fatty alcohol prices rose in the fourth quarter from the impact of the industrial halt in China due to the Dual Control Energy Policy. China had to import palm oil products to replace soybean oil that domestic factories could not produce. As a result, the price of palm oil and palm oil by-products such as fatty alcohols also rose sharply. BIOPLASTICS The demand for PLA products has risen in response to consumers’ increased eco-consciousness and efforts to push policies that promote bioplastic consumption in various countries. Due to its outstanding properties, including being produced from natural feedstock and biodegradability under an appropriate condition, bioplastics have shown continuous growth both domestically and globally. For the BioPBS market situation in 2021, the demand volume increased compared to 2020 due to the market’s recovery in the target countries such as China, the United States, and European countries. This was supported by better measures to manage the spread of the COVID-19 virus and higher vaccination rates that resulted in economic recovery. It also benefited from the Chinese government policy on banning single-use plastic drinking straws and plastic bags. As a result, BioPBS plastic pellets were pushed to be used more as a substitute for conventional plastic pellets due to their biodegradable properties. FORECAST FOR THE GREEN CHEMICAL MARKET IN 2022 The demand for ME is expected to increase as the COVID-19 situation in Thailand is steadily improving from the distribution of the COVID-19 vaccination to the public more thoroughly causing the overall economic sector of Thailand to improve. This will result in higher demand for diesel for travel and transportation sectors, respectively. However, it is expected that the competition in the methyl ester market in 2022 will tend to be more intense from the expansion of production capacity of new manufacturers since the end of 2021. The demand for FA is projected to improve as the COVID-19 situation improves and the lift of the lockdown measures in Asia and the European and US buying countries. In addition, the widespread distribution of vaccinations will enable more global economic recovery and increase the demand for fatty alcohol in the market, including changing consumer behavior with greater awareness of cleanliness and personal hygiene. This is another factor contributing to the increasing demand for fatty alcohol. In addition, the industry’s overall supply tends to decline since 2021. Based on these factors, it is expected that fatty alcohol prices in 2022 tend to increase compared to 2021. The overall fatty alcohol ethoxylate market is projected to grow by 3-4%, supported by the COVID-19 pandemic, which increases concerns about health and hygiene as well as demand for personal care and cleaning products and the reopening of countries that have received adequate vaccines resulting in increased demand from the hotel business and tourism. As well as the better economic recovery, the demand for industrial products has also increased. In addition, the demand for natural/renewable materials also drives demand for petroleum-based products such as Linear alkylbenzenes (LAB) to be gradually replaced by Natural Alcohol Ethoxylate (AE)/Alcohol Sulfates (AS)/Alcohol Ethoxysulfates (AES) products. However, the company is still aware of other external factors that will affect market uncertainties, such as fluctuating raw material costs, trade imbalances causing delays in the delivery of products to markets in other regions, currency exchange rate volatility. The company will consider adjusting the sales strategy accordingly to reduce the risk of such uncertainty. In 2022, the global bioplastic market is expected to grow steadily, due to the economic recovery in many countries after the COVID-19 pandemic. In addition, various measures have been established to support and campaign the use of bioplastics as substitutes for petroleum-based plastics, bolstering demand for PLA. The market is starting to be less concerned about the continuity of PLA supply as there are new PLA manufacturers stepping into the market. Nevertheless, NatureWorks will maintain its leadership in the PLA market with its qualifications and marketing that respond to demands and customer needs. The PBS market is expected to grow about 10%; most PBS is used in coffee capsules, packaging, and plastic coating for paper. In 2022, the COVID-19 situation is expected to show signs of improvement, positively affecting the global economy and BioPBS demand. 67 BUSINESS OPERATION AND PERFORMANCE CORPORATE GOVERNANCE FINANCIAL REPORTS AND FINANCIAL STATEMENTS APPENDIX