New York, US, June 29, 2021 (GLOBE NEWSWIRE) -- Polyhydroxyalkanoate Market Overview
According to a comprehensive research report by Market Research Future (MRFR), “Polyhydroxyalkanoate Market Information by Type, Technology, Application, and Region - Forecast till 2026” the market is estimated to reach USD 105 Million by 2026 at a CAGR of 8%.
Market Scope
Polyhydroxyalkanoate polymers are synthesized by fermentation of unprocessed raw materials by microbes. These polymers are derived from renewable sources, such as; starch, vegetable oil, and proteins. They are non-toxic, offer high UV resistance, exhibit biocompatible properties, display optical display, and shows the piezoelectric effect. These characteristics of polyhydroxyalkanoate polymers make them suitable for various applications, such as; biomedical, packaging, drugs, and biofuels.
The availability of polyhydroxybutyrate and polyhydroxybutyrate blended with copolymers that can meet different requirements can increase the market rise. Polyhydroxybutyrate is a thermoplastic polymer with similar properties to sought-after polypropylene. As polyhydroxy hold similar property to polypropylene, they have an edge due to their non-toxic nature and eco-friendly features. The rising demand for bio-based products that are compatible with the environment and contribute to sustainable development are other trends that are likely to influence the market. Alongside, the growing awareness about the antioxidant characteristics of polyhydroxyalkanoate can drive the market.
Market Drives
The increasing biomedical application of polyhydroxyalkanoate as the demand for smart medical solutions surge is the primary cause that can underline the market expansion. Further, product innovations and technological advances in the healthcare sector can create lucrative business prospects for new marketers. The packaging sector is booming, and the increasing adoption of polyhydroxyalkanoate can also influence the market.
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Polyhydroxyalkanoate Market Competitive Landscape
Some of the Reputed Companies functioning in the Polyhydroxyalkanoate Market are:
- Shenzhen Ecomann Biotechnology Co, Ltd (China)
- Tianjin GreenBio Materials Co., Ltd (China)
- Kaneka Corporation (Japan)
- BASF SE (Germany)
- Biome Technologies PLC (U.K.)
- BIO ON (Italy)
- Polyferm, Inc (Canada)
- Full Cycle Bioplastics (U.S.A)
- Cardia Bioplastics (Australia)
The journal American Chemical Society (ACS) Omega, reported that the bacterium Zobellella denitrificans ZD1 can consume wastewater and sludge to produce polyhydroxybutyrate. This biopolymer can be used instead of petroleum-based plastics and reduce the burden on landfills on the environment. The growing awareness about such an advantage encourages relationships between top-notch biotech firms and companies dealing in consumer goods. To reduce the usage of fossil fuel-based plastics to half by 2030, Kimberly Clark, an American MNC leading in personal care solutions, entered into a partnership with the RWDC Industries that is on a mission to deploy advanced sustainable technologies. The collaboration would introduce cost-effective biopolymer innovations and develop marine-degradable solutions.
Market Restraints
The government's high production cost and tight regulatory controls on the approval of new products can restrain the polyhyrdoxyalkanoate market.
Browse In-depth Market Research Report (132 Pages) on Polyhydroxyalkanoates (PHA): https://www.marketresearchfuture.com/reports/polyhydroxyalkanoate-market-4621
COVID 19 Analysis
The impact of the COVID-19 pandemic on the supply chain can significantly impact the logistics arena due to a decrease in transportation services. However, governments are working on the same, and lockdown relaxation can help the market to rebound.
Market Segmentation:
The segment analysis of the global polyhydroxyalkanoate market is based on technology, application, and type.
The type-based segments of the polyhydroxyalkanoate market are polyhydroxybutyrate and polyhydroxyalkanoate. The technology-based segments of the polyhydroxyalknoate market are genetically engineered plants and genetically engineered bacteria. The application-based segments of the polyhydroxyalknoate market are biomedical, drug delivery carriers, packaging, biofuels, and drugs.
Rise in Packaging Application Emerges a Key Market Trend
Polyhydroxyalkanoates (PHA) are considered promising materials in packaging applications. They have several utilities: films, plastic bags, sheets, boxes, and disposable spoons and forks. The upscaling demand for biodegradable plastics as well as the launch of new government initiatives in different countries to boost PHA-based packaging solutions, especially in food services, can add work in favor of the market. The rise in the number of manufacturing units, industrial production, food processing plants, and the expansion of the global packaging industry is expected to contribute to the robust growth of the PHA market.
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Regional Analysis:
In the Asia Pacific region, the market of the polyhydroxyalkanoate market can rise at the highest CAGR in the analysis period. China is expected to rise as the leading player in the regional market due to the upscaling usage in biomedical applications. Adopting disruptive technology and the easy accessibility of raw materials extracted from the waste of sugar palm oil can propel the market in India and Japan. The polyhydroxyalkanoate market in APAC can witness high momentum due to the replacement of petrochemical-derived products with biopolymers. In Europe, the polyhydroxyalkanoate market is expected to hold a decent share due to significant contributions made by Germany and the U.K, followed by Italy, in revenue generation. The presence of reputed players in the region and the high production of eco-friendly products can influence the polyhydroxyalkanoate market.
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