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CHINA POLYLACTIC ACID (PLA) MARKET FORECAST 2024-2032

SCOPE OF THE REPORT

China 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)

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MARKET OVERVIEW

The China polylactic acid (PLA) market is predicted to grow with a CAGR of 21.30% during the forecasting years of 2024 to 2032. Moreover, the market is expected to reach a revenue of $xx million by 2032.

The polylactic acid (PLA) market in China is witnessing substantial growth, primarily driven by its increasing usage in the automotive industry. PLA is employed in visible interior parts, automobile modeling, and door manufacturing, offering advantages such as UV resistance, dimensional stability, impact resistance, and notable heat resistance up to 140 degrees Celsius. As a substitute for many polyesters, PLA plays a crucial role in China’s automotive sector.

As the world’s largest automotive market, China holds a significant share, representing 35% of the global car market from 2011-2020. The country’s vehicle sales soared by 13.8% year-on-year in October 2023 to 2.85 million units, marking the third consecutive month of growth. Furthermore, with approximately 23.56 million passenger cars as well as 3.3 million commercial vehicles sold in China in 2022, the thriving automotive sales are anticipated to drive the demand for polylactic acid in the country. These factors, in turn, are set to play a pivotal role in boosting the PLA market’s growth in China during the forecasting years.

China Polylactic Acid (PLA) Market

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The China 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 agriculture industry is experiencing significant growth, particularly in densely populated countries like India and China. Polylactic acid (PLA), with its biodegradable properties, proves to be an ideal solution for agricultural applications, mitigating the need for landfills. Recognized as an eco-friendly material, PLA does not contribute to soil pollution.

Mulch films made from PLA play a crucial role in soil protection, weed management, and fertilizer retention in agriculture. These films fully degrade and decompose upon harvest, releasing nutrients and organic matter into the soil. This decomposition also promotes the growth of beneficial microorganisms, such as nitrifying bacteria and mycorrhizal fungi, enhancing soil fertility. Moreover, PLA can be utilized to produce plant pots that automatically decompose when buried in the ground, thus further boosting agricultural applications.

Some of the eminent companies operating in the China polylactic acid (PLA) market include Zhejiang Hisun Biomaterials Co Ltd, Thyssenkrupp AG, Total-Corbion PLA, etc.

Established in August 2004, Hisun Biomaterials is a joint venture involving Zhejiang Hisun Group Co Ltd, the Changchun Institute of Applied Chemistry Chinese Academy of Science (CIAC), and Taizhou National Assets Management Company. The company, headquartered in Taizhou, China, primarily focuses on the production of polylactide (PLA). To support its PLA production, Hisun Biomaterials has an Institute of Plastics dedicated to research and development.

REPORT SYNOPSIS

REPORT SCOPEDETAILS
Market Forecast Years2024-2032
Base Year2023
Market Historical Years2018-2022
Forecast UnitsRevenue ($ Million) 
Segments Analyzed
Product Form, Application, and Raw Material
Countries AnalyzedChina
Companies AnalyzedBASF, Danimer Scientific, Dow Chemicals, Mitsubishi Chemical Holding Corporation, Teijin Ltd, Thyssenkrupp AG, Total-Corbion PLA, Zhejiang Hisun Biomaterials Co Ltd

TABLE OF CONTENTS

  1. RESEARCH SCOPE & METHODOLOGY
    1. STUDY OBJECTIVES
    2. METHODOLOGY
    3. ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    1. MARKET SIZE & ESTIMATES
    2. COUNTRY SNAPSHOT – CHINA
    3. COUNTRY ANALYSIS – CHINA
    4. SCOPE OF STUDY
    5. CRISIS SCENARIO ANALYSIS
      1. IMPACT OF COVID-19 ON POLYLACTIC ACID (PLA) MARKET
    6. MAJOR MARKET FINDINGS
      1. INCREASING UTILIZATION OF PLA IN BIOMEDICAL APPLICATIONS
      2. KEY MARKET PLAYERS ACTIVELY ENGAGING IN SUSTAINABILITY INITIATIVES
      3. INCREASING POPULARITY IN 3D PRINTING DUE TO ITS VERSATILITY
      4. PLA: POSITIVE ENVIRONMENTAL IMPACT
  3. MARKET DYNAMICS
    1. KEY DRIVERS
      1. INCREASING DEMAND FOR SUSTAINABLE PACKAGING
      2. SUPPORTIVE GOVERNMENT POLICIES AND REGULATIONS
      3. CONSUMER SHIFT TOWARDS GREEN PRODUCTS
    2. KEY RESTRAINTS
      1. RELATIVELY HIGHER PRODUCTION COSTS OF PLA
      2. PLA’S LIMITED HEAT RESISTANCE COMPARED TO CONVENTIONAL PLASTICS
  4. KEY ANALYTICS
    1. KEY MARKET TRENDS
      1. FOCUS ON HEAT-RESISTANT PLA VARIANTS
      2. DEVELOPMENT OF PLA BLENDS
      3. INTRODUCTION OF HIGH-PERFORMANCE PLA GRADES
      4. RAPID EXPANSION OF END USE INDUSTRIES INCORPORATING PLA
    2. PESTLE ANALYSIS – CHINA
    3. PORTER’S FIVE FORCES ANALYSIS
      1. BUYERS POWER
      2. SUPPLIERS POWER
      3. SUBSTITUTION
      4. NEW ENTRANTS
      5. INDUSTRY RIVALRY
    4. GROWTH PROSPECT MAPPING – CHINA
    5. MARKET MATURITY ANALYSIS
    6. MARKET CONCENTRATION ANALYSIS
    7. VALUE CHAIN ANALYSIS
      1. RAW MATERIAL SOURCING
      2. LACTIC ACID PRODUCTION
      3. MANUFACTURING OF PLA PRODUCTS
      4. DISTRIBUTION AND LOGISTICS
      5. CONSUMER USAGE
    8. KEY BUYING CRITERIA
      1. BIODEGRADABILITY AND COMPOSTABILITY
      2. CERTIFICATIONS AND STANDARDS
      3. QUALITY AND PERFORMANCE
      4. COST COMPETITIVENESS
    9. REGULATORY FRAMEWORK
  5. MARKET BY PRODUCT FORM
    1. FILMS AND SHEETS
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    2. COATINGS
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    3. FIBERS
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    4. OTHER PRODUCT FORMS
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
  6. MARKET BY APPLICATION (IN TERMS OF REVENUE: $ MILLION & IN TERMS OF VOLUME: KILOMETRIC TONS)
    1. PACKAGING
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    2. AGRICULTURE
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    3. ELECTRONICS
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    4. TEXTILES
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    5. MEDICAL
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    6. AUTOMOTIVE
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    7. OTHER APPLICATIONS
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
  7. MARKET BY RAW MATERIAL
    1. CORN
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    2. SUGARCANE & SUGAR BEET
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    3. CASSAVA
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    4. OTHER RAW MATERIALS
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
  8. COMPETITIVE LANDSCAPE
    1. KEY STRATEGIC DEVELOPMENTS
      1. MERGERS & ACQUISITIONS
      2. PRODUCT LAUNCHES & DEVELOPMENTS
      3. PARTNERSHIPS & AGREEMENTS
    2. COMPANY PROFILES
      1. BASF
        1. COMPANY OVERVIEW
        2. PRODUCT LIST
        3. STRENGTHS & CHALLENGES
      2. DANIMER SCIENTIFIC
        1. COMPANY OVERVIEW
        2. PRODUCT LIST
        3. STRENGTHS & CHALLENGES
      3. DOW CHEMICALS
        1. COMPANY OVERVIEW
        2. PRODUCT LIST
        3. STRENGTHS & CHALLENGES
      4. MITSUBISHI CHEMICAL HOLDING CORPORATION
        1. COMPANY OVERVIEW
        2. PRODUCT LIST
        3. STRENGTHS & CHALLENGES
      5. TEIJIN LTD
        1. COMPANY OVERVIEW
        2. PRODUCT LIST
        3. STRENGTHS & CHALLENGES
      6. THYSSENKRUPP AG
        1. COMPANY OVERVIEW
        2. PRODUCT LIST
        3. STRENGTHS & CHALLENGES
      7. TOTAL-CORBION PLA
        1. COMPANY OVERVIEW
        2. PRODUCT LIST
        3. STRENGTHS & CHALLENGES
      8. ZHEJIANG HISUN BIOMATERIALS CO LTD
        1. COMPANY OVERVIEW
        2. PRODUCT LIST
        3. STRENGTHS & CHALLENGES

LIST OF TABLES

TABLE 1: MARKET SNAPSHOT – POLYLACTIC ACID

TABLE 2: COUNTRY SNAPSHOT – CHINA

TABLE 3: REGULATORY FRAMEWORK

TABLE 4: CHINA POLYLACTIC ACID (PLA) MARKET, BY PRODUCT FORM, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 5: CHINA POLYLACTIC ACID (PLA) MARKET, BY PRODUCT FORM, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 6: CHINA POLYLACTIC ACID (PLA) MARKET, BY APPLICATION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 7: CHINA POLYLACTIC ACID (PLA) MARKET, BY APPLICATION, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 8: CHINA POLYLACTIC ACID (PLA) MARKET, BY APPLICATION, HISTORICAL YEARS, 2018-2022 (IN KILO METRIC TON)

TABLE 9: CHINA POLYLACTIC ACID (PLA) MARKET, BY APPLICATION, FORECAST YEARS, 2024-2032 (IN KILO METRIC TON)

TABLE 10: CHINA POLYLACTIC ACID (PLA) MARKET, BY RAW MATERIAL, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 11: CHINA POLYLACTIC ACID (PLA) MARKET, BY RAW MATERIAL, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 12: LIST OF MERGERS & ACQUISITIONS

TABLE 13: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

TABLE 14: 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 – CHINA

FIGURE 6: MARKET MATURITY ANALYSIS

FIGURE 7: MARKET CONCENTRATION ANALYSIS

FIGURE 8: VALUE CHAIN ANALYSIS

FIGURE 9: KEY BUYING CRITERIA

FIGURE 10: CHINA POLYLACTIC ACID (PLA) MARKET, GROWTH POTENTIAL, BY PRODUCT FORM, IN 2023

FIGURE 11: CHINA POLYLACTIC ACID (PLA) MARKET, BY FILMS AND SHEETS, 2024-2032 (IN $ MILLION)

FIGURE 12: CHINA POLYLACTIC ACID (PLA) MARKET, BY COATINGS, 2024-2032 (IN $ MILLION)

FIGURE 13: CHINA POLYLACTIC ACID (PLA) MARKET, BY FIBERS, 2024-2032 (IN $ MILLION)

FIGURE 14: CHINA POLYLACTIC ACID (PLA) MARKET, BY OTHER PRODUCT FORMS, 2024-2032 (IN $ MILLION)

FIGURE 15: CHINA POLYLACTIC ACID (PLA) MARKET, GROWTH POTENTIAL, BY APPLICATION, IN 2023

FIGURE 16: CHINA POLYLACTIC ACID (PLA) MARKET, BY PACKAGING, 2024-2032 (IN $ MILLION)

FIGURE 17: CHINA POLYLACTIC ACID (PLA) MARKET, BY AGRICULTURE, 2024-2032 (IN $ MILLION)

FIGURE 18: CHINA POLYLACTIC ACID (PLA) MARKET, BY ELECTRONICS, 2024-2032 (IN $ MILLION)

FIGURE 19: CHINA POLYLACTIC ACID (PLA) MARKET, BY TEXTILES, 2024-2032 (IN $ MILLION)

FIGURE 20: CHINA POLYLACTIC ACID (PLA) MARKET, BY MEDICAL, 2024-2032 (IN $ MILLION)

FIGURE 21 CHINA POLYLACTIC ACID (PLA) MARKET, BY AUTOMOTIVE, 2024-2032 (IN $ MILLION)

FIGURE 22: CHINA POLYLACTIC ACID (PLA) MARKET, BY OTHER APPLICATIONS, 2024-2032 (IN $ MILLION)

FIGURE 23: CHINA POLYLACTIC ACID (PLA) MARKET, GROWTH POTENTIAL, BY RAW MATERIAL, IN 2023

FIGURE 24: CHINA POLYLACTIC ACID (PLA) MARKET, BY CORN, 2024-2032 (IN $ MILLION)

FIGURE 25: CHINA POLYLACTIC ACID (PLA) MARKET, BY SUGARCANE & SUGAR BEET, 2024-2032 (IN $ MILLION)

FIGURE 26: CHINA POLYLACTIC ACID (PLA) MARKET, BY CASSAVA, 2024-2032 (IN $ MILLION)

FIGURE 27: CHINA POLYLACTIC ACID (PLA) MARKET, BY OTHER RAW MATERIALS, 2024-2032 (IN $ MILLION)

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