Asia Pacific Polylactic Acid Market Size & Outlook
Asia Pacific polylactic acid market, 2019-2030 (US$M)
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Asia Pacific polylactic acid market highlights
- The Asia Pacific polylactic acid market generated a revenue of USD 200.6 million in 2023.
- The market is expected to grow at a CAGR of 22.2% from 2024 to 2030.
- In terms of segment, packaging was the largest revenue generating end-use in 2023.
- Textile is the most lucrative end-use segment registering the fastest growth during the forecast period.
- Country-wise, India is expected to register the highest CAGR from 2024 to 2030.
Asia Pacific data book summary
| Market revenue in 2023 | USD 200.6 million |
| Market revenue in 2030 | USD 814.2 million |
| Growth rate | 22.2% (CAGR from 2023 to 2030) |
| Largest segment | Packaging |
| Fastest growing segment | Textile |
| Historical data covered | 2019 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Packaging, Agriculture, Automotive & Transport, Electronics, Textile |
| Key market players worldwide | TotalEnergies SE, Cargill, Virgin Galactic Holdings Inc Shs A, COFCO Joycome Foods Ltd Ordinary Shares, Zhejiang Haishen New Materials, Basf SE, Danimer Scientific Inc Ordinary Shares - Class A, Mitsubishi Chemical Group Corp, Unitika Ltd |
Other key industry trends
- In terms of revenue, Asia Pacific region accounted for 28.1% of the global polylactic acid market in 2023.
- Globally, North America is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 814.2 million by 2030.
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Polylactic Acid Market Scope
Polylactic Acid Market Companies
| Name | Profile | # Employees | HQ | Website |
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Asia Pacific polylactic acid market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to polylactic acid market will help companies and investors design strategic landscapes.
Packaging was the largest segment with a revenue share of 38.09% in 2023. Horizon Databook has segmented the Asia Pacific polylactic acid market based on packaging, agriculture, automotive & transport, electronics, textile covering the revenue growth of each sub-segment from 2019 to 2030.
The Polylactic Acid market in Asia Pacific is expected to grow at a rapid pace on account of major driving factors including lack of resources for fossil fuels, increasing demand for the product from developing countries such as Indonesia, Thailand, and Malaysia, and fluctuating petroleum prices.
Total Corbion PLA, Zhejiang Hisun Biomaterials Co., Ltd., SUPLA (JIANGSU SUPLA BIOPLASTICS CO., LTD.), COFCO, Jiangxi Keyuan Bio-Material Co., Ltd., and Shanghai Tong-jie-liang Biomaterials Co., Ltd, are some of the prominent Polylactic Acid players operating in the region.
Asia Pacific is characterized by the easy availability of raw materials and low labor costs. In terms of both volume and value, China led the Asia Pacific PLA market in 2022. The Asia Pacific PLA market is primarily driven by rising demand for the product from key industries including as car and transportation, electronics, textile, packaging, appliance, and medical.
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Our clientele includes a mix of polylactic acid market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of continent-level data and insights on the Asia Pacific polylactic acid market , including forecasts for subscribers. This continent databook contains high-level insights into Asia Pacific polylactic acid market from 2019 to 2030, including revenue numbers, major trends, and company profiles.
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Asia Pacific polylactic acid market size, by country, 2019-2030 (US$M)
Asia Pacific Polylactic Acid Market Outlook Share, 2023 & 2030 (US$M)
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