Lactic Acid Market Trends

Polylactic Acid Market Trend

Polylactic acid market size exceeded USD 585 Million, in 2019 and is estimated to grow at over 10% CAGR between 2020 and 2026.
 

Polylactic acid (PLA) is a versatile biodegradable polyester derived from lactic acid and is a commercial alternative to petroleum-based thermoplastics. The product is a type of bioplastic which has similar properties to conventional polymers such as acrylonitrile butadiene styrene, polyethylene terephthalate and polypropylene. The product is an ideal ingredient for various products such as plastic films, bottles, medical devices and for 3D printing.
 

Growing demand for natural fabrics owing to rising awareness among consumers for sustainability and resource conservation should boost polylactic acid market statistics. Polylactic acid offers various benefits such as high durability & tensile strength and can be converted into filaments by melt spinning which ensures cost effectiveness and convenience. Fabric manufacturers are increasingly incorporating innovative production technologies and sustainable business strategies to adopt natural fabrics in their products which should drive industry growth.
 

PLA manufacturers are increasingly engaged in production capacity expansion and the construction of new production facilities to meet rising product demand. In December 2018, Total Corbion PLA, a joint venture between global oil & gas firm Total and food organization Corbion opened a new polylactic acid production plant in Rayong, Thailand. This new facility increases the company’s production capacity by 75,000 tons per year and allows the company to meet growing demand from the packaging, 3D printing, automotive and consumer goods sectors.