Polylactic Acid Market Showcase Innovative Solutions to Gain Incredible Demand

According to MarkNtel Advisors who is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. Recently released a report on Polylactic Acid Market - Industry Trends and Forecast to 2030 and provides a comprehensive analysis of the current and future market conditions. The market research insights offered in this report enhance understanding of the market landscape, potential challenges, and strategies to establish a strong brand presence. With detailed market segmentation, in-depth analysis of key players, examination of consumer and supply chain trends, and exploration of new geographic markets, the insights presented in this report simplify the effective marketing of products and services.

Global Polylactic Acid Market Analysis and Size

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.

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Some of the major players operating in the Polylactic Acid Market are 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.

Polylactic Acid Market Growth Driver:

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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Market Segment and Geographical Analysis

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

By Region

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

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