Luton, Bedfordshire, United Kingdom, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Polyhydroxyalkanoates (PHA) Market.
The global Polyhydroxyalkanoates (PHA) Market is expected to grow at 14.2% CAGR from 2023 to 2029. It is expected to reach above USD 0.20 billion by 2029 from USD 0.06 billion in 2022.
Polyhydroxyalkanoates, also known as PHAs are a diverse group of biodegradable polyesters that have been synthesized through both biological and non-biological routes. Polyhydroxyalkanoates, commonly abbreviated as PHA’s, are compounds that belong to the class of polyesters made from renewable resources such as corn starch or sugar cane bagasse. Monomers can form various crystalline 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). Government regulations and policies against single-use plastics are a major factor in the expansion of the Polyhydroxyalkanoates (PHA) Market.
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Industry News:
- In January 2022, Bluepha’s first commercial biodegradable material, PHA plant covers 86,000 sqm and is located in the Coastal Industrial Park of Jiangsu Binhai Economic Development Zone, with an annual PHA capacity of 25,000 tons. The entire plant is divided into two phases, whereby the first phase holds 5,000 tons per annum PHA capacity, to be completed by the end of 2022.
- In June 2022, Newlight Technologies launched plastic-free AirCarbon-based coated paper products created from regenerative materials. This product is made by the nature-based carbon capture process which results in a paper product that is moisture-resistant, grease-resistant, and plastic-free.
- In January 2020, BASF SE completed the purchase of Solvay's polyamide division (PA 6.6). The acquisition aided the company's market expansion in Asia and North and South America. BASF SE and Solvay acquired eight manufacturing facilities in Germany, France, China, India, South Korea, Brazil, and Mexico. It also assisted BASF SE in establishing R&D centres in Asia and the Americas.
Expansion in end use industry is driving the Polyhydroxyalkanoates (PHA) market 39% share in Europe.
Europe is the most promising market for bioplastics and related industries, including acrylic processing aid. The region is characterized by innovative growth and stringent regulations. The European 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.
Market Dynamics
Drivers
- Green Procurement Policies
- High Availability of Renewable and Cost-Effective Raw Materials
- Biodegradability Driving Consumption
- Increasing Concerns About Human Health and Safety
Restraints
- High Price Compared with Conventional Polymers
- Performance Issues
Opportunities
- Increasing Scope in End-Use Segments
- Emergence of New Raw Materials
- Cost Reductions Through Economies of Scale
- Cyanobacteria Enabling Cost Reduction
- Growth Opportunities in Asia-Pacific
Challenges
- Manufacturing Technology in Initial Phase
- Underutilization of Manufacturing Plants
- Expensive and Complex Production Process
The medical and packaging sectors’ increasing interest in using renewable and biodegradable raw materials is propelling the market for polyhydroxyalkanoates to grow.
The escalating use of PHA biocomposites as feeders in many applications is boosting prospects for PHA producers and vendors. The biodegradability of PHAs is a key aspect that has driven the preference of the latter over conventional polymers. The emergence of a new line of biocomposites has also boosted revenue generation in the polyhydroxyalkanoate market. PHA has been employed in fixation and orthopedic applications, tissue engineering, bioplastics production, food service, packaging, pharmaceutical industry, and agriculture. PHA’s innovative properties can add additional value to the applications in which they are employed. The advancement of the PHA industrialization process is predicted to increase the cost of PHA and make it an alternative to conventional plastic.
Polyhydroxyalkanoate (PHA) Market Report Scope
| Report Attribute | Details |
| Market size value in 2022 | USD 0.06 billion in 2022 |
| Revenue forecast in 2029 | USD 0.20 billion by 2029 |
| Growth rate | CAGR of 14.2% from 2023 to 2029 |
| Base year for estimation | 2022 |
| Historical data | 2018 - 2022 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, application, region |
| Regional scope | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
| Key Market Drivers | The growing prospect of renewable and biodegradable raw materials in the medical and packaging industries is driving the expansion of the Polyhydroxyalkanoates (PHA) market. |
| Key companies profiled | Danimer Scientific, Shenzhen Ecomann Biotechnology Co Ltd., Kaneka Corporation, RWDC Industries, Newlight Technologies LLC, Bio-On, Tianan Biologic Materials Co Ltd., Biomer and Bochemie. |
Polyhydroxyalkanoates (PHA) Market Players
Key providers of polyhydroxyalkanoate, such as Bio-on S.p.A. and Danimer Scientific, Inc., are focusing on various organic and inorganic growth strategies such as mergers & acquisitions, new product launches, strategic collaborations, expansion, and joint ventures to expand their product portfolio and business operations
The polyhydroxyalkanoates (PHA) market key players include Danimer Scientific, Shenzhen Ecomann Biotechnology Co Ltd., Kaneka Corporation, RWDC Industries, Newlight Technologies LLC, Bio-On, Tianan Biologic Materials Co Ltd., Biomer and Bochemie.
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Key Market Segments: Polyhydroxyalkanoates (PHA) Market
Polyhydroxyalkanoates (PHA) Market by Type, 2023-2029, (USD Million)
- Short Chain Length
- Medium Chain Length
Polyhydroxyalkanoates (PHA) Market by Production Method, 2023-2029, (USD Million)
- Sugar Fermentation
- Vegetable Oil Fermentation
- Methane Fermentation
Polyhydroxyalkanoates (PHA) Market by Application, 2023-2029, (USD Million)
- Packaging and Food Services
- Bio-Medical
- Agriculture
- Wastewater Treatment
- Cosmetics
- 3d Printing
- Chemical Addictive
Rise in Demand for Polyhydroxyalkanoates in Packaging Industry: Key Driver
- The market for biodegradable polymers has seen an increase in demand for polyhydroxyalkanoates because of their ability to degrade in a variety of settings.
- The output of polyhydroxyalkanoates among producers and suppliers is increasing as a result of the use of polyhydroxyalkanoate bio-composites as feeders in many uses.
- Compared to other bio-based polymers, polyhydroxyalkanoate-based packaging items are frequently used for the wrapping of food and other commodities.
- The packaging and culinary services sectors depend heavily on polyhydroxyalkanoates. Indirectly driving up demand for polyhydroxyalkanoates is the growing use of these materials in a variety of uses, such as cups, lids, food receptacles, and other goods used in the food service industry.
- The market for polyhydroxyalkanoates is being driven by an increase in demand for bioplastics and biodegradable polymers in packaging uses.
- Increased environmental and plastic waste management consciousness is a key factor driving the global polyhydroxyalkanoate market. One of the main sources of plastic garbage is the food and packing services sector. Therefore, the market for polyhydroxyalkanoates is growing due to the use of biodegradable polymers in the food and packing sectors.
- Products made of cheaper, biodegradable polyhydroxyalkanoates are becoming more popular on the market as they aid in lightening the weight and bulk of polymers derived from petroleum. In many places, particularly Europe, the use of polymers has had a negative impact on the ecosystem. As a result, compostable polyhydroxyalkanoate is more well-liked in the area.
- In North America and Asia Pacific, the use of packing goods made of polyhydroxyalkanoates has increased. Usage of packaging products made from polyhydroxyalkanoates has been rising in Asia Pacific and North America
Dynamics
- Increasing demand for biodegradable materials in the packaging and foodservice industries
The Polyhydroxyalkanoates (PHA) market growth factors include the increasing demand for biodegradable materials in the packaging and food service industries, as these materials will mitigate environmental pollution and support sustainability initiatives. Moreover, factors such as increasing demand for food packaging and increasing demand for biodegradable plastics in various forms of packaging are expected to drive the demand for polyhydroxyalkanoates (PHA) shortly.
- PHA Holds Hopeful Prospects for Making Sustainable Polymers
The global polyhydroxyalkanoate market is predicted to expand at a robust CAGR of 9.2% during the forecast period. This is clear because a new Bacardi bottle under development is made of PHA, which is expected to appear in a variety of packaging choices in the future years. Beverage businesses and water labels are attempting to develop with paper bottles that use PHA as a lining in order to eradicate problems related to single-use plastic.
- Increasing concerns for human health and safety
Manufacturers in the polyhydroxyalkanoate market blend PHAs with other polymers to provide valuable human-use options. Moreover, thermal decomposition methods such as pyrolysis are being used for chemically decomposing PHA into other substances, including monomers or oligomers, by the presence of heat and leaving no harm to the environment.
- Stringent government regulations regarding the use of plastic products
The strict governmental law against single-use plastic and increasing concerns over human health and safety are expected to offer opportunities for growth in the global; polyhydroxyalkanoates (PHA) market. The need for environment-friendly products is driving innovation in the bioplastics industry. The packaging and food services industry demands single-use plastics and sustainable packaging. This increases the need for bioplastics. Moreover, there are many PHA manufacturers across the globe with a huge domestic market in their regions.
Key Question Answered
- What is the current size of the polyhydroxyalkanoates (PHA) market?
- What are the key factors influencing the growth of polyhydroxyalkanoates (PHA)?
- What are the major applications for polyhydroxyalkanoates (PHA)?
- Who are the major key players in the polyhydroxyalkanoates (PHA) market?
- Which region will provide more business opportunities for polyhydroxyalkanoates (PHA) in future?
- Which segment holds the maximum share of the polyhydroxyalkanoates (PHA) market?
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