Polylactic Acid Market to Achieve $3.3 billion by 2028, at a CAGR of 17.1%| MarketsandMarkets™
The Poly Lactic Acid (PLA) Market size is projected to grow from USD 1.5 billion in 2023 to USD 3.3 billion by 2028, registering a CAGR of 17.1% during the forecast period. The growing demand for sustainable packaging in various end-use industries such as food & beverages, consumer goods, pharmaceuticals, and E-commerce & retail and increasing government initiatives to reduce plastic waste are driving the PLA market. 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.
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The key players in this market are NatureWorks LLC (US), TotalEnergies Corbion (Netherlands), BASF SE (Germany), Futerro (Belgium), COFCO (China), Mitsubishi Chemicals Corporation (Japan), Danimer Scientific (US), UNITIKA LTD.(Japan), Evonik Industries (Germany), and TORAY INDUSTRIES, INC (Japan) are some of the leading players in the market. These players have adopted various strategies such as mergers & acquisitions, new product launches and investment & expansion to strengthen their market position. For instance, in March 2023, TotalEnergies Corbion made a partnership with POSCO international to develop the PLA recycling infrastructure and technology in South Korea.
NatureWorks LLC is jointly owned by PTT Global Chemical (Thailand) and Cargill (US). NatureWorks LLC is one of the leading PLA suppliers and innovators with its Ingeo product portfolio of naturally advanced materials. It manufactures PLA from greenhouse gases such as carbon dioxide and plant derivatives such as corn, cassava, sugar cane, and beets. The company has a broad portfolio of PLA performance material Ingeo, which is used in various end-use industries such as food & beverage packaging, agriculture, building & construction, electronics, medical & hygiene, consumer goods, textiles, 3D printing, coffee capsules, cards, and non-food packaging. PLA-based performance materials are ideal for fresh food packaging and foodservice-ware applications.
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NatureWorks LLC has a sales presence in North America, Europe, and Asia Pacific. The company has a PLA manufacturing plant in North America and Asia Pacific. The manufacturing facility located in Nebraska, US, has an annual PLA production capacity of 150,000 metric tons, with a dedicated application development center for Ingeo biopolymers.
TotalEnergies Corbion, formerly known as Total Corbion PLA, is a global leader in the PLA and lactide monomers market. The company was established as a 50/50 joint venture between Total (France) and Corbion (Netherlands) in March 2017. It offers PLA under the brand Luminy, derived from renewable feedstocks like sugarcane, corn, sugar beet, and cassava. Luminy PLA offers a 75% reduction in carbon footprint, creating a sustainable product portfolio of PLA. Total Corbion PLA has a production facility in Rayong, Thailand, with an annual PLA production capacity of 75,000 tons. The company is also planning to manufacture a new PLA production plant in Grandpuits, France, which is expected to become operational by 2024.
TotalEnergies Corbion provides PLA for various end-use industries, including food packaging, automotive, consumer goods, textile, and printing. The company has a global business presence in Asia Pacific, North America, Europe, the Middle East & Africa, and South America. TotalEnergies Corbion has a strong presence in the European market for the manufacturing and sales of PLA.
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