Polyhydroxyalkanoate (PHA) Market Applications, Share, Growth, Global Size, Opportunities, Trends, Key Segmentation, Graph and Forecast to 2028
The Polyhydroxyalkanoate (PHA) Market size is projected to reach USD 195 million by 2028, at a CAGR of 15.9% from USD 93 million in 2023. The enormous demand for Packaging & food services and biomedical applications prompts the growth of the PHA market. The growing prominence of circular and green economies is aiding several nations to ban single-use plastics, which are the main reason behind plastic waste deposition.
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Based on their structure, PHAs can be classified into two types such as short chain length and medium chain length. Considering their different structures, they have a variety of properties depending upon the growth conditions of microorganisms used for their production. The short chain length PHA segment accounted for a larger share of the market in 2022, In terms of value. This is because of its low cost as compared to medium chain length PHAs. For instance, many industry leaders produce the most common short-chain length PHA which is Poly (HydroxyButyrate-co-HydroxyValerate).
Based on the source of raw materials, PHAs are classified into three production methods, namely, sugar fermentation, vegetable oil fermentation, and methane fermentation. The most commonly used method for the production of PHAs. It is the largest segment, both in terms of volume and value, during the forecast period. At present, Because of the huge availability of raw materials, most of the PHA is being produced through this method. It is also because of its easygoing process, as sugar molecules are effortlessly cracked in the fermentation process. Conversely, this process is extremely costly. The second largest process in this segment is the vegetable oil fermentation process which is a little complicated and needs a special strain of bacteria.
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Based on the application, the PHA market is segmented into packaging & food services, biomedical, agriculture, and others. Among these applications, packaging & food services account for the largest market share, followed by biomedical, agriculture, and others in 2022. The type of PHA employed in different applications varies. Because of its properties, such as high quality and durability, medium chain-length PHAs are used in biomedical applications. Biomedical applications account for almost half of the market in terms of value as medium chain length PHAs are more expensive than short chain length PHAs.
Based on regions, The PHA market is divided into regions, namely North America, Europe, Asia Pacific, and Rest of the World. In 2022, Europe emerged as the dominant market for PHA in terms of both value and volume. This can be attributed to the implementation of stringent environmental regulations and the increasing awareness among consumers. European governments have actively promoted the use of biodegradable plastics by investing in infrastructure for composting these plastics. Key players in the European biodegradable plastics market include BASF from Germany, Total Corbion PLA from the Netherlands, and Biome Bioplastics from the UK. Following Europe, North America holds the position of the second-largest market for PHA. The market in the Asia Pacific region has also witnessed significant growth, driven by emerging countries such as China, India, and Malaysia, contributing to an overall positive market expansion.
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The key players included in the PHA market are 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). The major global players have remarkable shares in the PHA market. They are aiming for approaches like new product launches, acquisitions, and expansions, and partnerships & agreements to spread out their establishments globally.
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