Press Release Description
Asia-Pacific Polylactic Acid Market Expects around 16% CAGR through 2026
According to MarkNtel Advisors, The Asia-Pacific Polylactic Acid Market is expected to grow at a CAGR of around 16% in the forecast period of 2021-26. The rising awareness about the harmful impact of petrochemical-based plastic and the surging adoption of biodegradable products are the most prominent factors driving the Polylactic Acid Market in Asia-Pacific. Besides, the extensive application of polylactic acid in several verticals like healthcare, 3D printing, consumer goods, automotive, and packaging is also expected to escalate its market growth during 2021-26.
In 2020, the Covid-19 pandemic led to the imposition of lockdown, which resulted in the temporary shutdown of manufacturing facilities and caused supply chain disruptions. This had a slight impact on the Polylactic Acid Market across Asia-Pacific. The demand for polylactic acid significantly increased in the healthcare sector of Asia-Pacific for manufacturing PPE kits, masks, etc., further states the research report, “Asia-Pacific Polylactic Acid Market Analysis, 2021.”
Packaging Application Dominated the Asia-Pacific Polylactic Acid Market
Based on the Application, the market bifurcates into Agriculture, Electronics, Packaging, Textiles, and Transport. Among these segments, the Packaging industry captured the largest share of the Asia-Pacific Polylactic Acid Market. The packaging material is widely in electronic manufacturing companies, FMCG, and the clothing industry. Packaging of most products is discarded leading to an increase in the pollution level. This fuels the demand for bio-degradable products, thereby fueling the polylactic acid market growth.
The use of polylactic acid is gaining momentum in the agriculture sector, to the making mulch films, that is beneficial for modifying soil temperature, limiting weed growth, reducing moisture loss, soil disinfection before sowing, and enhancing crop yield. Apart from this, polylactic acid is also used for engineering automobile parts like interior components, bumpers, body panels, seat covers, and other gears. Hence, there is significant demand for the polylactic acid from transport sector.
With Rapidly Expanding Textile Industry, China Acquires the Largest Share of the Asia-Pacific Polylactic Acid Market
In the Asia-Pacific region, China accounted for the largest share of the Polylactic Acid Market. It is due to the rapid expansion of the textile industry in the country, i.e., fueling the production & use of polylactic acid. Additionally, the increase in innovations of biodegradable products in the textile, packaging, & many more industries across China and surging environmental pressures are other crucial factors escalating the demand for Polylactic Acid in the country. In China, Polylactic acid is used in food packaging, plastics, textile, & agricultural sectors. Hence, the increasing demand for polylactic acids from these end-users is forcing companies to boost their manufacturing capacity, which, in turn, is driving the market.
Further, the Polylactic Acid market is anticipated to witness the fastest growth in India, owing to the increasing environmental concerns & awareness regarding the hazardous effects of conventional plastics. In addition, stringent government regulations for the usage of traditional plastic are also promoting the adoption of polylactic acids. Hence, the development of a comprehensive action plan by the Indian government to eliminate single-use plastic is driving the polylactic acid market in the country, reveals MarkNtel Advisors in their research report, “Asia-Pacific Polylactic Acid Market Analysis, 2021.”
According to MarkNtel Advisors, the 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.
Key Questions Answered in the Study
- What are the current & future trends in the Asia-Pacific Polylactic Acid market?
- How has the industry been evolving in terms of geography & service adoption?
- How has the competition been shaping across Asia-Pacific, followed by their comparative factorial indexing?
- What are the key growth drivers & challenges for the Asia-Pacific Polylactic Acid Market?
- What are the customer orientation, purchase behavior, and expectations from the Polylactic Acid manufacturers across Asia-Pacific?
- By Product Form (Films and Sheets, Coatings, Fibers, Other)
- By Application (Agriculture, Electronics, Packaging, Textiles, Transport, Others)
- By Raw-Material (Corn, Sugarcane & Sugar Beet, Cassava, Other Raw Material)
- By Country (China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Vietnam)
- By Competitors (Natureworks LLC, BASF, Mitsubishi Chemical Holding Corporation, Futerro Sa, Green Dot Bioplastics, Total Corbion PLA etc.)
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