PUBLISHER: Inkwood Research | PRODUCT CODE: 1421479
PUBLISHER: Inkwood Research | PRODUCT CODE: 1421479
The China polylactic acid (PLA) market is projected to rise with a CAGR of 21.30% during the estimated years. While the base year considered for the studied market is 2023, the forecast period is from 2024 to 2032. The polylactic acid (PLA) market in China is witnessing significant growth, primarily propelled by its rising usage in the automotive sector.
The polylactic acid (PLA) market in China is poised for future growth, driven by the rapid expansion of the country's automotive industry, where PLA finds applications. Government initiatives aimed at promoting PLA further contribute to the market's growth trajectory. Despite these positive factors, the high production cost of PLA poses a significant challenge. In response, companies are strategically expanding their production capacities to address this challenge.
For instance, Teijin Polycarbonate China Ltd announced a 10% expansion in Technora para-aramid fiber production at Teijin's Matsuyama Factory. This move reflects the company's commitment to leveraging high-performance materials and meeting diverse global market demands. As a result, these factors are anticipated to influence the growth of the polylactic acid (PLA) market in China during the upcoming years.
The top companies operating in the market include: Zhejiang Hisun Biomaterials Co Ltd, Total-Corbion PLA, Thyssenkrupp AG, etc.