Polylactic Acid (PLA) biodegradable and renewable polymer and a thermoplastic derived from starch-rich crop such as corn, wheat, sugarcane etc. Hence, this made it substantial and environmentally friendly.
According to the MarkNtel Advisors’ research report, “Asia-Pacific Polylactic Acid Market Analysis, 2021”, the market is expected to grow at a CAGR of around 16% during 2021-26. The growing popularity of PLA over traditional plastic is due to rising environmental pressure resulting in global warming and rise in usage of non-bridgeable plastic and formulation of stringent policies by the government to reduce the consumption of single-use plastics (SUPs) by banning its use. Besides this, the robust growing food & beverages industry in the countries is also fueling the demand for PLA for the packaging of food. Additionally, the increasing number of agricultural raw material due to the easy accessibility of naturally occurring raw material such as corn, sugarcane in countries such as China and India. Thus, this has a positive impact on the demand for Polylactic Acid.
Impact of COVID-19
The outburst of COVID-19 has a negative influence on the demand for Polylactic Acid due to the halt on the ban on single-use plastic products by the countries such as China, Indonesia. The restriction of movement on account of lockdown imposition has fueled the purchase and demand for food production. This is due to panic buying behaviour where customer started buying in bulk which has exponentially propelled the use of single-use plastic. However, the market is resuming, the polylactic acid market is projected to place a lucrative opportunity due to a boost in the demand for eco-friendly polymer on account of the high need for PLA for the food & beverages packing.
Packaging Industry Register Astronomical Growth
The demand for Polylactic Acids is expected to upsurge in the Packaging Industry. The growth of the segment is attributed to robust demand for PLA in textile, agricultural and for packaging of drugs in biomedical along with snowballing market value of packaged food and increase in the adoption of biodegradable plastic for food packaging by the restaurant chain. Moreover, burgeoning demand for eco-friendly packaging plastic in the food industries due to robust growth in the online food delivery app, upsurge in working-class population and rise in home food deliveries are further propelling the growth of the Polylactic Acid market in the Asia-Pacific region in the forecast period as revealed by the MarkNtel Advisors’ research report “Asia-Pacific Polylactic Acid Market Analysis, 2021”.
Corn Raw Material Acquired for the Significant Market Share
Based on Raw Material, the Corn segment acquired a significant market share in the Asia-Pacific Polylactic Acid Market in 2019. The development of PLA from corn is high as corn absorb carbon dioxide from air when grown, thus using corn as raw material for PLA would result in fewer emission of greenhouse gases. Besides this, the rising use of corn-based lactic acid mostly in the food industry for packaging for food as it improves pH regulator, enhance microbial quality. Thereby, this is projected to fuel the demand for PLA in the forecast period.
China Acquired the Majority Market Share
China acquired the majority market share in the Asia-Pacific Polylactic Acid market in 2019. China is among the biggest use of non-degradable bags i.e. single-use plastic in the world. The growing environmental concern and increasing plastic pollution, thus rise in problem to deal with growing waste has encouraged the government to take necessary step to reduce the use of single-use plastic across the country. The government major plan to reduce SUPs include a ban on single-use straws from restaurant and non-degradable bags ban from the major cities by 2020. The government also aim to end the use of single-use plastic from all cities and town by 2022. Thus, these are the major factors for the astronomical growth of the PLA market in the country. Other factors propelling the growth of the market are the launch of a fully integrated production PLA plant by the giant market players, rising investment by the government in the chemical industry and growing usage of bio-PLA in 3D printing filament.
Boost in the Growth of Food & Beverages Industry
The robust growth in the food & beverages industry has been witnessed in the Asia-pacific countries. The upsurge in the number of start-ups offering vegan and organic food due to the rising vegan population, rising manufacturer inclination toward lightweight packaging product and fuel in the demand for packed food & beverages has steadily shifted toward the use of eco-friendly packaging. Besides this, sturdy growth in online food services due to upsurge in the working population, rising government initiative to reduce the use of single-use plastic in coming years and burgeoning use of plastic for fruit & vegetable packaging at supermarkets and hypermarkets has fueled the demand for biodegradable food packaging.
According to MarkNtel Advisors, the major leading players in the Asia-Pacific Polylactic Acid market are Natureworks Llc., BASF, Mitsubishi Chemical Holding Corporation, Zhejiang Hisun Biomaterials Co Ltd, Futerro Sa, BEWiSynbra, Teijin Limited, Thyssenkrupp Ag, Green Dot Bioplastics, Good Natured Products Inc, Total Corbion Pla etc.
Key Questions Answered in the Market Research Report:
1. What are the key overall market statistics or market estimates (Market Overview, Market Size- By Value, Forecast Numbers, Market Segmentation, Market Shares) of the Asia-Pacific Polylactic Acid Market?
2. What is the country-wise industry size, growth drivers and challenges key market trends?
3. What are the key innovations, opportunities, current and future trends and regulations in the Asia-Pacific Polylactic Acid Market?
4. Who are the key competitors, what are their key strength and weakness and how they perform in Asia-Pacific Polylactic Acid Market based on the competitive benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the course of the Asia-Pacific Polylactic Acid Market study?
Market Outlook, Segmentation and Statistics
1) Impact of COVID-19 on Asia-Pacific Polylactic Acid Market
2) Market Size & Analysis
a) By Revenue
3) Market Share & Analysis
a) By Product Form
i) Films and Sheets
iv) Other Product Forms
b) By Application
c) By Raw-Material
ii) Sugarcane & Sugar Beet
iv) Other Raw Material
d) By Country
i) China Polylactic Acid Market Outlook, 2016-2026F (USD Million)
ii) Japan Polylactic Acid Market Outlook, 2016-2026F (USD Million)
iii) India Polylactic Acid Market Outlook, 2016-2026F (USD Million)
iv) South Korea Polylactic Acid Market Outlook, 2016-2026F (USD Million)
v) Australia & New Zealand Polylactic Acid Market Outlook, 2016-2026F (USD Million)
vi) Indonesia Polylactic Acid Market Outlook, 2016-2026F (USD Million)
vii) Vietnam Polylactic Acid Market Outlook, 2016-2026F (USD Million)
e) By Competitors
i) Competition Characteristics
ii) Market Share & Analysis
iii) Competitive Metrix
4) Asia-Pacific Polylactic Acid Market Hotspots & Opportunities
5) Asia-Pacific Polylactic Acid Market Regulations & Policy
6) Key Strategic Imperatives for Success and Growth
7) Asia-Pacific Competition Outlook
a) Competition Matrix
b) Company Profile
Frequently Asked Questions:
Q. What is the historical year, base year and forecast year considered in the research report on Asia-Pacific Polylactic Acid Market?
A. The historical data has been provided since 2016, while the base year is 2020 and the data is forecast up-to 2026.
Q. What are the units or denomination for measuring market value in the report?
A. The market size/industry size or the market value is measured in terms of USD Million.
Q. What would be the growth rate or CAGR of the Asia-Pacific Polylactic Acid Market during 2021-26?
A. The Asia-Pacific Polylactic Acid Market is expected to grow at a CAGR of 16% during 2021-26.
Q. Who are the key competitors or players operating in Asia-Pacific Polylactic Acid Market?
A. Natureworks Llc., BASF, Mitsubishi Chemical Holding Corporation, Zhejiang Hisun Biomaterials Co Ltd, Futerro Sa, BEWiSynbra, Teijin Limited, Thyssenkrupp Ag, Green Dot Bioplastics, Good Natured Products Inc, Total Corbion Pla are few of the leading players in the Asia-Pacific Polylactic Acid Market.
Q. Which application would emerge as an opportunity area for players in Asia-Pacific Polylactic Acid Market?
A. Transport is expected to attain the highest CAGR during the forecast period and maintain its significant market share.
Q. Which country would emerge as an opportunity area for players in Asia-Pacific Polylactic Acid Market?
A. China continue to grow at the highest CAGR, presenting immense opportunities for market players of the Asia-Pacific Polylactic Acid Market.