Polylactic Acid Market Forecasted to Reach USD 98.5 Million in 2022, with a Steady 15.5% CAGR by 2030
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Polylactic Acid Market Forecasted to Reach USD 98.5 Million in 2022, with a Steady 15.5% CAGR by 2030
Global Polylactic Acid Market: In-Depth Analysis and Forecasts for 2024-2030
MarkNtel Advisors, a leading market research firm, has showed its latest study titled “Polylactic Acid Market“, offering a detailed industry overview and market perspective. This comprehensive research provides insights into the current state of the market, highlighting recent advancements and emerging trends.
The report combines in-depth quantitative analysis with qualitative analysis; it ranges from macro-overviews of the overall market size, industry chain, and market dynamics to micro details of segment markets. This, as a result, provides a thorough overview of the industry under study as well as a profound understanding of all of its important features.
Analysis and Insights into the Polylactic Acid Market: 2024-2030
The Global 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. The market growth imputes to the surging concern of global economies to curb plastic pollution by adopting the use of eco-friendly alternatives. Countries across North America, Europe, and Asia-Pacific are witnessing tightening of their regulation regarding the use of single-use plastics, as these economies face high plastic clogging in public spaces, such as rivers and beaches, etc., causing extensive environmental damage.
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What are the primary factors driving the growth of the Polylactic Acid Market?
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.
Polylactic Acid Market Segmentation:
The Polylactic Acid market is categorized in to different segments. Analyzing growth across these segments enables a comprehensive understanding of key growth areas within the industry. This segmentation provides valuable market insights, empowering stakeholders to make strategic decisions and identify primary market applications effectively.
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
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
Geographical Analysis into the Polylactic Acid Market:
The Polylactic Acid market is categorized based regional:
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
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Competitive Landscape and Polylactic Acid Market Share Analysis:
The competitive landscape of the Polylactic Acid Market includes comprehensive details about competitors. These details encompass company overviews, financial performance, revenue generation, market potential, investments in research and development, new market strategies, production facilities, strengths and weaknesses, product launches, ongoing trials, approvals, patents, product range, dominant applications, and technology life cycle.
- 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
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Questions Addressed in this Study
- What factors are driving the Polylactic Acid Market growth?
- How is the Polylactic Acid Market expected to grow over the next five years?
- What are the key insights into the current trends in the Polylactic Acid Market?
- What is the current size of the Polylactic Acid Market, and how is it projected to change in the future?
- What is the future outlook for the Polylactic Acid Market in terms of technological advancements and market expansion?
Why choose MarkNtel?
MarkNtel Advisors is a leading market research company, 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 & emerging geographies allows our clients to formulate their strategies in a much more 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 14.8 diverse industrial verticals.
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