Polylactic Acid Market on Track for 15.5% CAGR Growth | Demand & Technological Trends

MarkNtel Advisors recently published a detailed industry analysis of the Global Polylactic Acid Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.

Global Polylactic Acid Market, Share, and Trends Analysis Report – Industry Overview and Forecast to 2030

The Polylactic Acid Market was valued at USD 98.5 Million in 2022 and it is estimated to grow at a CAGR of about 15.5% during the forecast period, i.e., 2024-30

Key Findings in Global Polylactic Acid Market:

• Historical Analysis: 2019–2022
• Base Year: 2023
• Forecast Period: 2024–2030

Leading Market Players- Total Corbion PLA, Nature Works LLC, COFCO, Futerro, Jiangxi Keyuan Bio-Material Co., Ltd., Zhejiang Hisun Biomaterials Co., Ltd., Shanghai Tong-Jie-Liang Biomaterials Co., Ltd., Sulzer Ltd, BASF SE, Danimer Scientific, Toray Industries, INC, Evonik Industries, Unitika Ltd., Mitsubishi Chemicals, Other

Key Highlights of the Report

• Market Dimensions & Projections
• Pricing Evaluation,
• Recent Strategic Moves by Companies,
• Primary Stakeholders,
• Analysis of Import and Export Trends,
• Competitive Landscape Assessment,
• Emerging Opportunities,
• Market Trends and Indicators

What are the major Driver the Global Polylactic Acid industry?

Increasing Automotive Production Amplifies the PLA Demand – Over the past few years, automotive manufacturing companies have been focussing on the expansion of their manufacturing capabilities across countries such as China, Japan, India, the UAE, etc. This expansion has been playing a vital role in the automotive industry expansion. The major automotive manufacturers have set up their production units in China and Southeast Asian countries due to lower labor costs, favorable taxation policies, availability of raw materials, and efficient supply chains. For instance,

• In 2022, BMW partnered with Truong Hai Auto Corporation (THACO) to expand its production of BMW vehicles in Vietnam.

Hence, the expansion of the automotive production units has been expanding the demand for Polylactic acid (PLA) used in automotive components during the historical years. This demand from the automotive industry has been majorly influenced by their rising inclination toward sustainable products. Further, as more companies expand their production units, the demand for PLA would amplify in the forthcoming years as well.

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What segments define the Global Polylactic Acid Market from 2024 to 2030? How do these segments contribute to market dynamics and growth?

By Product Form

• Films and Sheets- Market Size & Forecast 2019-2030, USD Million
• Pellets- Market Size & Forecast 2019-2030, USD Million
• Fibers- Market Size & Forecast 2019-2030, USD Million
• Others (Filaments, Granules, etc.) - Market Size & Forecast 2019-2030, USD Million

According to report, Among them, Films & Sheets are foreseen to hold a prominent position in the Global Polylactic Acid Market during 2024-2030,

By End Users

• Packaging- Market Size & Forecast 2019-2030, USD Million
• Textiles - Market Size & Forecast 2019-2030, USD Million
• Agriculture- Market Size & Forecast 2019-2030, USD Million
• Electronics- Market Size & Forecast 2019-2030, USD Million
• Consumer Goods- Market Size & Forecast 2019-2030, USD Million
• Others (Medical, Automotive, etc.) - Market Size & Forecast 2019-2030, USD Million

According to report, Among them, Electronics is anticipated to register a substantial growth rate, driven by the surging initiatives of global economies to use sustainable plastics in the manufacturing of electronic products.

Explore the Complete Global Polylactic Acid Market Analysis Report – https://www.marknteladvisors.com/research-library/polylactic-acid-market.html

Geographical Analysis: Global Polylactic Acid Market

 By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Global Polylactic Acid Industry Recent Development:

• 2023: Evonik Industries announced the enhancement of its parenteral drug delivery solutions with new PLA-PEG copolymers (RESOMER® RP d) for nanoparticle formation and a nanoparticle formulation service using nano sonication technology, ideal for various drug delivery applications.
• 2023: NatureWorks, a global leader in low-carbon polylactic acid (PLA) biopolymers derived from renewable sources, announced the completion of its Ingeo™? PLA manufacturing complex in Thailand.

  Key Questions Addressed in This Study

• What are the primary factors driving the growth of the Global Polylactic Acid Market?
• How is the Global Polylactic Acid Market expected to evolve over the next five years?
• What key insights can be drawn from current trends shaping the market?
• What is the current market size, and how is it forecasted to change in the coming years?
• What is the future outlook for the market in terms of technological innovation and geographic expansion?

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Why MarkNtel Advisors?

MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.

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