London, 24 October 2015: TechNavio, the independent tech-focused global research firm, has published a report on the Global PLA Market 2015-2019, which is expected to grow at a CAGR of 18.55 percent from 2014-2019.
Changing consumer preference towards sustainable packaging is a major factor that drives the demand in the market. With growing consumer awareness, retail outlets are increasingly adopting biodegradable materials for packaging, which in turn is propelling the Global PLA Market.
“The prospect of producing Polylactic Acid (PLA) from lignocellulose, a biomass produced as a by-product by the agricultural sector, offers a cost-effective and sustainable means of PLA production for the market,” says Faisal Ghaus, Vice President of TechNavio.
“Although the use of lignocellulose is restricted because of high production costs and advances in technology, but increased spending on R&D can help the market players to leverage this option.”
Key Market Drivers
- Growth in End-User Applications
- Increased Consumer Preferences toward Eco-friendly Packaging
- Rise in Crude Oil Prices
- Prospects of Bioplastics
- Favorable Government Policies
Key Market Trends
- Production of PLA from Lignocellulose Feedstock
- Increasing Scope of Applications in End-User Industries
- Government Incentives
- Advances in Technology
Key Market Vendors
- BASF SE
- Galactic SA
- NatureWorks LLC
- Purac biochem BV
- Pyramid Bioplastics Guben GmbH
- Synbra BV
To define the market circumstances in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
