The latest report by TechNavio draws attention to a growing number of end-user applications, which are expected to boost market growth over the projected period. Major end-users of polylactic acid (PLA) like the packaging sector, textile industry, electronics industry, construction sector and automobile industries are experiencing robust growth.
“The growth is expected to continue over the forecast period because of improved global economic conditions, growing populations in developing countries, increasing awareness and changes in consumer preferences,” says Faisal Ghaus, Vice President of TechNavio.
Furthermore, the report emphasizes the prospect of producing PLA from lignocellulose, which is a biomass produced as a by-product by the agriculture sector. It offers a cost-effective and sustainable means of PLA production for the Global PLA Market.
“Though the use of lignocellulose is restricted because of high production costs, advances in technology and increased spending on R&D can help market players leverage this option,” says Ghaus.
TechNavio currently has more than 3000 market research reports on a huge range of topics, including:
TechNavio is a leading global technology research and advisory company.
Founded in 2003, TechNavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries.
TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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