Polyhydroxyalkanoate (PHA) Market worth $121 million by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 2, 2021 /PRNewswire/ -- According to the new market research report "Polyhydroxyalkanoate (PHA) Market by Type (Short Chain Length, Medium Chain Length), Production Method (Sugar Fermentation, Vegetable Oil Fermentation, Methane Fermentation), Application, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the Polyhydroxyalkanoate (PHA) market is projected to reach USD 121 million by 2025, at a CAGR of 14.2% from USD 62 million in 2020.
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PHA, a family of organic compounds, is used to produce biodegradable polymer and plastics. The increasing focus on the reduction of non-degradable plastics is attributed to the implementation of stringent government norms and regulations regarding the use of petro-based plastics. The global demand for PHA from various applications, including packaging & food services, biomedical, and agriculture, is expected to increase significantly during the forecast period.
Short chain length is the largest polymer type for polyhydroxyalkanoate (PHA) in 2019
Monomers can form various structures, such as short chain length monomers and medium chain length monomers. Short chain length PHA monomers consist of not more than four to ten carbon atoms. Some of the short chain length PHA monomers include Polyhydroxybutyrate (PHB), Poly-3-hydroxybutyrate (P3HB), and Polyhydroxyvalerate (PHV). The structure determines the thermal and mechanical properties of the monomers, making them suitable for the use in diversified applications, for instance, environmental-friendly plastics, for packaging and biomedical (implants and controlled release drug carriers). PHA monomers can also be used to produce biofuels. The applications best suited for short chain length PHAs, such as packaging materials and carry bags. It has a large market in Europe due to strict governmental regulations regarding the single use plastics.
Sugar fermentation is estimated to be the largest production method in polyhydroxyalkanoate (PHA) market between 2020 and 2025.
Based on the production method, the polyhydroxyalkanoate (PHA) market has been segmented into as vegetable oil fermentation, sugar fermentation, and methane fermentation. The demand for polyhydroxyalkanoate (PHA) in this segment is mainly driven by the abundance of carbohydrate source found in sugarcane, beet, molasses, and bagasse which can be easily consumed and converted by bacteria to produce PHA. The market in sugar fermentation is projected to witness a higher CAGR in the forecasted year because of its abundance in sugar sources.
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Packaging and food services industry is projected to account for the largest share of the polyhydroxyalkanoate (PHA) market between 2020 and 2025."
PHA play a key role in the packaging and food services industry. The demand for PHA in this segment is expected to increase because of its increasing use in several applications, including cups, lids, food containers, and other food service products. The rising environmental concerns, along with waste management problems are the key drivers of this segment. The packaging & food services segment is the biggest source of plastic waste in the world and the penetration of bioplastics and biodegradable plastics is favorable for market growth.
Europe is expected to be the largest polyhydroxyalkanoate (PHA) market during the forecast period, in terms of value and volume.
Europe is projected to be the largest market for the polyhydroxyalkanoate (PHA) during the forecast period. Europe is the most promising market for bioplastics and related industries, including PHA. The European market is mostly driven by government regulations and a change in consumer behavior. The Europe market is segmented into Germany, France, Italy, UK and Rest of Europe. The Rest of Europe includes, Spain, Poland, the Czech Republic, Romania, the Benelux countries, and the Scandinavian countries.
The strict governmental law against single use plastic and increasing concerns over human health and safety are the key driving factors responsible for the market growth in the European region. The need for environment-friendly products is driving innovation in the bioplastics industry in this region. The packaging and food services industry demands single use plastics and sustainable packaging. This increases the need for bioplastics, which in turn drives the market for polyhydroxyalkanoate (PHA). Moreover, there are a large number of PHA manufacturers in European region which has a huge domestic market in the region, giving this the largest market share.
The key market players profiled in the report include Danimer Scientific (US), Shenzhen Ecomann Biotechnology Co Ltd (China), Kaneka Corporation (Japan), RWDC Industries (Singapore), Newlight Technologies LLC (US), Bio-On (Italy), Tianan Biologic Materials Co Ltd (China), Biomer (Germany), and Bochemie (Czech Republic).
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Browse Adjacent Markets: Chemical Market Research Reports & Consulting
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