The market is expected to generate an incremental $ opportunity of US$ 163.4 Mn between 2022 and 2030; government promotion of eco-friendly and sustainable products will stimulate growth
Category: Chemicals & Materials Published Date : July 2022 ID: CVC-00166 Format: PDF Pages: 296
PHA Market Size Analysis
According to a research survey conducted by ChemView Consulting, in 2022, the Global Polyhydroxyalkanoate (PHA) Market was worth US$ 82.7 Mn and is expected to grow at a CAGR of 14.6% over the forecast period. The market is expected to hit US$ 246.1 Mn by 2030 end.
Polyhydroxyalkanoates are employed as carbon and energy reserves. They are created directly by microbes through the fermentation of a carbon substrate. Because of biodegradability, PHA has achieved enormous appeal and acceptability in the packaging and food sectors. Biodegradable plastic made from polyhydroxyalkanoates can be used in place of non-biodegradable plastic.
These are biocompatible, biodegradable, and thermoplastic materials. As a result, they are employed in various biological applications, including medication delivery and tissue engineering scaffolds.
What are the causes driving the rise in demand for PHA?
The increased demand for polyhydroxyalkanoate (PHA) industries such as packaging and food services, biomedical, agricultural, and others is driving the market. Consumer awareness of the toxicity of petroleum-based plastics and sustainable, eco-friendly bioplastics will boost the polyhydroxyalkanoate (PHA) industry.
PHAs are in high demand in the biodegradable polymer industry due to their biodegradability in various conditions. Compared to other bio-based polymers, PHA-based packaging materials are widely used for food packaging and other items. Increased environmental and plastic waste management awareness is a primary driver of the worldwide polyhydroxyalkanoate market.
What are the opportunities in the PHA Market?
Raw materials derived from non-food products or waste leftovers represent a substantial possibility for the global manufacturing of biodegradable polymers. It is due to the rising worldwide demand for grains, including maize, wheat, barley, and other cereals for food, animal feed, and biofuels.
Using non-food raw resources such as organic waste, biomass, and dead plants is predicted to enhance waste management. Instead of relying on direct food supplies, biodegradable plastics producers have a big opportunity to develop raw materials from agricultural waste and other waste streams.
What are the major challenges confronting the PHA Market?
The considerably greater cost of PHA compared to conventional polymers is a major impediment to industry expansion. Generally, the cost of producing biodegradable polymers such as PHA is 20% to 80% greater than traditional plastics. It is largely owing to the high polymerization cost of biodegradable polymers since most technologies are still in the early stages of research.
These bio-based technologies and materials are still in the early stages of research and have not yet reached the same degree of commercialization as their petrochemical equivalents.
Due to the industry’s shutdown during the COVID-19 era, buyers were pushed to the retail channel. The majority of foods sold at retail outlets are packaged in plastic. As a result, the food, beverage, and pharmaceutical industries boosted the demand for plastics.
Why is the Packaging segment likely to grow rapidly throughout the forecast period?
PHA is important in the packaging and food service industries. PHA demand in this category is predicted to rise because of its increasing use in various applications such as cups, lids, food containers, and other food service goods.
The packaging industry is driven by increased environmental concerns and waste management challenges. The packaging and food services sector generates the most plastic trash in the world, and the increased use of bioplastics and biodegradable plastics bodes well for industry development.
Packaging is one of the most important factors addressed by manufacturers to ensure aesthetic appeal to consumers. The worldwide packaging sector is expanding rapidly, thanks to increased manufacturing units, food processing plants, and industrial output.
Which region has promising opportunities in the PHA market?
Europe is the most prospective market for bioplastics and allied sectors, such as acrylic processing aid. The region is known for its inventive growth and strict rules. The primary driving factors responsible for market expansion in the European area are government regulations encouraging the use of biodegradable plastics and increased consumer awareness.
The need for environmentally friendly products is pushing bioplastics innovation. Single-use plastics and sustainable packaging are in high demand in the packaging and food service industries. It boosts the need for bioplastics, which drives the polyhydroxyalkanoate (PHA) market. Furthermore, several PHA producers in the European area have a significant domestic market in the region, giving them the highest market share.
The worldwide Polyhydroxyalkanoate (PHA) market is partially consolidated. Leading market companies invest heavily in partnerships to gain a competitive advantage, aiding their worldwide business progress.
Some of the key developments that have taken place in the PHA Market include:
A list of some of the critical suppliers present in the market are:
Market Segments Covered in Report
By Region and Country:
Global PHA Market 2022-2030: Report Coverage and Highlights
|Historical data available for||2017-2021|
|Market analysis||USD Million for Value and Tons for Volume, and CAGR from 2022 to 2030|
|Key regions covered||North America, Latin America, Europe, Asia-Pacific, Middle East, and Africa|
|Key countries covered||US, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, Netherlands, Norway, Russia, China, Japan, South Korea, India, Indonesia, Thailand, Vietnam, Australia & New Zealand, Saudi Arabia, Turkey, UAE, South Africa, Nigeria, Egypt|
|Key segments covered||By Form, Application, and Region|
|Customization scope||Available upon Request|
|Pricing and purchase options||Available upon Request|