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 rising development of plastic bags made from PLA as these are biodegradable. The PLA plastic takes around five years to decompose, making it sustainable and environmentally friendly to deal with the growing plastic pollution.
The growth of the Polylactic Acid market is likely to grow at a CAGR of 16% between 2021-26 owing to the factors like increasing investment by companies for setting up manufacturing units, stringent government regulations to curb the use of single-use plastic in the form of straw & 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 PLA manufacturing compared to synthetic plastics is hindering the market growth.
Key questions answered in the study
The Demand for Polylactic Acid is High in the Film Form
Based on Product Form, PLA Films accounted for the considerable market share in 2020. These films have ultraviolet light barrier properties, due to which their demand is high in the food packaging industry. PLA films help in manufacturing containers used for yogurt, bottled water, and juices. The application of PLA films is also soaring in biomedical for manufacturing carbon nanotubes and silica nanoparticles. Thus, these are factors augmenting this segment's growth in the forecast period.
"Asia-Pacific Polylactic Acid Market Analysis, 2021" provides comprehensive, qualitative, and quantitative insights about the market potential, key factors impacting the market growth, hotspots, and available opportunities for Polylactic Acid providers across different countries. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure competitors' capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
India Exhibits Fastest Growth
India projects 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 applications has increased various environmental concerns, thereby providing lucrative opportunities for the growth of the PLA market in India.
Besides, the substantial increase in the food packaging industry due to the increasing number of food delivery companies, burgeoning demand for PLA in textiles for making wipes, diapers, and upholstery, and rising fleet size of passenger cars are factors propelling the market growth. The burgeoning environmental awareness among customers and launch of PLA made bio-degradable plastic by market players can further contribute toward the Asia-Pacific Polylactic Acid market growth in the forecast period, states MarkNtel Advisors in their 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.