Asia-Pacific Polylactic Acid (PLA) Market is expected to grow at a CAGR of around 18.8% during the forecast period. There are numerous factors which are driving the growth of the PLA market in the region. This includes significant automobile production in the region and growing food processing packaging industry. The plastic market is rapidly expanding in the Asia-Pacific. The market is witnessing a dynamic growth specifically in the ASEAN countries including Thailand, Indonesia, Vietnam and the Philippines. Moreover, as a result of urbanization, growing demand for energy, climate change and technological advancements, plastic manufacturers are focusing on adopting the latest technology in order to manufacture advanced materials such as PLA.
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Furthermore, the chemical industry in Asia-Pacific region is also witnessing a prominent growth owing to the presence of major chemical manufacturers, including BASF SE and DuPont de Nemours, Inc. in the region. The demand for advanced chemicals and polymers such as PLA is expected to increase significantly in the future years for application in automobile applications, which in turn, will likely drive the growth of the market in the region.
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The companies operating in the market include BASF SE, ThyssenKrupp AG, NatureWorks LLC, and DuPont de Nemours, Inc. To survive in the market, these players are adopting crucial strategies, such as mergers and acquisitions, product launches, and partnerships and collaborations. This enables the company to increase its competitiveness and attract significant share in the market. For instance, In October 2018, ThyssenKrupp AG expanded geographically by commissioning its first commercial bioplastics plant in China. It uses PLAneo technology from ThyssenKrupp that lowers the emission of CO2 and reduces the use of fossil raw materials. The new plant produces all standard PLA types, among other things for the production of eco-friendly packaging, fibers, textiles, and engineering plastics. With the opening of this facility, the company has expanded its footprints geographically.
Market Segmentation
Asia-Pacific PLA Market by Raw Material
- Corn-based PLA
- Sugar-based PLA
- Cassava-based PLA
- Others
Asia-Pacific PLA Market by Application
- Packaging
- Construction Material
- Catering and Tableware
- Agricultural Material
- Consumer Goods
- Electronic Material
- Automobile
- Others
Regional Analysis
- China
- India
- Japan
- Rest of Asia-Pacific
Company Profiles
- BASF SE
- Corbion N.V.
- DuPont de Nemours, Inc.
- LG Chem Ltd.
- Mitsubishi Gas Chemical Co., Inc.
- NatureWorks LLC
- RTP Co.
- Sulzer Ltd.
- ThyssenKrupp AG
- Toray Industries, Inc.
- Toyo Engineering Corp.
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
