Polyhydroxyalkanoate (PHA) Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2556
Polyhydroxyalkanoate Market size is growing at a healthy CAGR over the coming years. Growing demand for eco-friendly products will significantly boost the market growth till the end of the forecast period.
Polyhydroxyalkanoate is a natural form of polyester which is derived from bacterial fermentation. Due to its sustainability, biodegradable and bio-based nature makes it a preferable choice across wide-ranging applications such as packaging, medical, agricultural, and several other end-user.
Tightening regulations to replace synthetic plastic-based packaging materials with bio-based packaging materials has become a major factor, which creates a notable contribution to the growth of polyhydroxyalkanoate market size during the forecast timespan. Synthetic plastic packaging materials are non-biodegradable in nature and are likely to get replaced with bio-based packaging materials with the stringent environmental laws. Additionally, this product has been witnessing a wide acceptance from medical applications owing to its bio-compatibility, which in turn would help in generating a significant market gains over the projected timespan. The increasing product consumption as biocontrol agents, drug carrier tissues, engineering biodegradable implants, memory enhancers and anti-cancer agents will further give a significant boost to the polyhydroxyalkanoate market over the coming years. Strong growth in the R&D investments in the medical industry has led to increasing development of bio-compatible materials, which will further boost the polyhydroxyalkanoate market size in the coming years.
High product manufacturing costs, coupled with performance issues over synthetic polymers are some of the major factors which are likely to hamper the growth of polyhydroxyalkanoate market size in the coming years. However, the major market players are working on developing technologies to deal with current cost and performance issues, and this may further help in generating ample opportunities for polyhydroxyalkanoate market to grow in the coming years.
By form, the global polyhydroxyalkanoate market has been segmented into copolymerized PHA and linear PHA. Copolymerized PHA is likely to contribute a major chunk of the overall polyhydroxyalkanoate market size in the coming years. This is primarily due to its cost effectiveness, compared to PHA monomers, which will help to boost the product demand soon. Aeromonas hydrophila and Thiococcus pfennigii are the two types of bacteria which are used to synthesize copolymerized polyhydroxyalkanoate in combination with hydroxy fatty acids.
Based on application, the polyhydroxyalkanoate market size has been segmented into packaging, bio-medical, food, agriculture and others which includes consumer goods and electronics. Packaging segment contributed a considerable chunk of the overall polyhydroxyalkanoate market size in 2016. This is primarily due to the superior product properties including biodegradability, thermal instability, water insoluble, UV resistance, non-toxic nature, etc., which will in turn causes promising gains to the overall polyhydroxyalkanoate market over the forecast timespan. Furthermore, due to the bio-compatible nature of the product, it is widely preferred for a variety of medical applications including drug delivery, biodegradable implant, memory enhancer and anti-cancer agent, which will further enhance the growth of polyhydroxyalkanoate market over the coming years.
North America polyhydroxyalkanoate market is likely to witness significant gains in the coming years, due to stringent regulations imposed by regional regulatory bodies for consuming bio-based packaging materials. For instance, EPA has put strict laws on reducing toxic waste material to conserve the environment. Additionally, major players in the U.S. medical industry are making significant investments in developing bio-compatible materials for healthcare applications such as drug deliveries, implants, and others which will further facilitate the growing product demand over the coming years.
Major market share contributors are Kaneka Corporation, Meredian Holdings Group, Inc., Newlight Technologies, LLC, PolyFerm Canada, Inc., Metabolix Inc., Shenzhen Ecomann Biotechnology Co., Ltd., Bio-On Srl, Tianjin GreenBio Materials Co., Ltd. and TianAn Biological Materials Co. Ltd. Most of these players are making significant investment to form strategic alliances to gain competitive advantage over their competitors. For instance, Meridian, a biopolymer manufacturer merged with DaniMer Scientific LLC under a holding company called Meredian Holdings Group Inc. to blend PHA with poly lactic acid.
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