The polyhydroxyalkanoate (PHA) market is projected to reach USD 121 million by 2025, at a CAGR of 14.2% from USD 62 million in 2020. PHA, a family of organic compounds, is used to produce biodegradable polymer and plastics. The increasing focus on the reduction of non-degradable plastics is attributed to the implementation of stringent government norms and regulations regarding the use of petro-based plastics. The global demand for PHA from various applications, including packaging & food services, biomedical, and agriculture, is expected to increase significantly during the forecast period.
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The policies of governments in various regions regarding purchasing sustainable and environment-friendly products (green products) are a major factors driving the market of biodegradable and sustainable PHA-based plastics. For instance, in Mexico in August 2009, all the non-biodegradable plastic bags were officially banned. In France, under the 2005 Law of Agriculture Policy, the country’s agriculture ministry promotes biodegradable plastics. UNEP launched a campaign in 2017, which was called Clean Seas, and, till now, the campaign has garnered a commitment from over 50 countries, representing over 60% of the world’s coastline, including a commitment from India to eliminate single-use plastics by 2022. The European Union has also recently updated the list of Food contact materials Regulation (EU) No 10/2011 on January 11, 2019, Commission Regulation (EU) 2019/37, which will boost the use of PHA in the packaging & food services application.
Packaging and food services industry is projected to account for the largest share of the polyhydroxyalkanoate (PHA) market between 2020 and 2025.”
PHA play a key role in the packaging and food services industry. The demand for PHA in this segment is expected to increase because of its increasing use in several applications, including cups, lids, food containers, and other food service products. The rising environmental concerns, along with waste management problems are the key drivers of this segment. The packaging & food services segment is the biggest source of plastic waste in the world and the penetration of bioplastics and biodegradable plastics is favorable for market growth.
Europe is expected to be the largest polyhydroxyalkanoate (PHA) market during the forecast period, in terms of value and volume.
Europe is projected to be the largest market for the polyhydroxyalkanoate (PHA) during the forecast period. Europe is the most promising market for bioplastics and related industries, including PHA. The European market is mostly driven by government regulations and a change in consumer behavior. The Europe market is segmented into Germany, France, Italy, UK and Rest of Europe. The Rest of Europe includes, Spain, Poland, the Czech Republic, Romania, the Benelux countries, and the Scandinavian countries.
The strict governmental law against single use plastic and increasing concerns over human health and safety are the key driving factors responsible for the market growth in the European region. The need for environment-friendly products is driving innovation in the bioplastics industry in this region. The packaging and food services industry demands single use plastics and sustainable packaging. This increases the need for bioplastics, which in turn drives the market for polyhydroxyalkanoate (PHA). Moreover there are a large number of PHA manufacturers in European region which has a huge domestic market in the region, giving this the largest market share.
The key market players profiled in the report include Danimer Scientific (US), Shenzhen Ecomann Biotechnology Co Ltd (China), Kaneka Corporation (Japan), RWDC Industries (Singapore), Newlight Technologies LLC (US), Bio-On (Italy), Tianan Biologic Materials Co Ltd (China), Biomer (Germany), and Bochemie (Czech Republic).
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