining factor for the market. 

Lactic Acid and Poly Lactic Acid (PLA) Market Regional Insights

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"Europe to lead the market owing to the rise of smart factories"

The Europe region has shown the highest lactic acid and poly lactic acid (PLA) market growth. The European market is expected to grow at the highest CAGR during the forecast period. This is due to the increasing demand for biodegradable and compostable plastics in the region. The European Union has banned the use of single-use plastics in food packaging. This has created a demand for alternative materials, such as PLA.

Key Industry Players

"Key players are employing advanced technologies in order to stimulate further growth of the market"

All the major players are motivated to offer superior and more advanced services in order to gain a competitive edge in the market. To increase their market presence, vendors are using a variety of techniques, including product launches, regional growth, strategic alliances, partnerships, mergers, and acquisitions.

List of Market Players Profiled

• BASF: Ludwigshafen, Germany
• Danimer Scientific: Norcross, Georgia, USA
• Henan Jindan Lactic Acid Technology: Xinxiang, Henan, China
• Synbra Technology: Arnhem, Netherlands
• Dow Chemical: Midland, Michigan, USA
• Corbion: Delft, Netherlands
• NatureWorks: Blair, Nebraska, USA
• Teijin: Osaka, Japan
• Wei Mon Industry: Guangdong, China

Report Coverage

This report examines an understanding of the lactic acid and poly lactic acid (PLA) market’s size, share, growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.