ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET FORECAST 2024-2032
SCOPE OF THE REPORT
Asia-Pacific Polylactic Acid (PLA) Market by Product Form (Films and Sheets, Coatings, Fibers, Other Product Forms) Market by Application (Packaging, Agriculture, Electronics, Textiles, Medical, Automotive, Other Applications) Market by Raw Material (Corn, Sugarcane & Sugar Beet, Cassava, Other Raw Materials) by Geography
REPORTS » CHEMICALS AND MATERIALS » PLASTICS & POLYMERS, ELASTOMERS » ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET FORECAST 2024-2032
MARKET OVERVIEW
The Asia-Pacific polylactic acid (PLA) market is estimated to register a CAGR of 20.45% during the projection period of 2024 to 2032. Moreover, the market is expected to reach a revenue of $xx million by 2032.
The polylactic acid (PLA) market in the Asia-Pacific presents multiple opportunities, including blending PLA with lightweight materials for the automotive industry. PLA also finds diverse applications in biomedical packaging, electronics (such as parts for televisions and smartphones), automotive manufacturing, the textile industry, and various packaging solutions across the region.
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The Asia-Pacific polylactic acid (PLA) market growth evaluation entails the analysis of China, Japan, India, South Korea, Indonesia, Thailand, Vietnam, Australia & New Zealand, and Rest of Asia-Pacific. In India, polylactic acid (PLA)-based materials find extensive applications within the agricultural sector, particularly in the form of agricultural films, including biodegradable options. Given the substantial plastic waste generated in agriculture, the adoption of eco-friendly solutions like PLA is crucial to mitigate environmental impact in the country. Accordingly, the use of PLA in the agro-sector is on the rise, driven by its notable biodegradability feature.
Furthermore, PLA’s applications in agriculture extend to the production of mulch films. In India, where the government has banned plastics below 50 microns thickness since 2016, and the national green tribunal has restricted the use of plastic items like bags and cutlery to protect against sea pollution, the demand for PLA is significantly rising.
On the other hand, the increasing demand for lightweight consumer electronic goods in Japan is a significant driver for the demand for polylactic acid (PLA), particularly in the electronic industry. The growth of the electronic market in Japan is expected to strongly support the overall expansion of the PLA market in the country. However, a key challenge faced by the PLA market in Japan is the lack of awareness, particularly in developing countries. These factors, in turn, are set to influence the growth of the Asia-Pacific polylactic acid (PLA) market over the forecast period.
The Asia-Pacific polylactic acid (PLA) market is segmented into product form, application, and raw material. The application segment includes packaging, agriculture, electronics, textiles, medical, automotive, and other applications.
The surge in packaged goods consumption, particularly in the food and beverage sector, has propelled the expansion of the packaging industry. This trend has also opened up new opportunities for packaging material suppliers. Notably, Brazil, Russia, India, and China (BRIC) collectively account for approximately 30% of the global demand for packaging materials.
The growing demand for packaged food is expected to continue its upward trajectory, fueled by rising disposable incomes and improved standards of living. Aligning with this, the increasing demand for consumer goods is anticipated to further boost the growth of the packaging segment over the upcoming years.
Some of the eminent companies operating in the Asia-Pacific polylactic acid (PLA) market include Mitsubishi Chemical Holding Corporation, Zhejiang Hisun Biomaterials Co Ltd, etc.
Mitsubishi Chemical Corporation (MCC), headquartered in Japan, serves as a prominent provider of performance products and industrial materials. The company boasts a global presence with operations spanning Japan, various Asia-Pacific countries, the United States, as well as Europe. It operates within three key domains: industrial materials, performance products, and other diversified business segments. Moreover, the company also provides a range of services across real estate, office services, insurance agencies, construction, recruitment, job consulting, analysis, logistics, engineering, and software development.
REPORT SYNOPSIS
REPORT SCOPE | DETAILS |
---|---|
Market Forecast Years | 2024-2032 |
Base Year | 2023 |
Market Historical Years | 2018-2022 |
Forecast Units | Revenue ($ Million) |
Segments Analyzed | Product Form, Application, and Raw Material |
Countries Analyzed | China, Japan, India, South Korea, Indonesia, Thailand, Vietnam, Australia & New Zealand, and Rest of Asia-Pacific |
Companies Analyzed | BASF, Danimer Scientific, Dow Chemicals, Futerro SA, Mitsubishi Chemical Holding Corporation, Teijin Ltd, Good Natured Products Inc, Green Bioplastics, Innovia Films, NatureWorks LLC, Synbra Holding BV, Thyssenkrupp AG, Total-Corbion PLA, Zhejiang Hisun Biomaterials Co Ltd |
TABLE OF CONTENTS
RESEARCH SCOPE & METHODOLOGY
- STUDY OBJECTIVES
- METHODOLOGY
- ASSUMPTIONS & LIMITATIONS
EXECUTIVE SUMMARY
- MARKET SIZE & ESTIMATES
- MARKET OVERVIEW
- SCOPE OF STUDY
- CRISIS SCENARIO ANALYSIS
- IMPACT OF COVID-19 ON POLYLACTIC ACID (PLA) MARKET
- MAJOR MARKET FINDINGS
- INCREASING UTILIZATION OF PLA IN BIOMEDICAL APPLICATIONS
- KEY MARKET PLAYERS ACTIVELY ENGAGING IN SUSTAINABILITY INITIATIVES
- INCREASING POPULARITY IN 3D PRINTING DUE TO ITS VERSATILITY
- PLA: POSITIVE ENVIRONMENTAL IMPACT
MARKET DYNAMICS
- KEY DRIVERS
- INCREASING DEMAND FOR SUSTAINABLE PACKAGING
- SUPPORTIVE GOVERNMENT POLICIES AND REGULATIONS
- CONSUMER SHIFT TOWARDS GREEN PRODUCTS
- KEY RESTRAINTS
- RELATIVELY HIGHER PRODUCTION COSTS OF PLA
- PLA’S LIMITED HEAT RESISTANCE COMPARED TO CONVENTIONAL PLASTICS
- KEY DRIVERS
KEY ANALYTICS
- KEY MARKET TRENDS
- FOCUS ON HEAT-RESISTANT PLA VARIANTS
- DEVELOPMENT OF PLA BLENDS
- INTRODUCTION OF HIGH-PERFORMANCE PLA GRADES
- RAPID EXPANSION OF END USE INDUSTRIES INCORPORATING PLA
- PORTER’S FIVE FORCES ANALYSIS
- BUYERS POWER
- SUPPLIERS POWER
- SUBSTITUTION
- NEW ENTRANTS
- INDUSTRY RIVALRY
- GROWTH PROSPECT MAPPING
- MARKET MATURITY ANALYSIS
- MARKET CONCENTRATION ANALYSIS
- VALUE CHAIN ANALYSIS
- RAW MATERIAL SOURCING
- LACTIC ACID PRODUCTION
- MANUFACTURING OF PLA PRODUCTS
- DISTRIBUTION AND LOGISTICS
- CONSUMER USAGE
- KEY BUYING CRITERIA
- BIODEGRADABILITY AND COMPOSTABILITY
- CERTIFICATIONS AND STANDARDS
- QUALITY AND PERFORMANCE
- COST COMPETITIVENESS
- REGULATORY FRAMEWORK
- KEY MARKET TRENDS
MARKET BY PRODUCT FORM
- FILMS AND SHEETS
- MARKET FORECAST FIGURE
- SEGMENT ANALYSIS
- COATINGS
- MARKET FORECAST FIGURE
- SEGMENT ANALYSIS
- FIBERS
- MARKET FORECAST FIGURE
- SEGMENT ANALYSIS
- OTHER PRODUCT FORMS
- MARKET FORECAST FIGURE
- SEGMENT ANALYSIS
- FILMS AND SHEETS
MARKET BY APPLICATION (IN TERMS OF REVENUE: $ MILLION & IN TERMS OF VOLUME: KILOMETRIC TONS)
- PACKAGING
- MARKET FORECAST FIGURE
- SEGMENT ANALYSIS
- AGRICULTURE
- MARKET FORECAST FIGURE
- SEGMENT ANALYSIS
- ELECTRONICS
- MARKET FORECAST FIGURE
- SEGMENT ANALYSIS
- TEXTILES
- MARKET FORECAST FIGURE
- SEGMENT ANALYSIS
- MEDICAL
- MARKET FORECAST FIGURE
- SEGMENT ANALYSIS
- AUTOMOTIVE
- MARKET FORECAST FIGURE
- SEGMENT ANALYSIS
- OTHER APPLICATIONS
- MARKET FORECAST FIGURE
- SEGMENT ANALYSIS
- PACKAGING
MARKET BY RAW MATERIAL
- CORN
- MARKET FORECAST FIGURE
- SEGMENT ANALYSIS
- SUGARCANE & SUGAR BEET
- MARKET FORECAST FIGURE
- SEGMENT ANALYSIS
- CASSAVA
- MARKET FORECAST FIGURE
- SEGMENT ANALYSIS
- OTHER RAW MATERIALS
- MARKET FORECAST FIGURE
- SEGMENT ANALYSIS
- CORN
GEOGRAPHICAL ANALYSIS (IN TERMS OF REVENUE: $ MILLION & IN TERMS OF VOLUME: KILOMETRIC TONS)
- ASIA-PACIFIC
- MARKET SIZE & ESTIMATES
- ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET DRIVERS
- ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET CHALLENGES
- KEY PLAYERS IN ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET
- COUNTRY ANALYSIS
- CHINA
- CHINA POLYLACTIC ACID (PLA) MARKET SIZE & OPPORTUNITIES
- JAPAN
- JAPAN POLYLACTIC ACID (PLA) MARKET SIZE & OPPORTUNITIES
- INDIA
- INDIA POLYLACTIC ACID (PLA) MARKET SIZE & OPPORTUNITIES
- SOUTH KOREA
- SOUTH KOREA POLYLACTIC ACID (PLA) MARKET SIZE & OPPORTUNITIES
- INDONESIA
- INDONESIA POLYLACTIC ACID (PLA) MARKET SIZE & OPPORTUNITIES
- THAILAND
- THAILAND POLYLACTIC ACID (PLA) MARKET SIZE & OPPORTUNITIES
- VIETNAM
- VIETNAM POLYLACTIC ACID (PLA) MARKET SIZE & OPPORTUNITIES
- AUSTRALIA & NEW ZEALAND
- AUSTRALIA & NEW ZEALAND POLYLACTIC ACID (PLA) MARKET SIZE & OPPORTUNITIES
- REST OF ASIA-PACIFIC
- REST OF ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET SIZE & OPPORTUNITIES
- CHINA
- ASIA-PACIFIC
COMPETITIVE LANDSCAPE
- KEY STRATEGIC DEVELOPMENTS
- MERGERS & ACQUISITIONS
- PRODUCT LAUNCHES & DEVELOPMENTS
- PARTNERSHIPS & AGREEMENTS
- COMPANY PROFILES
- BASF
- COMPANY OVERVIEW
- PRODUCT LIST
- STRENGTHS & CHALLENGES
- DANIMER SCIENTIFIC
- COMPANY OVERVIEW
- PRODUCT LIST
- STRENGTHS & CHALLENGES
- DOW CHEMICALS
- COMPANY OVERVIEW
- PRODUCT LIST
- STRENGTHS & CHALLENGES
- FUTERRO SA
- COMPANY OVERVIEW
- PRODUCT LIST
- STRENGTHS & CHALLENGES
- GOOD NATURED PRODUCTS INC
- COMPANY OVERVIEW
- PRODUCT LIST
- STRENGTHS & CHALLENGES
- GREEN BIOPLASTICS
- COMPANY OVERVIEW
- PRODUCT LIST
- STRENGTHS & CHALLENGES
- INNOVIA FILMS
- COMPANY OVERVIEW
- PRODUCT LIST
- STRENGTHS & CHALLENGES
- MITSUBISHI CHEMICAL HOLDING CORPORATION
- COMPANY OVERVIEW
- PRODUCT LIST
- STRENGTHS & CHALLENGES
- NATUREWORKS LLC
- COMPANY OVERVIEW
- PRODUCT LIST
- STRENGTHS & CHALLENGES
- SYNBRA HOLDING BV
- COMPANY OVERVIEW
- PRODUCT LIST
- STRENGTHS & CHALLENGES
- TEIJIN LTD
- COMPANY OVERVIEW
- PRODUCT LIST
- STRENGTHS & CHALLENGES
- THYSSENKRUPP AG
- COMPANY OVERVIEW
- PRODUCT LIST
- STRENGTHS & CHALLENGES
- TOTAL-CORBION PLA
- COMPANY OVERVIEW
- PRODUCT LIST
- STRENGTHS & CHALLENGES
- ZHEJIANG HISUN BIOMATERIALS CO LTD
- COMPANY OVERVIEW
- PRODUCT LIST
- STRENGTHS & CHALLENGES
- BASF
- KEY STRATEGIC DEVELOPMENTS
LIST OF TABLES
TABLE 1: MARKET SNAPSHOT – POLYLACTIC ACID
TABLE 2: REGULATORY FRAMEWORK
TABLE 3: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, BY PRODUCT FORM, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 4: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, BY PRODUCT FORM, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 5: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, BY APPLICATION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 6: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, BY APPLICATION, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 7: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, BY APPLICATION, HISTORICAL YEARS, 2018-2022 (IN KILO METRIC TON)
TABLE 8: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, BY APPLICATION, FORECAST YEARS, 2024-2032 (IN KILO METRIC TON)
TABLE 9: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, BY RAW MATERIAL, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 10: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, BY RAW MATERIAL, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 11: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 12: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, BY COUNTRY, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 13: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2022 (IN KILO METRIC TON)
TABLE 14: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, BY COUNTRY, FORECAST YEARS, 2024-2032 (IN KILO METRIC TON)
TABLE 15: KEY PLAYERS OPERATING IN ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET
TABLE 16: LIST OF MERGERS & ACQUISITIONS
TABLE 17: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS
TABLE 18: LIST OF PARTNERSHIPS & AGREEMENTS
LIST OF FIGURES
FIGURE 1: MAJOR MARKET FINDINGS
FIGURE 2: MARKET DYNAMICS
FIGURE 3: KEY MARKET TRENDS
FIGURE 4: PORTER’S FIVE FORCES ANALYSIS
FIGURE 5: GROWTH PROSPECT MAPPING
FIGURE 6: MARKET MATURITY ANALYSIS
FIGURE 7: MARKET CONCENTRATION ANALYSIS
FIGURE 8: VALUE CHAIN ANALYSIS
FIGURE 9: KEY BUYING CRITERIA
FIGURE 10: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, GROWTH POTENTIAL, BY PRODUCT FORM, IN 2023
FIGURE 11: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, BY FILMS AND SHEETS, 2024-2032 (IN $ MILLION)
FIGURE 12: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, BY COATINGS, 2024-2032 (IN $ MILLION)
FIGURE 13: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, BY FIBERS, 2024-2032 (IN $ MILLION)
FIGURE 14: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, BY OTHER PRODUCT FORMS, 2024-2032 (IN $ MILLION)
FIGURE 15: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, GROWTH POTENTIAL, BY APPLICATION, IN 2023
FIGURE 16: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, BY PACKAGING, 2024-2032 (IN $ MILLION)
FIGURE 17: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, BY AGRICULTURE, 2024-2032 (IN $ MILLION)
FIGURE 18: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, BY ELECTRONICS, 2024-2032 (IN $ MILLION)
FIGURE 19: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, BY TEXTILES, 2024-2032 (IN $ MILLION)
FIGURE 20: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, BY MEDICAL, 2024-2032 (IN $ MILLION)
FIGURE 21 ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, BY AUTOMOTIVE, 2024-2032 (IN $ MILLION)
FIGURE 22: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, BY OTHER APPLICATIONS, 2024-2032 (IN $ MILLION)
FIGURE 23: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, GROWTH POTENTIAL, BY RAW MATERIAL, IN 2023
FIGURE 24: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, BY CORN, 2024-2032 (IN $ MILLION)
FIGURE 25: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, BY SUGARCANE & SUGAR BEET, 2024-2032 (IN $ MILLION)
FIGURE 26: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, BY CASSAVA, 2024-2032 (IN $ MILLION)
FIGURE 27: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, BY OTHER RAW MATERIALS, 2024-2032 (IN $ MILLION)
FIGURE 28: ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, COUNTRY OUTLOOK, 2023 & 2032 (IN %)
FIGURE 29: CHINA POLYLACTIC ACID (PLA) MARKET, 2024-2032 (IN $ MILLION)
FIGURE 30: JAPAN POLYLACTIC ACID (PLA) MARKET, 2024-2032 (IN $ MILLION)
FIGURE 31: INDIA POLYLACTIC ACID (PLA) MARKET, 2024-2032 (IN $ MILLION)
FIGURE 32: SOUTH KOREA POLYLACTIC ACID (PLA) MARKET, 2024-2032 (IN $ MILLION)
FIGURE 33: INDONESIA POLYLACTIC ACID (PLA) MARKET, 2024-2032 (IN $ MILLION)
FIGURE 34: THAILAND POLYLACTIC ACID (PLA) MARKET, 2024-2032 (IN $ MILLION)
FIGURE 35: VIETNAM POLYLACTIC ACID (PLA) MARKET, 2024-2032 (IN $ MILLION)
FIGURE 36: AUSTRALIA & NEW ZEALAND POLYLACTIC ACID (PLA) MARKET, 2024-2032 (IN $ MILLION)
FIGURE 37: REST OF ASIA-PACIFIC POLYLACTIC ACID (PLA) MARKET, 2024-2032 (IN $ MILLION)
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