The report “Poly Lactic Acid Market by Grade (Thermoforming, Extrusion, Injection Molding, Blow Molding), Application (Rigid Thermoform), End-use Industry (Packaging, Consumer Goods, Agricultural, Textile, Biomedical) & Region – Global Forecast to 2028″, The PLA market is projected to reach USD 3.3 billion by 2028, at a CAGR of 17.1% from USD 1.5 billion in 2023. The PLA market is mainly driven by the increase in consumer awareness and growing demand in end-use industries like packaging, consumer goods, agriculture, biomedical, textiles among other industries. Moreover, it is also driven by the rapidly developing market in the Asia Pacific region.
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Key Market Players
NatureWorks LLC (US), TotalEnergies Corbion (Netherlands), BASF SE (Germany), COFCO (China), Futerro (Belgium), Danimer Scientific (US), Toray Industries Inc. (Japan), Evonik Industries (Germany), Mitsubishi Chemical Corporation (Japan), Unitika Ltd. (Japan) are the leading players in the market.
Thermoforming grade is expected to lead the PLA market during the forecast period
Thermoforming grade PLA is in high demand in the PLA market due to its exceptional characteristics that make it well-suited for thermoforming processes. Thermoforming involves heating a plastic sheet and molding it into desired shapes. PLA’s thermoforming grade offers excellent heat resistance, dimensional stability, and clarity, making it ideal for packaging, disposable food containers, and consumer products. Its transparency allows for appealing product displays, while its ability to maintain shape and withstand elevated temperatures ensures durability. Moreover, PLA’s biodegradability and renewable nature align with consumer preferences for eco-friendly packaging solutions, further driving the demand for thermoforming grade PLA.
PLA Market Dynamics
- Drivers: Changing consumer preference toward eco-friendly plastic products
- Restraint: Higher prices of PLA than Conventional Plastics
- Opportunity: Multi Functionalities of PLA
- Challenge: Expensive and complex production process
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