Polylactic Acid Market Size

Polylactic Acid Market size is anticipated to reach USD 12 billion by the end of 2035, growing at a CAGR of 15.20% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of polylactic acid was over USD 2 billion. The growth of the polylactic acid market can be attributed primarily to the expansion of the chemical industry worldwide. For instance, the Indian chemical industry accounted for nearly USD 170 billion in the year 2019 and is anticipated to reach around USD 300 billion by 2025. The growth is further attributed to factors such as the increasing demand for bioplastics, government regulations promoting the use of sustainable materials, and the rising awareness about the environmental impact of traditional plastics.\

In addition to this, the global market is further expected to be propelled by increasing utilization of ethylamine by end user industries, surge in number of agricultural productions across the globe, and growing demand for electric and non-electric vehicles over the forecast period. Moreover, the growing rate of industrial production worldwide is anticipated to drive global market growth during the forecast period. For instance, the rate of industrial production in China increased by nearly 4% between July 2020 and July 2022 as compared to the previous year. However, the market faces challenges such as the high cost of production compared to traditional plastics and the lack of infrastructure for the collection and processing of biodegradable plastics. To overcome these challenges, companies are focusing on developing cost-effective production methods and investing in the development of recycling technologies for bioplastics. These factors are predicted to present the potential for polylactic acid market expansion over the projected period.