Global Polyhydroxyalkanoate Market 2019-2023
Global Polyhydroxyalkanoate Market: About this market
Polyhydroxyalkanoate (PHA) is a bio-polyester, which is produced naturally by numerous microorganisms including bacteria. Microorganisms produce PHAs as by-products during the fermentation of sugar. Technavio’s polyhydroxyalkanoate market analysis considers sales from packaging, biomedical, food service, agriculture, and others (chemicals and consumer products). Our analysis also considers the sales of polyhydroxyalkanoate in APAC, Europe, North America, South America, and MEA. In 2018, the packaging segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as implementation of stringent regulations against the use of conventional plastic will drive the demand for PHAs in the packaging industry. This will play a significant role in the packaging segment to maintain its market position. Also, our global polyhydroxyalkanoate market report also looks at factors such as increasing demand for biodegradable plastics, increasing demand for PHAs in biomedical industry, fluctuating crude oil prices. However, cost effectiveness of conventional plastic over PHAs, lack of availability of raw materials, high availability of alternatives for PHA may hamper the growth of the polyhydroxyalkanoate industry over the forecast period.
Global Polyhydroxyalkanoate Market: Overview
Increasing demand for PHAs in biomedical industry
PHA is used in biomedical applications due to its biodegradability. In the medical industry, PHA is used in manufacturing biomedical products, especially for fixation and orthopedic applications, including sutures, suture fasteners, meniscus repair devices, and others. The significant growth in the geriatric population worldwide is contributing to the exponential growth of the global biomedical market, which will drive the demand for PHA in biomedical applications. This demand for PHAs in biomedical industry will lead to the expansion of the global polyhydroxyalkanoate market at a CAGR of over 5% during the forecast period.
Sustainable production of PHA
Plastic manufacturers are under strict regulatory pressure to use sustainable production methods. With the increasing focus on sustainability and favorable government regulations regarding the use of plastics, the global PHA market will experience growth opportunities in the global packaging and the medical industries. The adoption of PHA in packaging applications are expected to experience a higher demand due to increasing use of biodegradable films, compostable waste bags, catering products, film packaging, and rigid packaging. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global polyhydroxyalkanoate market during the forecast period 2019-2023, click here.
With the presence of a few major players, the global polyhydroxyalkanoate market is concentrated. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading polyhydroxyalkanoate manufacturers, that include Bio-on Spa, Bluepha, Danimer Scientific LLC, Kaneka Corp., and PolyFerm Canada.
Also, the polyhydroxyalkanoate market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
Bio-on Spa, Bluepha, Danimer Scientific LLC, Kaneka Corp., and PolyFerm Canada.
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