China Polylactic Acid (PLA) Market is expected to grow at a CAGR of around 18.0% during the forecast period. Growing chemical and petroleum industry is primarily strengthening market growth in the country. According to the China Petroleum and Chemical Industry Federation (CPCIF), China’s petroleum and chemical industry generated a revenue of $2 trillion in 2017. The consistent growth of the Chinese chemical industry is key for the stability of the Chinese economy in the future years. Moreover, China is rapidly expanding its chemical parks; this significantly increases the investment in the chemical industry in China, thereby creating opportunities for the growth of the market in the future.
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The penetration of plastic products in the Chinese market is expected to increase as these products possess beneficial properties which make them useful in several applications. Furthermore, as the recyclable and eco-friendly plastic materials are being introduced in the market, the demand for plastics to be consumed in applications such as automotive industry, and packaging industry is expected to increase significantly in the future years. This will likely accelerate the demand for PLA thermoplastic in the region.
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The companies operating in the market include BASF SE, 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
China PLA Market by Raw Material
- Corn-based PLA
- Sugar-based PLA
- Cassava-based PLA
- Others
China PLA Market by Application
- Packaging
- Construction Material
- Catering and Tableware
- Agricultural Material
- Consumer Goods
- Electronic Material
- Automobile
- Others
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.)
