Polylactic Acid Market: Current Analysis and Forecast (2021-2027)
$3999 – $6999
Emphasis on Grades (Thermoforming, Injection Molding, Extrusion, Blow Molding, and Others); End-User (Packaging, Consumer Goods, Agricultural, Textile, Medical, and Others); and Region and Country
Detailed Analysis of COVID-19 Impact on the Polylactic Acid Market
The global polylactic acid market is likely to showcase a growth of around 18% during the forecast period. Global plastic production reached 460 million tons (Mt) in 2019, which has doubled from 234 Mt in 2000, showcasing a rapid increase in demand owing to population growth and higher incomes coupled with their lightweight, inexpensive, readily processable, and durable properties. In addition, during the same period, plastic waste generation has increased by 197 Mt surpassing the growth of plastic production. Further, it is expected that the amount of plastic waste will increase to 850 Mt per annum by 2050. As a result, increasing concern among the environmental bodies to control plastic waste generation. This, in turn, promotes the use of recycling or biodegradable plastics. Polylactic acid is one of the most widely consumed bioplastics and has similar characteristics to polypropylene (PP), polyethylene (PE), or polystyrene (PS), as well as being biodegradable. The material properties of PLA make it suitable for the manufacture of plastic film, bottles, and biodegradable medical devices, including screws, pins, plates, and rods that are designed to biodegrade within 6 to 12 months. Therefore, it is expected that as the world is moving rapidly toward sustainable alternatives, the demand for polylactic acid is likely to showcase bolstering growth during the foreseeable future.
Insights Presented in the Report
“Amongst grades, thermoforming held a prominent share in the market in 2020”
Based on grades, the market is categorized into thermoforming, injection molding, extrusion, blow molding, and others. Among these, thermoforming accounted for a significant share in the market and is likely to maintain a strong position during the forecast period. This can be attributed to its fully compostable and degradable properties coupled with similar properties to a number of conventional petrochemical-based resins. As a result, it is used in many application areas like food & beverage packaging.
“Amongst end-user, packaging accounted for a significant share in 2020”
Based on end-user, the market is categorized into packaging, consumer goods, agricultural, textile, medical, and others. Among these, packaging accounted for a prominent share in the market owing to the large and growing packaging industry and increasing adoption of sustainable packaging solutions. Further, it is expected to grow at a substantial rate over the forecast period as governments across the globe are trying to ban the use of single-use plastic. This can help in promoting the market for biodegradable plastics. For instance, in January 2020, the Chinese government banned several types of single-use plastics, effective in major cities by the end of 2020 and nationwide by 2025. Notably, “degradable plastics” are exempt from the single-use plastics ban.
“Asia-Pacific is expected to showcase significant growth during the forecast period”
For a better understanding of the market adoption of polylactic acid, the market is analyzed based on its worldwide presence in the countries such as North America (the United States, Canada, Rest of North America), Europe (Germany, the UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific is expected to showcase significant growth over the forecast period owing to the growing end-use industry, increasing regulation on reducing the use of non-degradable plastics, and rising adoption of sustainable packaging solutions among consumers.
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- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive country-level analysis of the industry
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|1.4.||Currency used in Report|
|2.1.||Research Process of the Polylactic Acid Market|
|2.2.||Research Methodology of the Polylactic Acid Market|
|2.5.||Main Objective of the Polylactic Acid Market Study|
|5||GLOBAL POLYLACTIC ACID MARKET COVID-19 IMPACT|
|6||GLOBAL POLYLACTIC ACID MARKET REVENUE (USD MN), 2019-2027F|
|9.1.||North America Polylactic Acid Market|
|9.1.1.||The United States|
|9.1.3.||Rest of North America|
|9.2.||Europe Polylactic Acid Market|
|9.2.3.||The United Kingdom|
|9.2.6.||Rest of Europe|
|9.3.||Asia Pacific Polylactic Acid Market|
|9.3.5.||Rest of Asia Pacific|
|9.4.||Rest of World Polylactic Acid Market|
|11||POLYLACTIC ACID MARKET OPPORTUNITIES|
|12||POLYLACTIC ACID MARKET TRENDS|
|13.1.||Demand Side Analysis|
|13.2.||Supply Side Analysis|
|14||VALUE CHAIN ANALYSIS|
|15.1.||Porters Fiver Forces Analysis|
|15.1.1.||Bargaining Power of Buyer|
|15.1.2.||Bargaining Power of Supplier|
|15.1.3.||Intensity of Rivalry|
|15.1.4.||Threats of New Entrant|
|15.1.5.||Threat of Substitute|
|16.3.||TotalEnergies Corbion B.V.|
|16.6.||Mitsubishi Chemical Corporation|
|16.7.||Danimer Scientific Inc.|
|16.9.||Evonik Industries AG|
|16.10.||Toray Industries Inc.|
Research Methodology for Global Polylactic Acid Market Analysis (2019-2027)
Analyzing the historical market, estimating the current market, and forecasting the future market of polylactic acid, three major steps are undertaken to create and analyze its adoption across the globe. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the polylactic acid industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of polylactic acid through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Polylactic Acid market, we conducted a detailed secondary analysis to gather current market insights and share for different segments & sub-segments for major regions. The major segment is included in the report by grades and end-users. Further regional and country-level analyses were conducted to evaluate the overall adoption of Polylactic Acid globally.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Polylactic Acid. Further, we conducted factor analysis using dependent and independent variables such as the increasing demand for biodegradable polymers and government focus on environment protection. A thorough analysis was conducted for demand and supply-side scenarios considering an increasing investment, top partnerships, mergers and acquisitions, business expansion, and product launches in the polylactic acid industry.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Polylactic Acid market, and market shares of each segment. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the bottom-up approach were applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of value (US$) and the adoption rate of polylactic acid across the major markets
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the polylactic acid market. Also, the growth strategies adopted by these players to compete in the fast-growing market.
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants by Stakeholders and Regions
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Polylactic Acid market. Data was split into several segments & sub-segments post studying various parameters and trends in the area of grades and end-user.
The main objective of the polylactic acid market study
The current & future market trends of global polylactic acid were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of polylactic acid in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
- Segment in the study include the area of grades and end-user
- Defined analysis of the regulatory framework for the polylactic acid industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of polylactic acid for the major countries
- Major regions/countries analyzed in the report include North America (the US, Canada, Rest of North America), Europe (Germany, the UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World
- Company profiles of the polylactic acid market players and the growth strategies adopted by them to sustain in the growing market
Deep dive country-level analysis of the industry