PHA Market to Reach USD 75 Million by 2027 at a CAGR of 9% | Valuates Reports

BANGALORE, India, Dec. 2, 2021 /PRNewswire/ -- The PHA Market is Segmented by Type (Reagent Grade, Industrial Grade), by Application (Consumer Goods, Packaging, Biomedical, Agriculture). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in  Valuates Reports under Chemicals Industry Category.

In 2020, the global Polyhydroxyalkanoate market size was USD 41 Million and it is expected to reach USD 75 Million by the end of 2027, with a CAGR of 9.0% during 2021-2027.

Major factors driving the growth of the Polyhydroxyalkanoate market are:

One of the primary aspects that will contribute to the PHA market growth would be the expanding applications of Polyhydroxyalkanoate. The PHA market is being driven by rising demand for polyhydroxyalkanoate (PHA) in industries such as packaging, biomedical, consumer goods, and agriculture.

Consumer awareness of the toxicity of petroleum-based plastics and the demand for sustainable, environmentally friendly bioplastics will drive the polyhydroxyalkanoate (PHA) industry. Biodegradability is the most intriguing property of PHAs. The largest-volume bio-based polymer, polylactic acid, also breaks down, but only in an industrial composting facility. PHAs will biodegrade in ambient environments, even in the ocean.

Government policies in many regions regarding the purchase of environmentally friendly and sustainable products (green products) are one of the primary reasons driving the market for biodegradable and sustainable PHA-based plastics. This in turn is expected to drive the growth of the PHA market.

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TRENDS INFLUENCING THE GROWTH OF POLYHYDROXYALKANOATE MARKET:

The Polyhydroxyalkanoates market is predicted to rise due to the increasing use of Polyhydroxyalkanoates in the packaging sector. Polyhydroxyalkanoates are utilized in packaging because of their low cost and biodegradability. It provides a good barrier against oxygen, light, moisture, and other gases for the food contents placed inside the package. Polyhydroxyalkanoates also have a lengthy list of certifications, including FDA approval and Kosher certification, indicating that they are suitable for a wide range of applications.

Polyhydroxyalkanoates have been shown to minimize crop diseases such as mildew, rot, and mold. Farmers can also control weeds in their fields by applying PHA coatings to seedlings or seeds prior to planting crops. This is because these coatings have the ability to prevent weed seeds from developing on the soil's surface. PHA has also been demonstrated to be effective at absorbing excess water, which protects plants from drought and other climate-related threats that could reduce agricultural crop yield. PHA is becoming more widely employed in agriculture as a result of these characteristics. This, in turn, is likely to propel the PHA market forward.

The growing use of PHA in the biomedical industry is projected to propel the Polyhydroxyalkanoates market forward. Polyhydroxyalkanoates (PHA) have been recognized as a biodegradable and bioresorbable substance for biomedical applications such as bone grafting. The rate of resorption of PHA varies depending on its molecular weight and crystallinity, which can affect its suitability for different implant types.

Increased availability of renewable and cost-effective raw materials such as bagasse, casein, plant starch, and others, as well as growing awareness of the harmful effects of plastic on the environment and a growing focus on technological advancements and modernization in manufacturing techniques, will all contribute to the PHA market growth.

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POLYHYDROXYALKANOATE MARKET SHARE ANALYSIS

Based on application, the packaging segment is expected to be the most lucrative, This is due to the growing demand for biodegradable plastics. 

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POLYHYDROXYALKANOATE MARKET SEGMENTATION

Major Vendors:

• BioMatera
• Bio-on
• Danimer Scientific
• TianAn Biologic Materials
• Tianjin GreenBio Materials
• Bluepha
• Cardia Bioplastics
• CJ CheilJedang
• Full Cycle Bioplastics
• Kaneka
• Newlight Technologies
• PHB Industrial

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SIMILAR REPORTS 

-  The global bioplastic composites market for injection molding was valued at USD 18,562 Million in 2016, and is projected to reach USD 39,722 Million by 2023, growing at a CAGR of 11.3% from 2017 to 2023.

-  In 2020, the global Bioplastic Utensils market size was USD 38 Million and it is expected to reach USD 56 Million by the end of 2027, with a CAGR of 5.6% during 2021-2027.

-  The global Polylactic Acid (PLA) market was 560 Million USD in 2018 and is expected to reach 860 Million USD by the end of 2025, growing at a CAGR of 5.5% between 2019 and 2025.

-  In 2020, the global Biodegradable Plastic Bags and Sacks market size was USD 824 Million and it is expected to reach USD 1080.6 Million by the end of 2027, with a CAGR of 4.0% during 2021-2027.

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