Polylactic Acid Market Growth Drivers, and Competitive Landscape

According to the latest market research report title “Polylactic Acid Market By Product Form (Films and Sheets, Pellets, Fibers, Others), By End Users (Packaging, Textiles, Agriculture, Electronics, Consumer Goods, Others) and Others–Forecast to 2030″, published by MarkNtel Advisors, 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 data present in the report exhibit from the historic years (2019-22) and the base year (2023) to put together estimations for the forecast period (2024-30). In the study, our researchers put together reliable, unbiased, and accurate data to enlighten investors about fluctuations in the industry & anticipations on what to expect in the future. Since the industry is dynamic and highly fragmented, this report enables the prominent players to make strategic moves associated with their investments in the coming years.

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Global Polylactic Acid Market Challenge:

High Cost Associated with Production of Polylactic Acid – One of the major challenges faced by companies in promoting the growth of Polylactic Acids (PLA) in the market has been the high production cost. PLAs have been comparatively more expensive to manufacture than conventional petroleum-based chemicals offering similar applications, owing to the high cost of raw materials, sourced from crops like corn, soybeans, and sugarcane. Moreover, the production process for PLAs has also been quite complex, requiring substantial energy consumption and heavy equipment.

As a result, the overall cost of production was significantly higher for manufacturing PLAs compared to their conventional counterparts. This price disparity between PLAs and conventional chemicals posed a challenge for companies to compete effectively in the market and gain wider acceptance. As a result, various small-scale enterprises and end-users in industries such as agriculture and textile industry preferred to opt for cheaper conventional chemical products. Therefore, the cost barrier hindered the widespread adoption of PLAs among the end users.

Polylactic Acid Market Segmentation
The Polylactic Acid Market is highly robust and fragmented into numerous segments;

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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Key Players Operating in the Polylactic Acid Market: –
Evonik Industries

-Business Description

-Product Form Portfolio

-Strategic Alliances or Partnerships

-Recent Developments

-Financial Details

-Others

Unitika Ltd.

-Business Description

-Product Form Portfolio

-Strategic Alliances or Partnerships

-Recent Developments

-Financial Details

-Others

Mitsubishi Chemicals

-Business Description

-Product Form Portfolio

-Strategic Alliances or Partnerships

-Recent Developments

-Financial Details

-Others

Key Questions Answered:

What is the projected CAGR of the Polylactic Acid Market during the forecast period?
Which segment is expected to lead the Polylactic Acid Market?
Who are the prominent players driving market growth?
Key Offerings:

Market Share, Size, and Revenue Forecast
Market Dynamics: Growth drivers, restraints, investment opportunities, and key trends
Landscape: Leading key players and other prominent participants
About MarkNtel Advisors
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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 15 diverse industrial verticals.

Using such information, our clients can identify attractive investment opportunities & strategize their moves to yield higher ROI (Return of Interest) through an early mover advantage with top-management approaches.

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Polylactic Acid Market Growth Drivers, and Competitive Landscape