PHA market is expected to reach at USD 167 million in 2027 at a CAGR of 15.3% during the forecast period. Growing awareness towards environment and harmful impacts of conventional plastics is driving the growth for PHA market. Developed regions such as Europe and North America are introducing strict regulations, which can provide lucrative opportunities for the market.

“By application, biomedical accounted for second-largest market share for PHA market, in terms of volume, in 2021”
Plastics are finding increasing use for the fabrication of biomedical materials and drug delivery applications. Both, synthetic and bio-based plastics are utilized for manufacturing biomedical equipment depending upon the suitability and properties required. The synthetic plastics used are PE, PS, PVC, and PP, whereas PLA and PHA are biodegradable. The mechanical properties of these materials are of primary importance in this segment as these need to match with their specific medical applications including tissue engineering and wound treatment.

“Sugar fermentation is expected to be the second-fastest growing application for PHA market during the forecast period, in terms of value”
sugar fermentation is The most common production method, based on the source of raw material. Since sugarcane, beet, molasses, and bagasse is available in abundance and is easily consumed and converted by bacteria to produce PHA, it is projected to grow at second-highest CAGR, in terms of value, during the forecast period.

“Based on region, Europe region was the largest market for PHA in 2021, in terms of volume.”
Europe is one of the pioneers of biodegradable plastics and has a significant focus on sustainable packaging. Increased awareness in Europe about environmental issues has resulted in the formulation of laws and regulations which have influenced the creation of biological waste treatment facilities.

In the process of determining and verifying the market size for several segments and subsegments identified through secondary research, extensive primary interviews were conducted.

A breakdown of the profiles of the primary interviewees are as follows:

  • By Company Type: Tier 1 - 69%, Tier 2 - 23%, and Tier 3 - 8%
  • By Designation: C-Level - 23%, Director Level - 37%, and Others - 40%
  • By Region: North America - 30%, Europe - 18%, APAC - 41%, Rest of the World-11%

The key players in this market are include Danimer Scientific (US), Shenzhen Ecomann Biotechnology Co., Ltd. (China), Kaneka Corporation (Japan), RWDC Industries (Singapore), Newlight Technologies LLC (US), TianAn Biologic Materials Co., Ltd. (China), and Biomer (Germany).

Research Coverage
This report segments the market for PHA market on the basis of type, production method, application, and region, and provides estimations for the overall value of the market 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 mergers & acquisition associated with the market for PHA market.

Key benefits of buying 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 PHA market offered by top players in the global PHA market
  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the PHA market
  • Market Development: Comprehensive information about lucrative emerging markets ? the report analyzes the markets for PHA market across regions
  • Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the global PHA market
  • Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the PHA market
  • Impact of COVID-19 on PHA market