PUBLISHER: KBV Research | PRODUCT CODE: 1522065
PUBLISHER: KBV Research | PRODUCT CODE: 1522065
The Global Polyhydroxyalkanoate (PHA) Market size is expected to reach $276.1 Million by 2031, rising at a market growth of 15.1% CAGR during the forecast period. In the year 2023, the market attained a volume of 38,867.1 tonnes, experiencing a growth of 29.9% (2020-2023).
Consumers in Europe are increasingly aware of environmental issues such as plastic pollution and climate change, leading to a rising demand for eco-friendly products. In Europe, consumers actively seek out goods created from renewable and biodegradable materials, including PHAs, in various industries, including consumer goods, food services, and packaging. Thus, the Europe region acquired 37% revenue share in the market 2023. In terms of volume the Europe region is expected to utilize 39,685.2 tonnes of polyhydroxyalkanoate by 2031.
PHAs can produce biodegradable and compostable packaging materials like films, bags, and containers. These products offer an eco-friendly alternative to traditional plastics and help reduce plastic pollution in landfills and oceans.
Additionally, the use of agricultural residues, such as corn stover, wheat straw, and sugarcane bagasse, provides a cost-effective and sustainable feedstock for PHA production. These abundant materials do not compete with food production, making them an attractive option for biopolymer manufacturing.
However, PHA products often have higher prices than conventional plastics due to their high production costs. This price differential can make PHA less competitive in the marketplace, especially in price-sensitive industries. Thus, high production costs can slow down the growth of the polyhydroxyalkanoate (PHA) market.
Type Outlook
By type, the market is categorized into short chain length and medium chain length. In 2023, the short chain length segment held 68% revenue share in the market. In terms of volume 81,440.0 kilo tonnes of the short chain length polyhydroxyalkanoate is expected to utilize by 2031. Short chain length (scl) PHAs are used in single-use packaging materials such as disposable cups, plates, utensils, and food containers.
Production Method Outlook
Based on production methods, the market is classified into sugar fermentation, vegetable oil fermentation, methane fermentation. The vegetable oil fermentation segment acquired 34% revenue share in the market in 2023. In terms of volume 37,079.1 kilo tonnes of polyhydroxyalkanoate is expected to be utilized in vegetable oil fermentation production method. Vegetable oils are renewable resources derived from plants, lowering the reliance on finite fossil fuel resources for PHA production.
Application Outlook
On the basis of application, the market is divided into packaging & food services, biomedical, agriculture, and others. In 2023, the packaging & food services segment dominated the market with 48% revenue share. Forks, spoons, knives, and stirrers for use in restaurants, cafeterias, and fast-food chains. In terms of volume 56,194.0 tonnes of polyhydroxyalkanoate are expected to be utilized in packaging & food services by 2031.
Regional Outlook
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific region acquired 25% revenue share in the market. In terms of volume the Asia Pacific region is expected to utilize 29,118.7 tonnes of polyhydroxyalkanoate by 2031. Consumers in the region are becoming increasingly aware of environmental issues such as plastic pollution and climate change, leading to an increasing demand for eco-friendly products.
Recent Strategies Deployed in the Market
List of Key Companies Profiled
Global Polyhydroxyalkanoate (PHA) Market Report Segmentation
By Type (Volume, Tonnes, USD Million, 2030-2031)
By Production Method (Volume, Tonnes, USD Million, 2030-2031)
By Application (Volume, Tonnes, USD Million, 2030-2031)
By Geography (Volume, Tonnes, USD Million, 2030-2031)