The Asia Pacific Polylactic Acid Market would witness market growth of 21.6% CAGR during the forecast period (2023-2030). In the year 2021, the Asia Pacific market's volume surged to 71,875.9 Tonnes, showcasing a growth of 18.7% (2019-2022).
In the medical field, PLA is used to manufacture biocompatible and absorbable sutures, surgical mesh, and drug delivery systems. Its biodegradability eliminates the need for a second surgery to remove implants, reducing patient discomfort and healthcare costs. PLA is gaining traction in the automotive sector due to its potential for lightweight and biodegradable components. It is used in interior and exterior parts, reducing the overall weight of vehicles and contributing to improved fuel efficiency. PLA's biodegradability, ease of processing, and wide color range makes it a popular choice for 3D printing. Its environmental friendliness aligns with the sustainability goals of many 3D printing enthusiasts and businesses. PLA is widely used as a filament for 3D printing, producing prototypes, models, and small-scale production parts easily and precisely.
Additionally, the market is dynamic and constantly evolving, influenced by various trends that reflect the changing landscape of sustainability, technology, and consumer preferences. PLA is at the forefront of the bioplastics revolution. As the demand for sustainable and biodegradable materials grows, PLA is expected to maintain its dominance in the bioplastics sector, with potential market expansion. Companies increasingly focus on closing the loop by incorporating recycling and composting systems for PLA products. This improves resource efficiency and minimizes waste, per the circular economy's tenets.
Moreover, the packaging industry in the Asia Pacific region is also robust and diverse, supporting various sectors like food and beverage, pharmaceuticals, electronics, and more. As per the data from the National Investment Promotion and Facilitation Agency of India, growth in the packaging sector is primarily driven by factors like growing pharmaceutical, food processing, manufacturing industry, FMCG, healthcare sector, and ancillary in the emerging economies like China, India, Brazil, Russia, and few other East European countries. The Indian paper industry is predominantly characterized by fragmentation. The paper industry comprises small, medium, and large mills that produce paper with daily production capacities ranging from 5 to 2000 tonnes. Packaging is currently the 5th largest sector of the Indian economy. The Indian packaging sector is expected to reach US$ 204.81 Bn by 2025. Therefore, growth in textiles and packaging sectors in the Asia Pacific region will pose lucrative growth prospects for the regional market.
The China market dominated the Asia Pacific Polylactic Acid Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $310.6 million by 2030. The Japan market is exhibiting a CAGR of 20.9% during (2023 - 2030). Additionally, The India market would experience a CAGR of 22.4% during (2023 - 2030).
Based on End-use, the market is segmented into Packaging, Agriculture, Electronics, Textile, Automotive & Transport, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Global Polylactic Acid Market is Predict to reach USD 4 Billion by 2030, at a CAGR of 20.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Toray Industries, Inc., NatureWorks LLC, Futerro SA (GALACTIC group), COFCO Corporation, Shanghai Tong-jie-liang Biomaterials Co., LTD., Zhejiang Hisun Biomaterials Co., Ltd., BASF SE, Evonik Industries AG (RAG-Stiftung), Mitsubishi Chemical Holdings Corporation, and DANIMER SCIENTIFIC, INC.
By End-use (Volume, Tonnes, USD Million, 2019-2030)
By Country (Volume, Tonnes, USD Million, 2019-2030)
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