Global PHA Market Projected to be Worth US$290 mn by 2025 as Demand for Biodegradable Product Rises
LOS ANGELES, TOKYO and HAMBURG, Germany, June 18, 2019 /PRNewswire/ -- A new report released by QY Research analyzes the PHA market in terms of value to identify the key market drivers and restraints. This 154-pages report titled, "Global PHA Market Report, History and Forecast 2014-2025", examines the competitive landscape to analyze the strategies used by leading players to remain relevant in the market.
The global PHA market is expected to reach US$290 mn by the end of 2025 from US$190 mn in the year 2018. The market will register a healthy CAGR of 6.1% during the forecast period of 2019-2025.
Global PHA Market: Drivers and Restraints
The global PHA market will witness significant growth due to increasing concerns towards greenhouse gas emissions combined with supportive regulatory framework that facilitates the adoption of bio-based products. Stringent regulations to replace synthetic plastic-based packaging materials with bio-based packaging materials is one of the major factors driving the growth of the market. PHA is biodegradable in nature, which enables its usage in the cosmetics, food and beverages industries, pharmaceutical, and agricultural sectors. Growing investments in research and development activities in the medical sector has led to the development in the newer materials, which is creating lucrative growth opportunities for the global PHA market in the coming years.
However, the high cost of raw materials and availability of conventional plastic at a lower cost are expected to act restraints for global market over the forecast period.
Global PHA Market: Segment Analysis
PHA application segments include food services, packaging, agricultural, biomedical, and others. The packaging segment is likely to be the leading segment due to growing awareness of biodegradable plastic packaging materials across the world. On the basis of product type, the market is segmented into PHB4B, PHB, PHBHx, PHBV, and others.
Global PHA Market: Geographical Outlook
Europe is expected to grow at a significant rate due to stringent government regulations regarding usage of plastic and increasing awareness regarding biodegradable plastics. Asia Pacific is likely to grow at a promising rate due to flourishing food and beverages industry, agriculture applications, and rising research and development activities.
Report TOC, Figures and Table@ https://www.qyresearch.com/index/detail/1076417/global-pha-market
Global PHA Market: Key Players
PHB Industrial, GreenBio Materials, Newlight Technologies, Shenzhen Ecomann Technology, Biomer, MHG, Kaneka, P&G Chemicals, Tian'an Biopolymer, and Metabolix are the top manufacturers that are operating in the global PHA market.
Global PHA Market: Competitive Landscape
In November 2018, P&G Chemicals teamed up with Circulate Capital to combat ocean plastic pollution. P&G is committed to being a good force by keeping to environment-saving commitments, such as reducing carbon footprints through development of sustainable technology to stop the flow of plastics into oceans. Companies are participating in the events and also taking up initiatives to generate eco-friendly products.
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