Polyhydroxyalkanoate Market size is estimated to cross USD 195 million by the end of 2033, growing at a CAGR of 10% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of polyhydroxyalkanoate was USD 82 million. The growth of the market can be attributed to the increasing demand for packaging products. For instance, based on a global survey, nearly 58% of consumers prefer sustainable packaging, while purchasing a product. Moreover, almost 75% of enterprises have made firm commitments to sustainable packaging. Further, the growing demand and traction for biodegradable packaging materials in packaging and food & beverages industries across the globe is also expected to majorly add the market growth. Since, polyhydroxyalkanoate has favorable properties such as biodegradability and excellent biocompatibility, which make it highly suitable for several nano-technological applications.
In addition to these, factors that are believed to fuel the market growth of polyhydroxyalkanoate (PHA) include their numerous beneficial qualities. PHAs are thought to be suitable for a variety of medical procedures and have a wide range of applications. These include hydrophobicity, inertness, and non-toxicity. PHAs have generated more interest than other biopolymers owing to their strong biocompatibility and thermal properties. Additionally, the material has prospective uses in bottles, foil laminations, and kitchenware, which may advance the PHA industry. Increasing production of these items projects is anticipated to raise the demand for PHAs. Besides this, the growing bio-clinical industry is predicted to present further new potentials for market expansion over the projected period.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~10% |
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Base Year Market Size (2022) |
~ USD 82 Million |
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Forecast Year Market Size (2033) |
~ USD 195 Million |
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Regional Scope |
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Application (Packaging & Food Services, Biomedical, Agriculture, Cosmetics)
The global polyhydroxyalkanoate market is segmented and analyzed for demand and supply by application into packaging & food services, biomedical, agriculture, cosmetics, and others. Out of these segments, the packaging & food services segment is anticipated to hold the highest market share by the end of 2033. Owing to their hydrophobic nature and extensive mechanical flexibility, they are potential materials to compete with petrol plastics in the market for food packaging. According to a report, by 2022, the online food delivery segment was expected to have a 24% user penetration rate, and by 2027, the online food delivery is expected to have nearly 2615 million customers. Since packaging is a highly leading array where PHA is estimated to replace conventional plastic materials, and several countries have already started the initiatives to completely ban plastic use, which is anticipated to further create positive opportunities for polyhydroxyalkanoate to acquire the larger market size in the coming years.
Type (Short Chain Length, Medium Chain Length, Long Chain Length)
The global polyhydroxyalkanoate market is also segmented and analyzed for demand and supply by type into short chain length, medium chain length, and long chain length. Amongst these three segments, the short chain length segment is expected to garner a significant share. The cost of short chain length is very low as compared with the medium chain length. Therefore, this factor is ascribed to fuel the growth of the market in the projected time frame.
Our in-depth analysis of the global market includes the following segments:
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By Type |
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By PHA Type |
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By Application |
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By Production Methods |
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APAC Market Statistics
The Asia Pacific polyhydroxyalkanoate market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the boom in the packaging and biomedical sectors, and the rising number of working people, that increases the demand for packaged foods and other ready-made products. For instance, China generates around 10,000 metric tons per year PHA by Tianjin Green Bio-Science, whereas, in 2021, there were roughly 747 million working people in China. Further, the presence of significant key manufacturers of polyhydroxyalkanoate is another factor that is anticipated to expand the market growth over the forecast period, i.e., 2023 – 2033.
Europe Market Forecast
In addition to this, the European polyhydroxyalkanoate market is estimated to display notable market growth by the end of 2033. The major factors that contribute to the growth of the market in this region are the surge in the demand for PFA in terms of value and volume in several countries in the region, followed by the expanding governmental policies and initiatives to support the use of biodegradable plastics, along with increasing awareness in people regarding the environmental concern. Additionally, the increasing demand for premium packaging, and growing foreign exports are some more factors that are estimated to further propel the market growth during the projected time frame in the region.
Kaneka Corporation has made great efforts to implement appropriate rates in order to maintain a steady supply of its products, given the rising cost of raw materials such as naphtha.
Danimer Scientific, Inc. has completed the acquisition of Novomer, Inc., which is a leading developer of conversion technology that allows for the production of PHA-based resins and other biodegradable materials with transformable, functional, and low-net carbon inputs.
Author Credits: Smruti Ranjan, Rajrani Baghel
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