Polylactic acid (PLA) is a biodegradable polymer derived from renewable resources such as corn starch or sugarcane. Its eco-friendly nature and versatility make it ideal for various applications, including packaging. In the Global Polylactic Acid (PLA) Market, PLA finds extensive use in eco-conscious packaging solutions such as food containers and compostable bags. Offering a sustainable alternative to conventional plastics, PLA addresses both environmental concerns and consumer demand for greener packaging options. Its biodegradability ensures minimal environmental impact, positioning PLA as a pivotal player in the transition towards more sustainable packaging practices.
Global Polylactic Acid (PLA) Market is projected to reach USD 2,416,823.42 thousand by 2029 and will grow at a CAGR of 11.6% during the forecast period of 2024-2031.
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Below are the Top Polylactic Acid (PLA) companies with a Significant Market Share:
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Rank
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Company
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Overview
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Product Portfolio
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Sales Geographical Coverage
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Developments
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1.
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BASF SE
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BASF is a global leader in the chemical industry and has a significant presence in the PLA market. The company offers a range of PLA products catering to various applications, leveraging its expertise in sustainable materials and innovation.
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Europe, Middle East and Africa, North America, South America, and Asia-Pacific
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In June 2022, The Australian food packaging manufacturer Confoil and BASF SE partnered to develop a certified compostable and dual ovenable food tray based on paper. The paper tray is coated inside with BASF's ecovio PS 1606, a partly bio-based and certified compostable biopolymer especially developed for coating food packaging made of paper or board. This partnership will intensify the company's operations in the global market.
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2.
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TotalEnergies Corbion
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TotalEnergies Corbion is a joint venture between TotalEnergies and Corbion, specializing in bioplastics, including PLA. They focus on developing PLA solutions for packaging, textiles, and other applications, aligning with their commitment to sustainable alternatives to traditional plastics.
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Europe, Middle East and Africa, North America, and Asia-Pacific
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In January 2022, Danimer Scientific, Inc. and TotalEnergies Corbion joined hands to focus on developing and producing biodegradable materials. Both the companies have entered a long-term collaborative arrangement for the supply of Luminy PLA, a bio-based polymer used to manufacture compostable products. This strategic decision will help in biopolymer production's long-term growth, requiring a blend of polyhydroxyalkanoate (PHA) and Polylactic Acid (PLA) inputs.
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3.
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Toray Industries, Inc.
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Toray Industries is a diversified multinational corporation with interests in various sectors, including chemicals and fibers. In the PLA market, Toray is known for its research and development efforts to enhance PLA's properties, aiming to broaden its applications in industries like automotive and electronics.
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Europe, North America, Middle East and Africa, South America, and Asia-Pacific
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In January 2022, Toray Industries, Inc. developed a nylon 510 fiber incorporating 100% biobased synthetic polymer content. Ecodear N510 will be the first 100% plant-based nylon fiber in Toray's Ecodear lineup.
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4.
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Mitsubishi Chemical Group Corporation
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Mitsubishi Chemical is a key player in the global chemical industry and has a presence in the PLA market through its subsidiary companies. They offer PLA products for packaging, textiles, and biomedical applications, leveraging their expertise in polymer science and sustainable materials.
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Europe, North America, and Asia-Pacific
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In February 2012, Mitsubishi Plastics Inc. of Mitsubishi Chemical Corporation launched and started selling its new product "DIAMIRONTM MF P-TYPE". This product is a PLA-based co-extruded film used in various applications. This has broadened the company's product portfolio.
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5.
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Unitika Ltd.
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Unitika is a Japanese conglomerate with a focus on chemicals, fibers, and textiles. In the PLA market, Unitika produces and markets PLA resins for various applications, emphasizing their commitment to environmentally friendly materials and contributing to the advancement of sustainable solutions.
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Europe, North America, and Asia-Pacific
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In May 2022, NatureWorks collaborated with CJ BIO. The companies will work together to develop sustainable materials solutions based on CJ BIO’s PHACT® Marine Biodegradable Polymers and NatureWorks’ Ingeo™ biomaterials technology. This collaboration will help the company to develop high-performance biopolymers that will replace fossil fuel-based plastics in different applications.
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Conclusion
In the polylactic acid (PLA) market, BASF SE, TotalEnergies Corbion, Toray Industries, Inc., Mitsubishi Chemical Group Corporation, and Unitika Ltd. stand out as key players, each contributing to the market's growth and development. Their expertise in sustainable materials and innovative solutions has propelled PLA into a prominent position within the global bioplastics industry. With a focus on expanding PLA's applications across various sectors and their commitment to environmental sustainability, these companies are driving forward the adoption of eco-friendly alternatives to traditional plastics, shaping a greener future for packaging and beyond.
