POLYLACTIC ACID MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

The high production costs have been one of the major restraining factors for the growth of the global polylactic acid (PLA) market. PLA is currently more expensive to produce as compared to many petroleum-based plastics such as polyethylene terephthalate (PET) and polypropylene (PP). This is primarily because the raw materials required for producing PLA such as corn starch and sugarcane are costly and the production process involving fermentation and polymerization that converts these raw materials into PLA also leads to increased manufacturing costs.

Market Opportunities: Research & Development of New Application Areas

Research and development of new application areas for polylactic acid offers significant potential for growth in the global market. As sustainability concerns rise around the world, consumers and industries are increasingly seeking out biodegradable and eco-friendly alternatives to traditional plastic products. Polylactic acid, being a bioplastic derived from renewable plant sources such as corn starch or sugarcane, provides a versatile option. However, to achieve wider adoption, further innovations are needed to expand its use into new sectors.