Polyhydroxyalkanoate (PHA) Market worth $195 million by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Aug. 14, 2023 /PRNewswire/ -- The report "Polyhydroxyalkanoate (PHA) Market by Type (Short chain length, Medium Chain Lenth), Production Methods (Sugar Fermentation, Vegetable Oil Fermentation), Application (Packaging & Food Services, Biomedical), and Region - Global Forecast to 2028", size was and is projected to reach USD 195 million by 2028, from USD 93 million in 2023 to a CAGR of 15.9%.

Browse in-depth TOC on "Polyhydroxyalkanoate (PHA) Market"

197 – Tables
53 – Figures
220 – Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=395

The market is projected to grow due to increasing government regulations worldwide, which impose restrictions or bans on the usage of plastic bags, serving as a significant driver for the PHA market. However, market growth is impeded by factors such as the high cost of final products resulting from expensive production processes. Despite these challenges, manufacturers of PHA can explore promising growth prospects in the Asia Pacific market, where the demand for biodegradable plastics is steadily on the rise. The increasing adoption of such eco-friendly alternatives in the region presents an opportunity for PHA manufacturers to expand their presence and cater to the growing demand for sustainable materials.

Short chain length was the fastest-growing type of the PHA market, in terms of value, in 2022.

With the exception of Danimer Scientific, major companies predominantly focus on producing short chain length PHA. Initially, companies like ICL and Metabolix Inc. played a significant role in developing these polymers, identifying diverse applications for them. Among the various short chain length PHA variants, Poly (HydroxyButyrate-co-HydroxyValerate) is the most commonly manufactured by TianAn Biologic Materials China. A crucial factor contributing to the robust growth of short chain length PHA is their cost-effectiveness compared to medium chain length PHAs. This affordability factor enhances their attractiveness for various industries seeking sustainable plastic solutions.

Vegetable oil fermentation is estimated to be the fastest growing production method in the PHA market in terms of value.

Triacylglyceride-rich vegetable oils obtained from sources such as soy, canola, and palm undergo conversion by triacylglycerol-utilizing bacteria, aided by the secretion of lipase enzymes. Lipase breaks down fatty acids from triacylglycerol molecules, which are subsequently metabolized by the bacteria. This production process entails a level of complexity and necessitates the use of specific bacterial strains. Kaneka, a major player in the industry, leverages this method of production. Notably, the utilization of cheaper sources like used cooking oil for PHA production contributes to cost reduction, making the process more economically viable. This favorable cost factor plays a pivotal role in driving the remarkable growth rate observed in the vegetable oil fermentation method, further promoting the widespread adoption of PHA as a sustainable plastic alternative.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=395

North America is expected to be the second largest market for PHA during the forecast period, in terms of value and volume.

Growing environmental concerns and the need for effective waste management have led to a notable shift in consumer preferences toward biodegradable plastics. In 2021, North America emerged as a significant consumer of plastics, accounting for 21% of the global consumption and distribution of single-use plastics, as reported by the UN Environment Organization. The United States, in particular, stands as the world's largest generator of packaging waste, with an annual production of nearly 50 million tons. This surge in plastic waste generation has prompted the implementation of various regulations at state and local levels across the region. For example, Montreal in Canada, as well as Hawaii and California in the United States, have taken steps to ban the usage of lightweight, single-use plastic bags. These initiatives reflect the increasing efforts to address plastic waste concerns in the region and promote more sustainable alternatives.

New product launches and expansions are the major growth strategies adopted by the key players in the market. The key global players in the PHA market include Danimer Scientific (US), Shenzhen Ecomann Biotechnology Co., Ltd. (China), Kaneka Corporation (Japan), RWDC Industries (Singapore), Newlight Technologies LLC (US), TianAn Biologic Materials Co. Ltd. (China), and Biomer (Germany).

Browse Adjacent Market: Resins and Polymers Market Research & Consulting

Related Reports:

Bioplastics & Biopolymers Market - Global Forecast to 2027

Biodegradable Plastics Market- Global Forecast to 2028

About MarketsandMarkets™ 

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insights: https://www.marketsandmarkets.com/ResearchInsight/pha-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source:  https://www.marketsandmarkets.com/PressReleases/pha.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg

SOURCE MarketsandMarkets