The global polyhydroxyalkanoate market to grow at a CAGR of 5.41% during the period 2017-2021.
Global Polyhydroxyalkanoate Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report also includes a discussion of the Key vendors operating in this market. To calculate the market size, the report considers the retail selling price as the average selling price of the product.
According to the report, one of the major drivers for this market is Rising awareness about environment-friendly products. The growing awareness of the benefits of using environment-friendly products is a major growth driver for the global PHA market. The global population is aware of the adequate usage of non-renewable resources and the harmful effects of many products. Globally, numerous measures have been implemented to promote the use of renewable resources and decrease the consumption of pollution-causing products. The use of environment-friendly products has become a global trend. Articles, news channels, books, and social media are spreading the awareness about global warming, combustion of fossil fuels, and the use of renewable resources among the global population. They also promote the adoption of environment-friendly products such as bioplastics, which in turn, drives the global PHA market.
The latest trend gaining momentum in the market is Increasing introduction of PHA in cosmetics and skincare products. The major applications of PHA have been its use in the packaging, biomedical, and agricultural segments. In addition, PHA is used in the production of biocosmetics. Some of the usual cosmetics and body care products have been responsible for the marine pollution. Hence, there is high demand for non-polluting polymers. This requirement can be fulfilled by PHAs as they are biodegradable. These do not accumulate in the environment and are also non-toxic and least harmful.
Further, the report states that one of the major factors hindering the growth of this market is High consumption of feedstocks for production of PHA. The production of PHA requires a lot of feedstock materials. Continuous R&D is focusing on new PHA synthesis methods, so that high amount of PHAs can be produced from less amount of feedstocks. Most PHAs are produced from crops, such as sugarcane and corn, for obtaining carbon or glucose which are further utilized for the production of PHAs.