NEW YORK, Jan. 26, 2022 /PRNewswire/ -- Polyhydroxyalkanoates (PHA) are extensively used in packaging, medical, and agricultural applications. For instance, in the medical industry, PHAs are widely used in applications such as tissue engineering, memory enhancers, biocontrol agents, biodegradable implants, and anticancer agents.
The medical devices industry is observing significant growth worldwide with the expansion of the geriatric population. For instance, in the EU, the population in the age group of 65 years and above was 90.08 million in 2018, which increased to 91.57 million in 2019. This rise will positively influence the growth of the market in focus during the forecast period.
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Key Polyhydroxyalkanoate Market Report Highlights:
Regional Market Analysis
With 47% of the growth originating from APAC, this region will record a faster growth rate during 2019-2024.
The growing packaging industry and increasing agricultural activities are driving the growth of the polyhydroxyalkanoate market in APAC. In addition, the thriving e-commerce industry and rapid urbanization and industrialization in emerging countries such as China and India will foster the growth of the regional market during the forecast period.
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Key Vendors and Vendor Strategies
Bio-on Spa, Bluepha, CJ CheilJedang Corp., Danimer Scientific, Full Cycle Bioplastics, Kaneka Corp., Polyferm Canada Inc., RWDC Industries, Tepha Inc., and Yield10 Bioscience Inc. are some of the dominant players in the polyhydroxyalkanoate market.
The polyhydroxyalkanoate market is concentrated due to the presence of a few players. The vendors in the market are constantly adopting various organic and inorganic growth strategies to remain competitive in the market. Some vendors are focusing on forming strategic alliances with other players in the market to remain competitive.
For instance:
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Key Market Drivers
Our analysts have extensively outlined the information on the key market drivers and their impact on the polyhydroxyalkanoate market.
Growing concerns over the use of plastics and increasing stringency of regulations are forcing vendors to focus on manufacturing biodegradable plastics. Also, consumers are becoming more conscious about the environment and are exhibiting high demand for bio-based and eco-friendly products. For instance, in 2018, bio-based products accounted for over 75% of the global biodegradable plastics market. All these factors are increasing the use of eco-friendly raw materials such as PHAs in applications across various industries such as packaging, medical, and industrial. Thus, the increasing demand for biodegradable plastics is expected to fuel the growth of the polyhydroxyalkanoate market during the forecast period.
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Related Reports:
Polyhydroxyalkanoate Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2019 |
Forecast period |
2020-2024 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.70% |
Market growth 2020-2024 |
USD 18.66 million |
Market structure |
Concentrated |
YoY growth (%) |
4.93 |
Regional analysis |
APAC, Europe, North America, South America, and MEA |
Performing market contribution |
APAC at 47% |
Key consumer countries |
China, US, Germany, Japan, and India |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Bio-on Spa, Bluepha, CJ CheilJedang Corp., Danimer Scientific, Full Cycle Bioplastics, Kaneka Corp., Polyferm Canada Inc., RWDC Industries, Tepha Inc., and Yield10 Bioscience Inc. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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