The Asia-Pacific Polylactic Acid market has been witnessing robust growth for the past few years. Polylactic acid is gaining sturdy attention due to the rise in the development of plastic bags made from PLA as these are bio-degradable. The PLA plastic takes around five years to decompose, thus making is sustainable and environmental friendly in order to deal with the growing plastic pollution. The growth of the Polylactic Acid market is attributed to grow at a CAGR of 16% during 2021-26 owing to the factors such as increasing investment by the companies for the set-up manufacturing units, stringent regulation by the government to curb the use of single-use plastic in the form of straw and packaging from restaurants, e-commerce platforms and delivery services and burgeoning demand for PLA among end-user industries such as automotive, packaging, textiles etc. However, the high cost associated with the manufacturing of PLA in comparison with synthetic plastics is hindering the growth of the market.
Key questions answered in the study
The Demand for Polylactic Acid is High in the Film Form
Based on Product Form, Films accounted for the considerable market share in 2020. The PLA films have ultraviolet light barrier properties due to which the demand for this is high in the food packaging industry. The PLA films is mostly used in the manufacturing of containers used for yoghurt, bottled water and juices. Besides this, the application of PLA films is also growing in biomedical for the manufacturing of carbon nanotubes and silica nanoparticles. Thus, these are the factors augmenting the growth of the segment in the forecast period.
“Asia-Pacific Polylactic Acid Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the market potential, key factors impacting market growth, hotspots and opportunities available for Polylactic Acid providers across the countries. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
India Exhibits Fastest Growth
India is projected to exhibit the fastest growth in the Asia-Pacific Polylactic Acid Market during 2021-26. The growing use of non-biodegradable plastic for various packaging application has increased the concern of environmental pollution. Thus, this has opened lucrative opportunities for the growth of the PLA market in India. Besides this, the substantial growth in the food packaging industry due to the increasing number of food delivery companies, burgeoning demand for PLA in textile for making of wipes, diaper and upholstery and rise in the fleet size of passenger cars are the factors proliferating the market growth. Besides this, burgeoning environmental awareness among customer and the launch of bio-degradable plastic made from PLA compounds by the market players are projected to contribute to the growth of the Asia-Pacific Polylactic Acid market in the forecast period as revealed by MarkNtel Advisors’ research report “Asia-Pacific Polylactic Acid Market Analysis, 2021”.
According to MarkNtel Advisors, the major leading players in the Asia-Pacific Polylactic Acid market are Natureworks LLC, BASF, Mitsubishi Chemical Holding Corporation, Futerro Sa, Green Dot Bioplastics, Total Corbion PLA etc.