How Inclination Toward Sustainable and Eco-Friendly Plastic Driving Polylactic Acid Market Growth?
The Asia-Pacific Polylactic Acid market is expected to grow at a CAGR of
16% during 2021-26 owing to burgeoning demand for Polylactic Acid (PLA)
among end-user industries such as automotive, packaging, textiles,
surging aim of the countries to ban the use of single-use plastic and
snowballing inclination towards sustainable and eco-friendly plastic.
Besides these, increasing investment towards research and development
for the production of cheaper Polylactic acid, rising environmental
awareness along with upsurge in the development of plastic bags made
from PLA which is a bio-degradable material are the factors promulgating
the growth of the Polylactic Acid market in Asia-Pacific.
Based
on Application, Textile exhibited the fastest growth due to the
burgeoning use of Polylactic acid as an alternative to carbon fiber and
Polyethylene Terephthalate (PET) in the textile industry as these are
non-biodegradable product. The PLA usage is high in the production of
industrial and household wipes, diapers, and feminine hygiene products.
The
transport segment acquired a considerable market share. The increasing
fleet size of passenger car vehicle has fueled the use of PLA for the
production of interior parts and under-the-hood components due to its
high bio-content.
The packaging Industry dominated the market
owing to robust demand of PLA for drugs packaging in biomedical, an
upsurge in the demand for packaged food and an increase in the adoption
of biodegradable plastic for food packaging by the restaurant chain.
Indonesia acquired a considerable market share due to the introduction of various initiatives to fuel the use of bio-degradable plastic by putting a ban on the use of single-use plastic bags in department stores, supermarkets and traditional markets and burgeoning investment toward the set-up of textile.
Besides this, China acquired the majority market share in 2019. The growth is attributed to rapid growth in the food & beverages industry due to rising adoption of online food delivery services. Moreover, necessary steps have been taken by the government to reduce the use of single-use plastic across the country. In addition to this, the launch of a fully integrated production PLA plant by the giant market players and rising investment by the government in the chemical industry are further propelling the market growth.
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.
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