The report “Polyhydroxyalkanoate (PHA) Market by Type (Short chain length, Medium Chain Lenth), Production Methods (Sugar Fermentation, Vegetable Oil Fermentation), Application (Packaging & Food Services, Biomedical) and Region – Global Forecast to 2027″, is projected to reach USD 167 million by 2027, at a CAGR of 15.3% from USD 81 million in 2022. The market is mainly driven by government regulations prohibiting/restricting the use of plastic bags across the globe. Certain factors are restraining market growth; among them, the high prices of final products is a major factor due to the expensive production process. Manufacturers of PHA can tap growth opportunities in the Asia Pacific market, where the adoption of biodegradable plastics is increasing.
• 197 Market data Tables
• 52 Figures
• 216 Pages and in-depth TOC on “Polyhydroxyalkanoate (PHA) Market – Global Forecast to 2027”
Some of the prominent key players are:
- Danimer Scientific (US)
- Shenzhen Ecomann Biotechnology Co., Ltd. (China)
- Kaneka Corporation (Japan)
- RWDC Industries (Singapore)
- Newlight Technologies LLC (US)
- TianAn Biologic Materials Co., Ltd. (China)
- Biomer (Germany)
Opportunities: Increasing scope in end-use segments
Similar to conventional plastics, there are a high number of applications of PHA-based plastics. The biodegradable plastics market is expected to witness significant growth in consumer goods packaging applications owing to the increasing focus on sustainability and favorable government regulations for green procurement policies. The packaging applications segment is expected to witness significant growth in compostable waste bags, biodegradable mulch films, catering products, film packaging, and rigid packaging.
Vegetable oil fermentation is projected to be the fastest growing production method in PHA market, in terms of value
Triglyceride-rich vegetable oil sourced from soy, canola, and palm, among others, is converted by triacylglycerol-utilizing bacteria, which secrete lipase. Lipase is a fatty acid from triacylglycerol molecules, which is then consumed by the bacteria. The process is a little complex and requires a special strain of bacteria. Kaneka is one of the major players utilizing this method of production. Used cooking oil is a cheaper source for the production of PHA, which helps reduce the cost of production. This factor is responsible for the high growth rate of the vegetable oil fermentation method.
Europe is expected to be the fastest growing market for PHA during the forecast period, in terms of value and volume.
Europe is projected to grow at the highest CAGR during the forecast period both, in terms of value and volume, which is attributed to the significant demand from countries such as Germany, Italy, and France. Government policies supporting the use of biodegradable plastics and increasing awareness among consumers are the key factors responsible for market growth in the European region.