The packaging segment held the major share in 2020, accounting for nearly 90% of the global polylactic acid market.
PORTLAND, OREGON, UNITED STATES, May 24, 2023 /EINPresswire.com/ — The packaging segment held the major share in 2020, accounting for nearly 90% of the global polylactic acid market. Increase in demand for packaged foods, snacks, ready-to-eat (RTE) meals, and other items fuels the growth of the segment. The bio-medical segment, on the other hand, would register the fastest CAGR of 20.2% from 2021 to 2030. This is due to the importance of polylactic acid as an important polymeric material for biomedical applications on account of its properties such as biocompatibility, biodegradability, mechanical strength, and process ability.
The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
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This makes it important to understand the practical implications of the polylactic acid market. To gain a competitive advantage, the players must have something unique. By tapping into the untapped market segment, they can establish a relevant point of differentiation, and this report offers an extension analysis of untapped segments to benefit the market players and new entrants to gain the market share.
Europe, followed by North America, contributed to the highest share in 2020, accounting for around half of the global polyactic acid market. This is due to increased demand from the packaging and bio-medical sectors. Asia-Pacific, however, is expected to showcase the fastest CAGR of 18.4% during the forecast period. This is attributed to the high growth of the agricultural, electronics, and textile industries to fulfill the demand of increase in population in the region.
KEY MARKET PLAYERS:
The report provides the SWOT analysis of the key market players NatureWorks LLC, Synbra, Corbion Purac, Hisun Biomaterials, Nantong Jiuding Biological Engineering Co. Ltd., Chongqing bofei biochemical products, Ltd, and Futerro. which gives the business overview, financial analysis, and portfolio analysis of products and services. The latest news related to industry developments in terms of market expansions, acquisitions, growth strategies, joint ventures, collaborations, product launches, market expansions etc. are included in the report for the better understanding of the stakeholders in framing strategic decisions to gain long term profitability and market share.
Advantages of polylactic acid in the construction industry and developments in the building & construction industry drive the growth of the global polyactic acid market. On the other hand, certain disadvantages associated with packaging in the construction sector restrain the growth to some extent. However, effective solutions for waste management are projected to pave the way for lucrative opportunities in the industry.
NEED FOR THE REPORT:
The current situation of pandemic makes it very important for the stakeholders in the polylactic acid market to understand the market deeply, which will help them in taking sound decisions, to gain the competitive advantage. By exploring the unexplored areas of market, the key players can surely gain a larger market share.
According to the report, the global polylactic acid industry was estimated at $0.7 billion in 2020, and is anticipated to hit $4.0 billion by 2030, registering a CAGR of 17.2% from 2021 to 2030.
KEY OFFERINGS OF THE REPORT:
Key drivers & Opportunities: An extensive analysis on key factors and opportunities available in different segments for strategizing.
Current trends & forecasts: A comprehensive analysis on latest trends, and forecasts for next few years to frame strategic decisions as a next step.
Segmental analysis: An extensive analysis of each segment and driving factors such as revenue and growth rate is offered.
Regional Analysis: A thorough analysis of each geographic region can help market players devise expansion strategies and gain from the opportunity.
Competitive Landscape: Useful insights on each of the leading market players for outlining competitive scenario and related strategies have been offered in the report.
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