Polyhydroxyalkanoate (PHA) is a biodegradable polymer produced by microorganisms such as bacteria, fungi, and algae. It is a renewable and sustainable alternative to conventional petroleum-based plastics. The demand for PHA is increasing due to its biodegradability and compostability, which reduces the environmental impact of plastic waste.
The global polyhydroxyalkanoate market is expected to grow at a CAGR of 16.5% from 2021 to 2028. The market is driven by the increasing demand for sustainable and eco-friendly products, growing awareness about plastic pollution, and government regulations promoting the use of biodegradable plastics.
By application, packaging is the largest segment of the PHA market, accounting for over 60% of the total revenue in 2020. The demand for PHA in packaging is driven by the increasing demand for eco-friendly packaging materials and the ban on single-use plastics in several countries. PHA is used in various packaging applications such as bags, films, and containers.
The biomedical application segment is expected to grow at the fastest rate during the forecast period. PHA is used in medical applications such as sutures, implants, and drug delivery systems due to its biodegradability and biocompatibility. The increasing demand for biodegradable medical implants and devices is expected to drive the growth of the biomedical application segment.
By type, the short-chain length PHA (scl-PHA) segment is expected to dominate the market during the forecast period. scl-PHA is widely used in various applications such as packaging, agriculture, and biomedical due to its biodegradability and mechanical properties. The long-chain length PHA (lcl-PHA) segment is expected to grow at a higher rate due to its potential use in applications such as coatings, adhesives, and 3D printing.
Asia Pacific is expected to dominate the global PHA market during the forecast period due to the increasing demand for eco-friendly products, rapid industrialization, and government initiatives promoting the use of biodegradable plastics. China, India, and Japan are the major markets for PHA in the region. Europe is the second-largest market for PHA due to the stringent regulations promoting the use of biodegradable plastics. North America is expected to grow at a significant rate due to the increasing demand for sustainable and eco-friendly products.
The key players in the PHA market include Danimer Scientific, Kaneka Corporation, Shenzhen Ecomann Biotechnology Co., Ltd., Tianjin GreenBio Materials Co., Ltd., Bio-on S.p.A., Full Cycle Bioplastics, Inc., Mango Materials, Newlight Technologies LLC, and Tepha, Inc. These players are focusing on new product launches, collaborations, and partnerships to expand their market presence.
In March 2021, Danimer Scientific announced a partnership with PepsiCo to develop and commercialize PHA-based bio-based and biodegradable resins for use in PepsiCo’s product packaging. This partnership is expected to drive the growth of the PHA market.
In September 2020, Kaneka Corporation announced the construction of a new plant in Japan for the production of PHA. This new plant is expected to increase Kaneka’s PHA production capacity and meet the growing demand for biodegradable plastics.
In conclusion, the global polyhydroxyalkanoate market is expected to grow at a significant rate during the forecast period due to the increasing demand for sustainable and eco-friendly products. The packaging application segment is expected to dominate the market, while the biomedical application segment is expected to grow at the fastest rate. Asia Pacific is expected to dominate the market, while Europe and North America are also expected to grow at a significant rate.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Everest Market Insights journalist was involved in the writing and production of this article.
