Polylactic Acid Market Size, Share, Growth Analysis, By Raw Material(Corn Starch-based PLA, Sugarcane-based PLA), By End-user Industry(Packaging, Textiles, Automotive, Electronics), By Application(Films and Sheets, Bottles and Cups, Injection Molding), By Region - Industry Forecast 2024-2031

Polylactic Acid Market size was valued at USD 1.89 billion in 2022 and is poised to grow from USD 2.01 billion in 2023 to USD 3.31 billion by 2031, growing at a CAGR of 6.42% in the forecast period (2024-2031).

The global polylactic acid (PLA) market has experienced substantial growth in recent years due to the increasing demand for sustainable and eco-friendly materials. PLA, a biodegradable thermoplastic derived from renewable sources such as corn starch or sugarcane, offers several advantages over conventional plastics. The polylactic acid market has witnessed significant growth owing to the rising awareness of environmental concerns and the need for sustainable alternatives to conventional plastics. PLA finds applications in various industries, including packaging, textiles, automotive, electronics, and medical. The market is expected to grow at a substantial CAGR during the forecast period.

End-use sectors such as transportation, agricultural, textile, and packaging are driving up demand for the commodity. In comparison to conventional polymers, polylactic acid, a low carbon emission polymer, has grown rapidly in global demand. Global packaging sector growth is being fuelled by rising demand for flexible packaging. The growing demand for snacks, ready-to-eat meals, packaged foods, and other products is likely to move the packaging business forward. Thus, the expanding packaging industry is expected to drive PLA demand over the forecast period.