DUBLIN, Oct. 21, 2019 /PRNewswire/ -- The "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 2024" report has been added to ResearchAndMarkets.com's offering.
The global polyhydroxyalkanoate (PHA) market size is estimated to grow from USD 57 million in 2019 to USD 98 by 2024, at a CAGR of 11.2%.
Increasing use of the chemical for various applications fueled by stringent government regulations and changing consumer behavior is expected to drive the growth of the global polyhydroxyalkanoate industry. PHA is a family of biodegradable polymers and plastics, which are synthesized and accumulated by bacteria inside their cells. These biodegradable plastics are also biocompostable and biocompatible, which means they can be used for biomedical applications too.
Short-chain length PHAs are expected to be the fastest-growing type segment of the market, in terms of value and volume, between 2019 and 2024
The short-chain length segment is expected to witness the highest growth in terms of value and volume during the forecast period. The growing use of short-chain length PHAs in various applications such as packaging & food services, bio-medical, and agriculture along with the higher production capacity of short-chain length PHAs is driving the growth of this segment.
Packaging & food services application segment is estimated to witness the highest growth rate between 2019 and 2024
The packaging & food services application segment is estimated to witness the highest growth rate, in terms of value and volume, between 2019 and 2024. Due to the ecological imbalance created by plastic waste, several organizations, including governments, have imposed taxes and enacted stringent policies against single-use plastics. These initiatives are driving the demand for PHA in the packaging & food services application. The growth of these end-user industries owing to the expansion of e-commerce portals across the food and retail sector is expected to propel the growth of the market further during the forecast period.
Rising demand for biodegradable plastics and bioplastic, due to changing consumer behavior, is likely to drive the demand for PHA market in Europe
The Europe PHA market is estimated to witness significant growth during the forecast period, fueled by the growing demand for biodegradable plastics and bioplastics due to the increasing environmental concerns and trends such as sustainable development and circular economy.
Additionally, the presence of major manufacturers such as Bio-On Srl (Italy), Natureplast (France), Biomer (Germany), Colorfabb (Netherlands), Nafigate (Czech Republic), and Bochemie (Czech Republic) has positively influenced the demand trend for PHAs in the region.
The key players profiled in the report include Kaneka Corporation (Japan), Danimer Scientific. (U.S.), Shenzhen Ecomann Biotechnology Co., Ltd. (China), Bio-On Srl (Italy), Newlight Technologies, LLC (U.S), and TianAn Biological Materials Co. Ltd. (China).
- Positive Attitude of Governments Toward Green Procurement Policies
- The Vast Availability of Renewable and Cost-Effective Raw Materials
- Biodegradability Driving the Consumption
- Increasing Concerns for Human Health and Safety
- High Price Compared to Conventional Polymers
- Performance Issues
- Increasing Scope in End-Use Segments
- The Emergence of New Raw Materials
- Potential for Cost Reduction Through the Economy of Scale
- Growth Opportunities in APAC
- Manufacturing Technology Still in Its Initial PHAse
- Under-Utilization of PHA Producing Plants
- The Expensive and Complex Production Process
Porter's Five Forces Analysis
- Commercialized Technologies
- PHA Production in Bio-Refineries
- Yet to Be Commercialized
- Other Possibilities
- Bio-On Spa
- Bluepha Co., Ltd.
- CJ Cheiljedang Corp.
- Danimer Scientific
- Full Cycle Bioplastics
- Genecis Bioindustries Inc.
- Kaneka Corporation
- Mango Materials
- Newlight Technologies, LLC
- Polyferm Canada, Inc.
- RWDC Industries
- Shenzhen Ecomann Biotechnology Co., Ltd.
- Tepha Inc.
- Terraverdae Bioworks In
- Tianan Biologic Materials Co., Ltd.
- Yeild10 Bioscience
For more information about this report visit https://www.researchandmarkets.com/r/fjk5oy
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