The PHA market is accounted for more than US$ 60 Mn in the year 2019
Reports and Insights (R&I) has published a new report titled, “PHA Market: Opportunity Analysis and Future Assessment 2022-2030”
Global PHA market, By Type (PHB, PHBV, PHBHhx, PHB4B, Others), By Application (Packaging, Biomedical, Agricultural, Food Services, Others), and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2022 and 2030.
In 2019, the global PHA market is accounted for more than US$ 60 Mn and expected to grow at a significant CAGR of 10.4% during the forecast period of 2022 to 2030.
As per the report, the regional government steps towards the environment are raising the awareness among population regarding environment protection across the world, which in turn is majorly driving the growth of the global PHA market.
The biodegradable linear polyester, naturally manufactured with the help of chemical reaction of bacterial fermentation on lipids or sugar is commonly known as Polyhydroxyakanate (PHA). The combination of a broad batch of monomers with PHAs results in the pattern of various kinds of materials demonstrating a variety of characteristics.
PHAs promote its utility in numerous applications involving biomedical applications, packaging of food & beverages and cosmetics, and agricultural films among others. The increased awareness with regard to environmental safety is also projected to stimulate the demand for biodegradable materials across the globe, thus boosting the growth of the global PHA market.
Notably, the innovative properties of PHA can bring additional value to the various applications in which they are used such as fixation and orthopedic applications, tissue engineering, production of bioplastic, food services, in packaging, pharmaceutical industry, and agriculture.
Additionally, the stringent government policies and regulations supportive environment safety initiatives and against single-use plastics is stimulating the global demand for eco-friendly, renewable, and bio-based material, hence propelling the growth of the global PHA market.
In addition, additional actions taken by governments such as tax grants and subsidiaries across the world is expected to boost the growth of the global PHA market in the near future.
Moreover, the Polyhydroxyalkanoate (PHA) market is projected to be dominated by the packaging and food services in the coming years owing to the rising demand for biodegradable and bioplastics for packaging and food services in various applications such as sheets, plastic bags, and disposable cutlery.
Attributing to which, the global PHA market is expected to grow positively over the forthcoming future. In addition to that, the advancements in the industrialization process of PHA is expected to drive the demand for PHA and make it an alternative for conventional plastic, thereby augmenting the growth of the global PHA market.
However, the huge production costs and the low-quality properties are likely to restrain the growth of the global PHA market, as low-cost production processes are still in the developmental stage. Notably, the PHA market is at its primary step and not yet technologically advanced and achieved economies of scale. Such factors may hamper the growth of the global PHA market during the forecast period.
R&I Study identifies some of the key participating players in the PHA market globally are GreenBio Materials, Shenzhen Ecomann Technology, MHG, P&G Chemicals, Metabolix, Tian'an Biopolymer, Kaneka, Biomer, Newlight Technologies, and PHB Industrial, among others.
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