PHA Market size is set to reach USD 200 million by 2030, as per a new research report announced by Global Market Insights Inc.
With escalating consumption of single-use plastic products, the amount of non-degradable garbage is increasing rapidly. Non-biodegradable garbage takes up a lot of space and is frequently dumped on land sites, which causes soil contamination. To overcome these issues, governments across several nations worldwide have been fostering and the usage of biodegradable polymers such as PHA. The use of these materials will jump across prominent applications such as biomedical, agriculture, and packaging, among others.
Rising focus on waste management to favor the adoption of medium chain length PHA
PHA Market from medium chain length segment will reach over 18,000 kilo tons by 2030. The medium chain length PHA comprises six to fourteen carbon atoms in the molecule. This structure enables them to be used across various applications such as packaging, biomedical, and environment-friendly plastics. PHA monomers can also be used to make biofuels, which may further augment the market trends.
Browse key Industry insights spread across 300 pages with 312 market data tables & 9 figures & charts from the report, “Polyhydroxyalkanoate Market Analysis By Product (Short Chain Length, Medium Chain Length, Long Chain Length), PHA Type (P3H4B +PHB, PHBH, PHBV), Production Methods (Sugar Fermentation, Vegetable Oil Fermentation, Heterogeneous Waste Streams), Application (Packaging & Food Services, Biomedical, Agriculture), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022 – 2030” in detail along with the table of contents:
Surging demand for non-food raw materials to drive use of PHBH polymers
PHA Market from PHBH segment is expected to register a CAGR of over 9.5% through 2030. This is due to increasing requirement for non-food raw materials for producing bio-based plastics. PHBH is widely used in composting bags, agricultural products, marine products, and paper coatings, among other applications. Additionally, non-food raw materials such as biomass, organic waste, as well as dead plants, can improve waste management, indicating the widespread applicability and eco-friendly nature of PHBH.
Extensive availability of affordable raw materials to increase demand for sugar fermentation
Polyhydroxyalkanoate market share from the sugar fermentation method segment will register a CAGR of over 9% between 2022-2030. This is owing to rising availability of renewable and economical raw materials including casein, bagasse, plant starch, and many others. Rising public awareness regarding the negative environmental impacts of plastics, and the subsequent rise in consumer focus on bioplastics over petroleum-based products will also bolster business landscape.
Substantial consumption of flexible packaging to complement industry growth in North America
North America PHA market is expected to depict a CAGR of more than 9% through 2030. Growing consumer inclination towards sustainability and product protection is fueling the adoption of flexible packaging in the region. According to the U.S. Flexible Packaging Association (FPA), flexible packaging is the country’s second-largest packaging segment. Moreover, increasing consumption of fast-style refreshment groceries and food products will increase demand for packaging solutions made from flexible materials, such as polyhydroxyalkanoate.
Development of new PHA products to influence the competitive landscape
Some of the key shareholders active in the PHA industry include BASF SE, Bluepha’s, Newlight Technologies, Bio-on SpA, Kaneka Corporation, Danimer Scientific, Cycle Bioplastics, PolyFerm Canada Inc., Linear PHA, Tokyu hotels, among others. Industry players are working toward advancing PHA technology to expand their product offerings.
For instance, In February 2022, Tokyo-based Kaneka Corporation announced plans to increase the production of a new biodegradable polymer PHBH to over 20,000 tons per year. Furthermore, the plant-derived polymer, to be used for a variety of plastic applications, has received certification to biodegrade in seawater, increasing its sustainability. Research advancements such as these will, in consequence, impact market dynamics over the forthcoming years.