The North America Polylactic Acid Market would witness market growth of 20.6% CAGR during the forecast period (2023-2030). In the year 2019, the North America market's volume surged to 51,920.3 Tonnes, showcasing a growth of 17.9% (2019-2022).
Polylactic acid (PLA), a biodegradable and renewable biopolymer, has quickly become a key participant in the materials business. Concerns over environmental sustainability and the depletion of fossil fuels have led to a notable increase in PLA's use and adoption in recent years. The preference for polylactic acid among consumers and industry can be due to its eco-friendliness and versatility, leading to its adoption. PLA is made from renewable resources like sugarcane or corn starch, providing a sustainable substitute for conventional polymers made from petroleum. The biodegradability of PLA further enhances its appeal, as it reduces the burden of non-recyclable plastic waste in landfills and oceans. As awareness of environmental issues rises, PLA is increasingly seen as a responsible choice for reducing plastic pollution.
Additionally, one of the key drivers of PLA adoption is the push for sustainable and eco-friendly products. Both consumers and regulatory bodies increasingly demand products and packaging with a reduced carbon footprint. PLA fits the bill by being a carbon-neutral material, as it absorbs CO2 during its production from renewable sources. Its ability to break down naturally ensures that products made from PLA have a limited environmental impact, especially when compared to traditional plastics.
The agriculture and agri-food sector significantly contribute to the Canadian economy. Agriculture and Agri-Food Canada's mandate includes providing support to primary agriculture, which encompasses farmers, as well as the food and beverage processing industry. Still, the sector reaches into the broader agri-food system, influencing other sectors across the food supply chain. As per the data provided by the Government of Canada, in 2022, the whole agriculture and agri-food system generated $143.8 billion (around 7.0%) of Canada's gross domestic product (GDP). In 2022, the farm market receipts were at a record high of $87.7 billion. Therefore, the rising agriculture sector in North America will boost the demand for polylactic acid in the region.
The US market dominated the North America Polylactic Acid Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $904.3 million by 2030. The Canada market is registering a CAGR of 23.3% during (2023 - 2030). Additionally, The Mexico market would showcase a CAGR of 22.2% during (2023 - 2030).
Based on End-use, the market is segmented into Packaging, Agriculture, Electronics, Textile, Automotive & Transport, and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Polylactic Acid Markett is Predict to reach USD 4 Billion by 2030, at a CAGR of 20.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Toray Industries, Inc., NatureWorks LLC, Futerro SA (GALACTIC group), COFCO Corporation, Shanghai Tong-jie-liang Biomaterials Co., LTD., Zhejiang Hisun Biomaterials Co., Ltd., BASF SE, Evonik Industries AG (RAG-Stiftung), Mitsubishi Chemical Holdings Corporation, and DANIMER SCIENTIFIC, INC.
By End-use (Volume, Tonnes, USD Million, 2019-2030)
By Country (Volume, Tonnes, USD Million, 2019-2030)
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