Triton Market Research, in its report on the polylactic acid market in the Asia-Pacific region, states that it will expand at a CAGR of 12.29% and 14.18% in terms of revenue and volume, respectively in the forthcoming period 2019-2028.
The countries studied in the Asia-Pacific polylactic acid market are:
• South Korea
• China
• ASEAN countries
• Japan
• India
• Australia & New Zealand
• Rest of APAC countries
In China, the packaging industry has shown tremendous growth. This growth can be attributed to the growing demand from FMCG (fast-moving consumer goods). Besides, there is also a rise in demand for environment-friendly packaging, which is impacting the market growth positively. In addition, the textile industry in China is growing at a steady pace and is likely to dominate the apparel segment internationally. Since polylactic acid is increasingly being used in the packaging sector, the growth in this sector will consequently lead to the development of the studied market in the region over the coming years. Electronics is another major industry in China, owing to the presence of several local and global manufacturers. The growing market for electronics, including laptops, tablets and smartphones, is expected to create potential applications for the polylactic acid market in the country.
Medicine is another sector that makes use of polylactic acid in the composition of different products. In Japan, the government has been implementing various measures to promote the development of innovative drugs and medical devices. The medical sector in the country is anticipated to rise further, and consequently, the studied market will grow as well.
Mitsubishi Chemical Corporation is a company providing industrial materials. It operates in three domains, industrial materials, performance products and other businesses. In the industrial materials domain, it operates through segments, namely, carbon, petrochemicals and polymers. Within the performance products domain, it operates through information & electronics and performance chemicals segments. The company is headquartered in Marunochi Chiyoda-Ku, Japan.
Some prominent companies engaged in the polylactic acid market are Mitsubishi Chemical Holding Corporation, Green Dot Bioplastics, Natureworks LLC, Dow, Danimer Scientific, Innovia Films, Zhejiang Hisun Biomaterials Co Ltd, Thyssenkrupp AG, Synbra Holding BV, Good Natured Products Inc, Total Corbion PLA, Futerro SA, Teijin Limited and BASF SE.