“Increasing use of PHA in various applications is expected to drive the global market.”
The global polyhydroxyalkanoate (PHA) market size is estimated to grow from USD 57 million in 2019 to USD 98 by 2024, at a CAGR of 11.2%. Increasing use of the chemical for various applications fueled by stringent government regulations and changing consumer behavior is expected to drive the growth of the global polyhydroxyalkanoate industry. PHA is a family of biodegradable polymers and plastics, which are synthesized and accumulated by bacteria inside their cells. These biodegradable plastics are also biocompostable and biocompatible, which means they can be used for biomedical applications too.
“Short-chain length PHAs are expected to be the fastest-growing type segment of the market, in terms of value and volume, between 2019 and 2024.”
The short-chain length segment is expected to witness the highest growth in terms of value and volume during the forecast period. The growing use of short-chain length PHAs in various applications such as packaging & food services, bio-medical, and agriculture along with the higher production capacity of short-chain length PHAs is driving the growth of this segment.
“Packaging & food services application segment is estimated to witness the highest growth rate between 2019 and 2024.”
The packaging & food services application segment is estimated to witness the highest growth rate, in terms of value and volume, between 2019 and 2024. Due to the ecological imbalance created by plastic waste, several organizations, including governments, have imposed taxes and enacted stringent policies against single-use plastics. These initiatives are driving the demand for PHA in the packaging & food services application. The growth of these end-user industries owing to the expansion of e-commerce portals across the food and retail sector is expected to propel the growth of the market further during the forecast period.
“Rising demand for biodegradable plastics and bioplastic, due to changing consumer behavior, is likely to drive the demand for PHA market in Europe.”
The Europe PHA market is estimated to witness significant growth during the forecast period, fueled by the growing demand for biodegradable plastics and bioplastics due to the increasing ecological concerns and trends such as sustainable development and circular economy.
Additionally, the presence of major manufacturers such as Bio-On Srl (Italy), Natureplast (France), Biomer (Germany), Colorfabb (Netherlands), Nafigate (Czech Republic), and Bochemie (Czech Republic) has positively influenced the demand trend for PHAs in the region.
- By Company Type: Tier 1 - 30%, Tier 2 - 43%, and Tier 3 - 27%
- By Designation: C-Level - 21%, Director Level - 23%, and Others - 56%
- By Region: North America - 30%, Europe - 18%, APAC - 41%, Rest of the world - 11%
The key players profiled in the report include Kaneka Corporation (Japan), Danimer Scientific. (U.S.), Shenzhen Ecomann Biotechnology Co., Ltd. (China), Bio-On Srl (Italy), Newlight Technologies, LLC (U.S), and TianAn Biological Materials Co. Ltd. (China).
- This report segments the market for PHA based on type, production method, application, and provides estimations for the overall market size across various regions.
- A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and acquisitions associated with the market for PHA market.
Reasons To Buy this Report
- This research report is focused on various levels of analysis industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the PHA market; high-growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on PHAs offered by top players in the global market
- Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and new product launches in the PHA market
- Market Development: Comprehensive information about lucrative emerging markets ? the report analyzes the markets for PHAs across regions
- Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global mold release agents market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the PHA market