Market Trends of Extruded PLA Fiber Industry
This section covers the major market trends shaping the Extruded PLA Fiber Market according to our research experts:
Packaging Industry to Dominate the Market
- Currently, the packaging industry accounts for the highest market share in the global extruded PLA fiber market among the end-user industries.
- The increasing demand for recyclable and eco-friendly products in packaging is a major driving factor for the growing demand for extruded PLA fiber in the packaging industry as it is made from natural sources of starch, like tapioca, sugarcane, cornstarch, etc.
- The growing demand for packaging materials across the globe owing to the growing penetration of e-commerce and increasing disposable incomes is driving the packaging industry which in turn is driving the market studied.
- Hence, owing to the above-mentioned reasons, the packaging industry is likely to dominate the market studied during the forecast period.
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Asia-Pacific to Dominate the Market
- Asia-Pacific accounts for the major share of the global extruded PLA fiber market currently owing tot he high demand from countries like China, Japan, etc.
- In China, there has been a significant increase in the demand for local consumption of extruded PLA fiber.
- Additionally, the increasing demand for eco-friendly products in Asian countries is a major driving factor for the market studied.
- However, the decline in automotive production is expected to have a negative effect on the demand for extruded PLA in the coming years.
- Hence, owing to the above-mentioned factors, Asia-Pacific is likely to dominate the global extruded PLA fiber market during the forecast period.
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