Asia-Pacific Polylactic Acid Market Research Report: Forecast (2021-2026)

Polylactic Acid (PLA) is a biodegradable & renewable polymer and thermoplastic. Like similar polymers such as polypropylene (PP), polyethylene (PE), or polystyrene, PLA derives from starch-rich crops like corn, wheat, sugarcane, etc., thereby making it substantial & environmentally friendly.
According to the The publisher ’ research report, “Asia-Pacific Polylactic Acid Market Analysis, 2021," the market is likely to grow at a CAGR of around 16% between 2021-26. Various factors led to the popularity of PLA over traditional plastic. Daunting concerns like environmental pressure, increasing usage of non-biodegradable plastic, and the formulation of stringent policies by the government to reduce consumption of single-use plastics (SUPs) by banning its use are some of them.
Besides this, the robustly growing food & beverages industry in most countries is also stoking the demand for PLA for food packaging. China and India are likely to make a positive impact because of the easy access to raw materials like corn & sugarcane.

Impact of COVID-19

The outburst of COVID-19 led to a negative influence on the supply of Polylactic Acid, where the lockdown imposition fueled the purchase and demand for food production. Many customers started panic buying the PLA, which exponentially propelled the use of single-use plastic. However, the market is resuming gradually. The polylactic acid market is likely to place a lucrative opportunity owing to the boosting demand for eco-friendly polymers due to the high need for PLA for food & beverage packing.
Packaging Industry Register Astronomical Growth
The demand for Polylactic Acids is going to upsurge in the packaging industry. The segment growth attributes to robust demand for PLA in different sectors like textile, agriculture, and drug packaging in biomedical, the snowballing market value of packaged food, and increasing adoption of biodegradable plastic for food packaging by restaurant chains.
Moreover, rapid growth in the online food delivery apps, surging working-class population, and rising home food deliveries are burgeoning the demands for eco-friendly packaging plastic in the food industries. These demands are further propelling the Polylactic Acid market growth in the Asia-Pacific region in the forecast period, reveals The publisher in their 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 it absorbs carbon dioxide with its growth. Thus, using corn as raw material for PLA would result in fewer emissions of greenhouse gases. Besides, the rising use of corn-based lactic acid in the food industry for packaging improves pH regulators & enhances microbial quality, thereby becoming likely to fuel the demand for PLA in the forecast period.

Regional Landscape

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 user of non-degradable single-use plastic in the world. The growing environmental concerns and increasing plastic pollution create problems to deal with increased waste, which have encouraged the government to take necessary steps to reduce the use of single-use plastic across the country.
The government primarily plans to reduce SUPs by banning single-use straws in the restaurant and non-degradable bags from major cities by 2020. It also aims to end the use of single-use plastic from all cities and towns by 2022. Thus, these are the factors for the astronomical growth of the PLA market in the country. Other factors that propel the demand include launching a fully integrated PLA production plant by giant market players, the rising government investments in the chemical industry, and the growing use of bio-PLA in 3D printing filament.

Market Driver

Boost in the Growth of Food & Beverages Industry
Asia-Pacific countries have witnessed robust growth in the food & beverages industry. The surging number of start-ups offering vegan & organic food due to the rising vegan population, the increasing inclination of manufacturers toward lightweight packaging products, and propelling demand for packed food & beverages have steadily shifted toward using eco-friendly packaging.
Besides, sturdy growth in online food services due to surging working population, rising government initiatives to reduce single-use plastic in coming years, and burgeoning use of plastic for fruit & vegetable packaging at supermarkets & hypermarkets has further fueled the demand for biodegradable food packaging.

Competitive Landscape

According to the The publisher , 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.

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?