According to MarkNtel Advisors study the Asia-Pacific Polylactic Acid Market is anticipated to grow at a CAGR of around 16% during the forecast period, i.e., 2021-26.
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Key Findings of the Study: Asia-Pacific Polylactic Acid market
Key Driver: Easy Availability of Raw Materials
Corn, sugarcane, wheat, etc., are the most prominent crops required for manufacturing polylactic acid. These are renewable crops & easily available in countries like India, Indonesia, Thailand, etc., where India & China are amongst the major producers, owing to the massive production of these crops. It results in their easy availability & access for the polylactic acid manufacturers. Due to this, many companies are taking several initiatives toward establishing their manufacturing plants across Asia-Pacific and, in turn, driving the market.
Possible Challenge: High Costs of Polylactic Acid Compared to Conventional Plastics
The costs of Polylactic Acid-based products are relatively higher than conventional plastics. The development of polymerization & processing technologies, various government regulations, and variations in raw material supply are the major factors that impact the prices of polylactic acid. The production of polylactic acid, which surpasses the expenses of producing fossil-based plastics, generally involves raw material extraction, glucose extraction, fermentation, and polymerization. Since these different production steps & inputs are highly essential, it affects the overall cost structure of polylactic acid. Hence, these high costs might restrain the growth of the Polylactic Acid Market across Asia-Pacific in the coming years.
For more detailed information about the Asia-Pacific Polylactic Acid market report, click here – https://www.marknteladvisors.com/research-library/asia-pacific-polylactic-acid-market.html
Scope of the Report and Asia-Pacific Polylactic Acid Market Segmentation:
By Product Form
- Films and Sheets
- Coatings
- Fibers
- Other Product Forms
By Application
- Agriculture
- Electronics
- Packaging
- Textiles
- Transport
- Others
By Raw-Material
- Corn
- Sugarcane & Sugar Beet
- Cassava
- Other Raw Material
Amongst all applications, the Packaging industry has accounted for the largest share of the Asia-Pacific Polylactic Acid Market.
Geographical Analysis:
By Country
- China
- Japan
- India
- South Korea
- Australia & New Zealand
- Indonesia
- Vietnam
- Others
Amongst all countries, China is significantly contributing to the growth of the Asia-Pacific Polylactic Acid Market.
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