Polyhydroxyalkanoate Market Size to Grow by USD 26.9 million from 2024 to 2028, Fluctuating crude oil prices promote the use of PHA-based products to boost market growth, Technavio

NEW YORK, March 14, 2024 /PRNewswire/ -- The Polyhydroxyalkanoate (PHA) market size is forecast to increase by USD 26.9 million, at a CAGR of 6.31% between 2023 and 2028. The growth rate of the market depends on several factors, including the increasing demand for biodegradable plastics, the increasing application of PHA in the biomedical industry, and the fluctuating crude oil prices promoting the use of PHA-based products. The market is witnessing significant growth driven by the increasing emphasis on sustainability and the adoption of eco-friendly materials across various industries. With a focus on environmentally friendly practices and circular economy principles, PHA offers a promising solution to reduce reliance on single-use products.

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Growth Factors:

Fluctuating crude oil prices are driving the demand for polyhydroxyalkanoate (PHA)-based products. Oil price variations impact plastic production costs, prompting industries to shift to alternative materials like bioplastics. This trend is expected to increase the consumption of biodegradable packaging, particularly in Europe and the US, driving PHA market growth.

• Increasing new product launches of PHA-based products is the primary trend shaping market growth. Many major market players are increasingly investing in R&D activities to augment the application areas of PHAs in various industries such as automotive, electronics, consumer products, and energy. 
• Lack of availability of raw materials is a challenge that affects market growth. The manufacturing of PHAs primarily depends on the availability of animal and agricultural products such as sugars, glucose, and starch. The costs of these products vary significantly, and these products are often highly-priced.

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Vendor Analysis
Vendor Landscape - The global polyhydroxyalkanoate market is concentrated, with the presence of several global as well as regional vendors. A few prominent vendors that offer polyhydroxyalkanoate in the market are BASF SE, Becton Dickinson and Co., BIO ON spa, Bluepha, BOSK Bioproducts, CJ CheilJedang Corp., Danimer Scientific Inc., Genecis, Kaneka Corp., RWDC Industries Ltd., Terraverdae Bioworks Inc., TianAn Biologic Materials Co. Ltd., WinCup, and Yield10 Bioscience Inc. and others.

• BASF SE: The company offers polyhydroxyalkanoate namely ecovio and ecoflex used in fruit and vegetable bags, food packaging such as coffee capsules, cups, lids, trays.
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Segment Overview
Technavio has segmented the market based on type, Application (Packaging, Biomedical, Food services, Agriculture, and Others), Type (Copolymerized PHA and Linear PHA), and Geography (APAC, Europe, North America, South America, and Middle East and Africa). 

• The packaging segment is poised for significant growth due to global regulations against conventional plastics, increasing demand for PHAs. Biodegradable polymers are used extensively in F&B packaging, including containers and caps. This segment was valued at USD 23.38 million in 2018, with applications in rigid and flexible packaging for various products like food, beverages, and e-commerce goods, driving market expansion.
• Copolymerized PHAs are divided into block and graft types. Graft copolymerized PHAs are used with natural and synthetic polymers, notably in tissue engineering and drug delivery systems. Block copolymerization enhances PHA properties. Increasing demand in medical, agriculture, and food industries will drive copolymerized PHA market growth.

Geography Overview

By geography, the global polyhydroxyalkanoate market is segmented into APAC, Europe, North America, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global polyhydroxyalkanoate market.

• APAC is expected to contribute 48% to global market growth. Technavio analysts provide insights into regional trends and drivers. APAC's PHA market will expand due to growth in packaging and agriculture industries. E-commerce expansion, urbanization, and industrialization drive packaging demand. PHAs are used in agriculture for mulch films and grow bags, boosting market growth.

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Analyst Review:

The Polyhydroxyalkanoate (PHA) Market is witnessing significant growth driven by the increasing demand for biodegradable plastics and sustainable materials in various industrial applications. PHA, a type of biopolymer derived from microbial fermentation of renewable resources, offers eco-friendly alternatives to traditional plastics. Its biodegradability and environmental sustainability make it particularly attractive for green packaging, disposable items, and compostable products, addressing concerns about plastic pollution and waste management.

Moreover, PHA's versatility extends to industrial sectors such as packaging, healthcare, agriculture, and consumer goods, where it finds applications in food packaging, medical implants, agricultural films, and more. As environmental regulations become stricter and sustainability standards gain prominence, the market for biodegradable polymers like PHA is poised for further expansion. However, challenges remain in terms of polymer properties, processing, and recycling, requiring ongoing research and development efforts to optimize PHA's mechanical, thermal, and chemical properties and enhance its viability as a sustainable material in various industries. Overall, the PHA market holds immense potential in driving the transition towards a circular economy and reducing greenhouse gas emissions in the long term.

Market Overview:

The Polyhydroxyalkanoate (PHA) market is witnessing significant growth driven by increasing demand for biodegradable plastics and sustainable materials. PHA, a type of biopolymer derived from renewable resources through microbial fermentation, offers eco-friendly alternatives to traditional plastics. Its biodegradability addresses concerns over environmental impact and waste management, aligning with circular economy principles. PHA finds diverse industrial applications, particularly in the packaging industry, where it serves as green packaging material. With a focus on environmental sustainability and regulatory standards, the market is witnessing technological advancements and research and development efforts to enhance PHA's properties and expand its applications across various sectors, including medical, agriculture, and consumer goods. The PHA market is characterized by emerging markets and increasing adoption in industries aiming to reduce their carbon footprint and greenhouse gas emissions.

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About US
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Technavio Research
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Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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