Estimated at $ 57.8 million in 2020, the worldwide polyhydroxyalkanoates (PHA) market size is predicted to reach $ 98.5 by 2025, with a CAGR of 11.8%. and trends related to sustainability and the circular economy are driving the PHA industry. Europe is the key market for PHAs worldwide, followed by North America and the APAC region. The worldwide polyhydroxyalkanoate market is predicted to grow significantly during the foreseen period. Growing concern about greenhouse gas emissions, coupled with a positive regulatory framework that facilitates the consumption of bioproducts, is predicted to promote the expansion of the polyhydroxyalkanoate market in the near future. PHA is escalatingly being employed due to its biodegradable nature and thermosetting properties, allowing its use in food, cosmetic, pharmaceutical and agricultural applications.
Polyhydroxyalkanoates (PHAs) are typically produced by bacterial species, including Gram-positive and Gram-negative bacteria, when placed under nutrient-limiting conditions. PHAs and their compounds have caught the attention of industries as they are a promising class of biodegradable and biocompatible plastics. The dynamics of the polyhydroxyalkanoate market has accelerated thanks to the growing call for bio-based plastics and lightweight and durable composites. The economically and environmentally sustainable production of PHA biocomposites has helped drive the advancement of the polyhydroxyalkanoate market.
Danimer Scientific (USA) is the largest player in the polyhydroxyalkanoate market. The company is expanding its PHA business through expansion in countries such as APAC and North America and alliances with various end-user companies. The company primarily focuses on expansions and partnerships to strengthen its position in the market. As an expansion strategy, the company has already started to build a new factory for PHA production, which will not only increase its production capacity but also strengthen its market position. It has also partnered with Nestlé to produce biodegradable water bottles that will expand the company's product portfolio.
Prospects for the employment of whey for the production of polyhydroxyalkanoate (PHA). The production and accumulation of plastic has devastating effects on the environment, and as a result, the world needs environmentally friendly plastic substitutes.
Around the world, the growing prospect of renewable and biodegradable raw materials in the medical and packaging industries is driving the expansion of the polyhydroxyalkanoate market. 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.
However, the high cost of the raw material compared to conventional polymers, with fewer R&D facilities, will act as a drag on the market for polyhydroxyalkanoates. The manufacturing technology is still in the early stage of development and the factor is acting as a challenge for the Polyhydroxyalkanoates market during the foreseen period 2020-2025.
The opportunities that would contribute to the expansion of this market are rapid technological changes and increased investments in R&D from developed countries. The worldwide PHA market is driven by the growing call for renewable, environmentally friendly and bio-based materials such as bagasse, zein, casein, vegetable starch, etc. Biomedical applications such as bone marrow scaffolds, cardiovascular patches, nerve repair devices, bones, etc. Strong call for packaging followed by catering is also contributing to market expansion. The wide availability of renewable and profitable raw materials such as bagasse, zein, casein, vegetable starch and many others encourages the expansion of the market for polyhydroxyalkanoates; Also with their biomedical applications such as cardiovascular patches, nerve repair devices, bone marrow scaffolds, they strengthen the market expansion. Government regulations and policies against single-use plastics are a major factor in the expansion of the polyhydroxyalkanoate market. The escalating consumption of products such as biological control agents, drug-bearing tissues, engineered biodegradable implants, memory enhancers, and anti-cancer agents will give a significant new boost to the polyhydroxyalkanoate market in the coming years. Strong expansion in R&D investments in the medical industry has led to the escalating development of biocompatible materials, which will further increase the size of the polyhydroxyalkanoate market in the coming years.
R&D facilities and high cost of raw materials, which is 20-80% higher than the cost of raw material of conventional plastics, are just some of the challenges faced by this market.
The short-chain type is predicted to lead the PHA market in terms of value and volume. The growing awareness of the creation of plastic waste leading to an ecological imbalance has changed the market sentiment towards sustainable products, thus creating an increase in call for biodegradable plastics.
By production method:
Foodservice and packaging are predicted to lead the polyhydroxyalkanoate industry throughout the foreseen period. The growing call for bioplastics and biodegradable plastics for food packaging and services in various applications, such as plastic bags, disposable foils and cutlery, is driving their call. The expansion of these sectors in the upcoming Asia-Pacific and Latin American economies opens up new avenues for market expansion.
Asia-Pacific and Latin America are witnessing high value-added opportunities for producers and sellers in the worldwide polyhydroxyalkanoate market. The growing prospects for biodegradable plastics and bioplastics in packaging and the medical industry are creating many opportunities in these regional markets. Europe dominates the market for polyhydroxyalkanoates (PHA) and is predicted to see significant expansion during the foreseen period, driven by the escalating call for biodegradable plastics and bioplastics due to growing environmental concerns and trends such as sustainability and the circular economy.
The North American polyhydroxyalkanoate market is predicted to see significant gains in the coming years, due to the strict regulations imposed by regional regulatory bodies for the consumption of bio-based packaging materials. For example, the EPA has strict laws on reducing toxic waste to preserve the environment. Additionally, major players in the US medical industry are investing heavily in the development of biocompatible materials for healthcare applications such as drug delivery, implants and the like, further facilitating the growing call for products in the US. next years. years.
Europe is predicted to be one of the largest markets for the next six years. The growing importance of biodegradable plastics coupled with regulatory support should promote market expansion in Europe. The Asia Pacific region is predicted to emerge as a promising market in the near future. Low cost of production compared to North America and Europe, coupled with growing applications in agriculture, food and beverage, and cosmetics as China and India are predicted to have a positive impact on the polyhydroxyalkanoate market in the near future.
The leading players of this market are Meredian, Inc., Tianan Biologic Materials Co. Ltd., PolyfermVanada, Inc., Shenzhen Ecomann Biotechnology Co, Ltd., LIC PHB Industrial S.A., Newlight Technologies, BioMatera, Inc., Metabolix Inc., Biomer, Biomatera, Kaneka Corporation.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1.5 Y-o-Y Growth Analysis, By Type
5.1.6 Market Attractiveness Analysis, By Type
5.1.7 Market Share Analysis, By Type
5.2 Manufacturing Technology
5.2.2 Bacterial Fermentation
5.2.4 Enzymatic Catalysis
5.2.5 Y-o-Y Growth Analysis, By Manufacturing Technology
5.2.6 Market Attractiveness Analysis, By Manufacturing Technology
5.2.7 Market Share Analysis, By Manufacturing Technology
5.3.3 Bio Medical
5.3.4 Food Sevices
5.3.6 Y-o-Y Growth Analysis, By Application
5.3.7 Market Attractiveness Analysis, By Application
5.3.8 Market Share Analysis, By Application
6. Geographical Analysis
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
188.8.131.52 By Geographical Area
184.108.40.206 By Type
220.127.116.11 By Manufacturing Technology
18.104.22.168 By Application
6.1.4 Market Attractiveness Analysis
22.214.171.124 By Geographical Area
126.96.36.199 By Type
188.8.131.52 By Manufacturing Technology
184.108.40.206 By Application
6.1.5 Market Share Analysis
220.127.116.11 By Geographical Area
18.104.22.168 By Type
22.214.171.124 By Manufacturing Technology
126.96.36.199 By Application
6.2 North America
6.1.2 United States
6.3.6 South Korea
6.5 Latin America
6.4.5 Rest of Latin America
6.6 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Tianan Biological Materials Co
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.3 Kaneka Corporation
8.4 Meredian Holdings Group
8.5 Shenzhen Ecomann Biomater
8.8 Newlight Technologies
8.9 PHB Industrial SA
8.10 Polyform Canada
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
a) List of Tables
b) List of Figures