Extruded PLA Fiber Market: Highlights
- Polylactic acid (PLA) is a linear aliphatic thermoplastic polyester derived from 100% renewable sources such as corn. The polymer is compostable. Most of the initial uses of the polymer were limited to biomedical applications such as sutures and drug delivery systems due to availability and cost of manufacture. However, over the years, manufacturers have developed large-scale operations for the economic production of PLA polymer used for packaging and fiber applications.
- PLA fiber possesses various characteristics that are similar to many other thermoplastic fibers such as controlled crimp, smooth surface, and low moisture regain. It is the only melt-processable fiber from annually renewable natural resources. The polymer has significant commercial potential as a textile fiber. Its mechanical properties are considered to be broadly similar to those of conventional PET.
Key Drivers of Extruded PLA Fiber Market
- Textile is a prominent industry in China. The textile industry has been expanding significantly in the country due to the low cost of labor, inexpensive land, supportive government policies, large domestic consumer market, and abundant availability of human resource. Growth in the textile industry in Asia Pacific, especially in China and India, is projected to propel the extruded PLA fiber market during the forecast period.
- PLA is bio-based and bio-degradable. It is widely used in many disposable packaging applications. Demand for PLA is high in various industries owing to the ongoing trend of using environmentally-friendly products. This is expected to drive the extruded PLA fiber market during the forecast period.
Extruded PLA Fiber Market: End-use Industry Segment
- Based on end-use industry, the global extruded PLA fiber market can be segmented into packaging, transportation, biomedical, textiles, and others
- The packaging segment is projected to account for major share of the global extruded PLA fiber market during the forecast period
- Expanding at a healthy growth rate, the transportation and textiles segments are estimated to create significant incremental opportunities during the forecast period
- In terms of demand, biomedical and others segments are projected to expand at a moderate to high pace in the near future
Covid-19 Impact on Extruded PLA Fiber Market
- Several governments and private sector businesses have been operating with limited capacities due to the COVID-19 pandemic. Manufacturing activities across the globe have come to a halt due to the unavailability of raw materials, shortage of labor, etc. This is hampering the extruded PLA fiber market.
- The COVID-19 pandemic has had a severe negative impact on the globally integrated industries. The combination of extended lockdowns in developed market economies and domestic social distancing has deepened the adverse impact on emerging market economies. Longer lockdowns have severely impacted household income, corporations' liquidity, and banks' asset quality.
Asia Pacific to be Key Region of Global Extruded PLA Fiber Market
- In terms of region, the global extruded PLA fiber market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In Asia Pacific, China and India are aiming to promote investments in their respective end-use industries. This is is likely to boost the extruded PLA fiber market in the near future.
- In terms of demand, Asia Pacific held major share of the market in 2019. It was followed by North America and Europe. Rise in manufacture of products for usage in the region and growth in exports are driving the demand for extruded PLA fiber. Demand is shifting to Asia Pacific with economic contraction and saturation in the market in Europe and North America. Manufacturers of extruded PLA fiber are targeting Asia Pacific, as it is the strongest regional market.
- The market in Latin America and Middle East & Africa is estimated to expand at a moderate pace during the forecast period. End-use industries in Mexico have been expanding steadily. The packaging industry in the UAE has been expanding at a significant pace. This is projected to drive the demand for extruded PLA fiber in Latin America and Middle East & Africa, respectively, during the forecast period.
Global Extruded PLA Fiber Market: Research Scope
Key Manufacturers Operating in the Market
The global extruded PLA fiber market was highly fragmented in 2019. Key manufacturers operating in the global market include:
- TORAY INDUSTRIES, INC
- NatureWorks LLC
- KURARAY CO., LTD
- UNITIKA LTD.
Global Extruded PLA Fiber Market, by End-use Industry
Global Extruded PLA Fiber Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
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The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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Below is a snapshot of these quadrants.
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The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
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