Asia-Pacific Polylactic Acid market is expected to grow at a CAGR of 16% during 2021-2026

The Asia-Pacific Polylactic Acid market is expected to grow at a CAGR of 16% during 2021-26 owing to the surging aim of the countries to ban the use of single-use plastic, increasing investment towards research and development activities to support the production of cheaper Polylactic acid and rapid growth in the packaging industry due to increasing e-commerce industry growth. Besides this, rising environmental awareness, burgeoning spending toward the development of bioplastic along with the set-up of PLA production plant by the market players, and snowballing inclination towards sustainable and eco-friendly plastic are the driving factors projected to place a positive impact on the market growth in the forecast period.

Key questions answered in the study
1. What are the current and future trends in the Asia-Pacific Polylactic Acid market?
2. How the market has been evolving in terms of end-user demand and application areas?
3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
4. What are the key growth drivers and challenges for the Asia-Pacific Polylactic Acid market?
5. What are the customer orientation, purchase behaviour, and expectations from the Asia-Pacific Polylactic Acid market service provider across the various country?

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Textile and Transportation Exhibited Fastest Growth in 2019
Based on Application, Textile and Transportation exhibited the fastest growth in 2019. Polylactic acid is used as an alternative to carbon fiber and polyethylene terephthalate (PET) in the textile industry. The application of PLA is burgeoning in the production of industrial and household wipes, diapers, and feminine hygiene products as PLA offers various features such as moisture resistance, high durability and breathability. Besides this, the demand for PLA is also growing at a rapid rate in the transport segment. In addition to this, due to its high bio-content, it is used in the production of interior parts and under-the-hood components to reduce carbon footing and to provide high gloss and dimensional stability.

“Asia-Pacific Polylactic Acid Market Analysis, 2021” provides comprehensive qualitative and quantitative insights on the market potential, key factors impacting the market growth, hotspots and opportunities available for Polylactic Acid providers across the countries. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.

Indonesia Shows the Considerable Growth in the Market

Indonesia is anticipated to witness the significant growth in the Asia-Pacific Polylactic Acid Market during the forecasted period owing to various initiatives taken by the government to promote the use of bio-degradable plastic over conventional plastic to control pollution and ensure environmental safety. The government of Indonesia has planned to ban the use of single-use plastic bags in department stores, supermarkets and traditional markets in the capital city Jakarta by 2020. Besides this, burgeoning investment toward the set-up of textile industry and rising inclination of electronic companies to relocate production facilities to Indonesia is providing lucrative opportunity to drive the market growth. In addition this, growth in the food & beverages industry due to snowballing penetration rate and rising adoption of online food delivery services is expected to fuel the demand for Polylactic acid in the country in the forecast period as revealed by MarkNtel Advisors’ research report “Asia-Pacific Polylactic Acid Market Analysis, 2021”.

For detailed analysis, visit: https://www.marknteladvisors.com/research-library/asia-pacific-polylactic-acid-market.html

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.

Market Segmentation:
1. By Product Form (Films and Sheets, Coatings, Fibers, Other)
2. By Application (Agriculture, Electronics, Packaging, Textiles, Transport, Others)
3. By Raw-Material (Corn, Sugarcane & Sugar Beet, Cassava, Other Raw Material)
4. By Country (China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Vietnam)
5. By Competitors (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)

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MarkNtel Advisors is a leading research, consulting and data analytics firm that provides a wide range of strategic reports on diverse industry verticals to a substantial and varied client base that includes multinational corporations, financial institutions, governments, and individuals.

We specialize in niche industries and emerging geographies to support our clients in the formulation of strategies viz. Go to Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, trend analysis, etc. in around 15 industry verticals to enable our clients in identifying attractive investment opportunities and maximizing ROI through an early mover advantage.

This release was published on openPR.