Polyhydroxyalkanoate (PHA) Market by Type (Short Chain Length and Medium Chain Length), Production Method (Sugar Fermentation, Vegetable Oil Fermentation and Methane Fermentation), Application (Packaging and Food Services, Biomedical, Agriculture, and Others): Global Market Size Estimates and Forecast (2022–2030)
The market crossed US$ 82.7 million in 2022 and is expected to hit US$ 238.5 million by 2030, recording a CAGR of 14.2% during the forecast period.
Polyhydroxyalkanoate (PHA) has been significantly growing with the high adoption of packaging industries.
The packaging industry has been transforming in the past few years because the manufacturing and industrial sectors are adapting to flexible packaging. As a result, the demand for flexible packaging in the worldwide packaging industry is increasing. Moreover, the increased awareness for biodegradable plastics has also further driven the demand for polyhydroxyalkanoates market. Further, other segment such as short chain length type segment is also expected to gain traction during the forecasted year.
Within the report, the market is segmented into type, production method, application and geography. By type, the market is further segmented into short chain length and medium chain length. On the basis of production method, the market is bifurcated into sugar fermentation, vegetable oil fermentation, and methane fermentation. On the basis of application, the market is bifurcated into packaging and food services, biomedical, agriculture, and others. Geographically, the market is sub-segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.
Increasing focus towards the green procurement strategies is elevating the growth of the polyhydroxyalkanoate (PHA) market.
Government rules in various regions such as the purchase of environmentally friendly and sustainable products i.e., green products are one of the primary drivers driving the market for polyhydroxyalkanoate (PHA) based plastics. The EU (European Union) modified the list of Food Contact Materials Regulation (EU) No 10/2011, Commission Regulation (EU) 2019/37, which has increased polyhydroxyalkanoate (PHA) usage in packaging and food services industry. Moreover, several regulations imposed by the government on several industries in regards to discharging the harmful chemicals and wastewater also drives the overall demand for the polyhydroxyalkanoate (PHA) market.
Rising applications of polyhydroxyalkanoate (PHA) is one of the major factors accelerating the market growth.
The rising demand for polyhydroxyalkanoates (PHA) by the bio medical and pharmaceutical industry in developed and developing economies is driving cause of the market growth rate. Growing application areas for polyhydroxyalkanoates (PHA) such as in biomedical and growth and expansion of various industries such as food packaging and services, agriculture and other industries in the developing economies will also positively impact the growth rate of the polyhydroxyalkanoate (PHA) market.
Recent strategic developments in polyhydroxyalkanoate (PHA) market
The polyhydroxyalkanoate (PHA) market has undergone several significant developments, and a few of these have been mentioned below:
- 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.
The polyhydroxyalkanoate (PHA) market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. BASF SE, Bluepha, Kaneka Corporation, Newlight Technologies LLC and Yield10 Bioscience are among the prominent players operating in the market.
Target audience for the report:
- Raw material providers
- Packaging providers
- Food manufacturers
- Agricultural segment
- Food related associations, organizations, forums, and alliances
- Government bodies, such as regulating authorities and policy makers
- Venture capitalists, private equity firms, and start-up companies
- Biomedical suppliers
- Pharmaceutical distributors and sales firms
- End users of agricultural products
- Research institutes, organizations, and consulting companies
Scope of the report:
In this report, the market has been segmented on the basis of:
- Type:
- Short Chain Length
- Medium Chain Length
- Production Method
- Sugar fermentation
- Vegetable oil Fermentation
- Methane Fermentation
- Application
- Packaging and Food Services
- Biomedical
- Agriculture
- Others
- Region
- North America
- Europe
- Asia Pacific (APAC)
- South & Central America
- Middle East & Africa
- Companies profiled
- BASF SE
- Bluepha
- Kaneka Corporation
- Newlight Technologies LLC
- Yield10 Bioscience
- BASF SE
- Bluepha
- Kaneka Corporation
- Newlight Technologies LLC
- Yield10 Bioscience