Polylactic Acid Market Share

APAC Market Statistics

The polylactic acid in the Asia Pacific region, amongst the market in all the other regions, is projected to hold the largest polylactic acid market share of about 35% by the end of 2037. The regional growth can majorly be attributed to the increasing demand for vehicles, resulting in increasing vehicle production and sales in the region. Statistics from the International Automobile Manufacturers (OICA) show that in the year 2021, total vehicle production in the region increased from 44 million in 2020 to 46 million in 2020. Moreover, the production of electric vehicles is increasing in the Asia Pacific region, and their growing preference is another growth factor for market expansion. For instance, the International Energy Agency announced that China was largest producer of electric vehicles in 2020, with about 1.3 million electric vehicles registered in the same year. Furthermore, the presence of several major EV manufacturers in the region and the increasing development of better interior designs that require PLA on EVs is expected to drive the growth of the regional polylactic acid market.

North American Market Forecast

The polylactic acid in the North America region, amongst the polylactic acid market in all the other regions, is projected to hold the second largest share of about 24% during the forecast period. The growth of the market in this region can primarily be attributed to the rapid expansion of the automotive industry in the region. Approximately 923,000 Americans are engaged in manufacturing automobiles and their parts, and 1,251,600 work in dealerships. As of 2021, the U.S. auto and parts industry generated approximately USD 1.5 trillion in revenue. The automobile industry contributes 3% of its GDP to America. In addition, increased per capita income for local residents is estimated to enable them to switch to individual, environmentally friendly vehicles. Nearly 75% of Americans said they owned a car by 2022, and another 20% say they would own a business or family car. Hence, this is expected to drive the polylactic acid market growth in the North America region.

Europe Market Forecast

Further, the polylactic acid in the Europe region, amongst the polylactic acid market in all the other regions, is projected to hold a majority of the share by the end of 2037. The growth of the market can be attributed majorly to the increasing consumer awareness about sustainability, government initiatives promoting the use of biodegradable plastics, and the growing demand for eco-friendly packaging solutions. Europe is one of the leading regions in the adoption of sustainable materials, and the demand for PLA is expected to increase significantly in the coming years. The European Union has set targets to increase the use of bioplastics and reduce the use of conventional plastics. For instance, the EU has set a target of making all plastic packaging recyclable or reusable by 2030. Additionally, many countries in Europe have banned single-use plastics and are promoting the use of biodegradable plastics like PLA. The automotive industry is also expected to be a major contributor to the growth of the PLA market in Europe. The use of PLA in automotive parts can help reduce the weight of vehicles, leading to improved fuel efficiency and lower carbon emissions. Several European automotive manufacturers are exploring the use of PLA in various applications. The regional polylactic acid market is expected to witness significant growth in the coming years, driven by the increasing demand for sustainable materials and the adoption of biodegradable plastics in various industries.