(EMAILWIRE.COM, May 01, 2024 ) 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 2028 ” the PHA market size is projected to increase from USD 93 million in 2023 to USD 195 million by 2028, at a CAGR of 15.9%.
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219 – Market Data Tables
52 – Figures
218 – Pages
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Based on application, Packaging & food services are estimated to be the largest market for PHA, in terms of value, during the forecast period.
The application of PHA in packaging holds great potential as a substitute for conventional plastics. According to a recent report by the United Nations Environment Programme on plastic waste, packaging contributes to 42% of the total global plastic waste generated. A significant portion of this waste comes from single-use plastics. Several European countries have already taken steps to ban the use of single-use plastics, with Spain and Italy leading the way by prohibiting their use in department stores and malls. This presents a favorable opportunity for PHA to gain traction in the packaging and food services sector.
Based on type, Short chain length was the largest segment for the PHA market, in terms of value, in 2022
Short chain length PHA refers to monomers that consist of four to ten carbon atoms. Examples of these PHA monomers include Polyhydroxybutyrate (PHB), Poly-3-hydroxybutyrate (P3HB), and Polyhydroxyvalerate (PHV). These monomers can form various structures, including short chain length and medium chain length variants. The structure of these monomers plays a crucial role in determining their thermal and mechanical properties, making them suitable for a wide range of applications. These applications include environmentally-friendly packaging plastics and biomedical uses such as implants and controlled-release drug carriers. A significant portion of short chain length PHA is exported to Europe, with TianAn Biologic Material Co Ltd being one of the prominent producers in this segment. TianAn Biologic Material Co Ltd primarily exports its production to Europe through its distributors, Helien Polymers and Natureplast..
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Based on region, Europe accounted for the largest market share for PHA market, in terms of value, in 2022
Europe takes the lead in the global PHA market in terms of value. The region has been at the forefront of biodegradable plastics and demonstrates a strong commitment to sustainable packaging. In response to increased environmental awareness, Europe has implemented laws and regulations that have led to the establishment of biological waste treatment facilities. This proactive approach has contributed to significant growth rates, both in terms of value and volume, within the European market. Several countries, including Italy and Spain, have enacted stringent legislation against the use of plastics, further driving this growth. Notably, European countries exhibit high socio-economic lobbying in favor of bioplastics or biodegradable plastics, further bolstering the market’s development in the region.
Polyhydroxyalkanoate (PHA) Market Key Players
The key players in this market Danimer Scientific(US), Shenzhen Ecomann Biotechnology Co., Ltd. (China), Kaneka Corporation (Japan), RWDC Industries (Singapore), TianAn Biologic Materials Co. Ltd. (China), Newlight Technologies LLC (US), and Biomer (Germany) and among others, are the key manufacturers that hold major market share in the last few years. In response to evolving global user demands, the major emphasis has been placed on acquisition, innovation, and new product development within the PHA industry. Prominent PHA manufacturers have strategically focused on new product launches to maintain their market position, introducing various offerings while making significant investments to expand their PHA production capacity. These key manufacturers have held substantial market shares in recent years, solidifying their presence in the industry.
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