PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1336046
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1336046
In terms of value, the PHA market size is projected to increase from USD 93 million in 2023 to USD 195 million by 2028, at a CAGR of 15.9%. . The rising strict regulations and safety concerns towards environment and harmful effects of conventional plastics is driving the growth for PHA market. Developed regions such as Europe and North America are introducing strict regulations, which can provide productive opportunities for the market. The key manufacturers of the PHAs are integrating technologies to improve the quality of products.
"By application, biomedical reported as second-largest market share for PHA market, in terms of volume, in 2022."
Plastics are being progressively employed in the production of biomedical materials and for applications in drug delivery systems. The choice of synthetic or bio-based plastics depends on the desired properties and appropriate for the intended purpose. Generally used synthetic plastics in this field include PE, PS, PVC, and PP, while biodegradable options include PLA and PHA. The mechanical properties of these materials play a crucial role in ensuring their compatibility with various medical applications, such as tissue engineering and wound treatment. Moreover, advancements in plastic technology continue to drive innovation in the biomedical field, aiming to improve patient outcomes and enhance medical procedures.
"Sugar fermentation is expected to be the second-fastest growing application for PHA market during the forecast period, in terms of value"
Sugar fermentation is a broadly implemented production method for PHA, mainly due to the lavish accessibility and ease of consumption and conversion of raw materials such as sugarcane, beet, molasses, and bagasse by bacteria to produce PHA. This method is estimated to exhibit a significant compound annual growth rate (CAGR) in terms of value during the forecast period. Additionally, the utilization of sugar fermentation for PHA production offers the advantage of utilizing agricultural by-products and waste streams, contributing to a more sustainable and resource-efficient approach.
"Europe is largest and projected to be the fastest growing region for PHA market, in terms of value, during the forecast period"
Europe has played a pioneering role in the development and adoption of biodegradable plastics, with a strong emphasis on sustainable packaging practices. The region has witnessed a notable rise in environmental awareness, leading to the implementation of stringent laws and regulations. These regulations, in turn, have spurred the establishment of advanced biological waste treatment facilities, providing efficient solutions for managing waste in an environmentally friendly manner. Consequently, Europe's proactive approach towards addressing environmental concerns and promoting sustainable practices has set a benchmark for other regions to follow.
The key 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), TianAn Biologic Materials Co., Ltd. (China), and Biomer (Germany).
Research Coverage
This report segments the market for PHA based on type, production method, application, and region and provides estimations of volume (ton) and value (USD million) for the overall market size across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, services, key strategies, new product launches, expansions, and mergers & acquisition associated with the market for PHA market.
Reasons to Buy this Report
This research report is focused on various levels of analysis - industry analysis (industry trends), market share analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the PHA market; high-growth regions; and market drivers, restraints, and opportunities.