Dublin, Oct. 21, 2022 (GLOBE NEWSWIRE) -- The "Global Polyhydroxyalkanoate (PHA) Market by Type (Short chain length, Medium Chain Lenth), Production Methods (Sugar Fermentation, Vegetable Oil Fermentation), Application (Packaging & Food Services, Biomedical) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
PHA market is expected to reach at USD 167 million in 2027 at a CAGR of 15.3% during the forecast period. Growing awareness towards environment and harmful impacts 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 lucrative opportunities for the market.
By application, biomedical accounted for second-largest market share for PHA market, in terms of volume, in 2021
Plastics are finding increasing use for the fabrication of biomedical materials and drug delivery applications. Both, synthetic and bio-based plastics are utilized for manufacturing biomedical equipment depending upon the suitability and properties required. The synthetic plastics used are PE, PS, PVC, and PP, whereas PLA and PHA are biodegradable. The mechanical properties of these materials are of primary importance in this segment as these need to match with their specific medical applications including tissue engineering and wound treatment.
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 The most common production method, based on the source of raw material. Since sugarcane, beet, molasses, and bagasse is available in abundance and is easily consumed and converted by bacteria to produce PHA, it is projected to grow at second-highest CAGR, in terms of value, during the forecast period.
Based on region, Europe region was the largest market for PHA in 2021, in terms of volume
Europe is one of the pioneers of biodegradable plastics and has a significant focus on sustainable packaging. Increased awareness in Europe about environmental issues has resulted in the formulation of laws and regulations which have influenced the creation of biological waste treatment facilities.
Market Dynamics
Drivers
- Green Procurement Policies
- High Availability of Renewable and Cost-Effective Raw Materials
- Biodegradability Driving Consumption
- Increasing Concerns About Human Health and Safety
Restraints
- High Price Compared with Conventional Polymers
- Performance Issues
Opportunities
- Increasing Scope in End-Use Segments
- Emergence of New Raw Materials
- Cost Reductions Through Economies of Scale
- Cyanobacteria Enabling Cost Reduction
- Growth Opportunities in Asia-Pacific
Challenges
- Manufacturing Technology in Initial Phase
- Underutilization of Manufacturing Plants
- Expensive and Complex Production Process
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Industry Trends
7 Sources and Processes of PHA Production
8 Production Capacity Analysis
9 Polyhydroxyalkanoate (PHA) Market, by Type
10 Polyhydroxyalkanoate (PHA) Market, by Production Method
11 Polyhydroxyalkanoate (PHA) Market, by Application
12 Polyhydroxyalkanoate (PHA) Market, by Region
13 Competitive Landscape
14 Company Profiles
15 Adjacent and Related Markets
16 Appendix
Companies Mentioned
- Biomer
- Bluepha
- Cj Cheiljedang I Bio
- Cofco
- Danimer Scientific
- Full Cycle Bioplastics LLC
- Genecis Bioindustries Inc
- Kaneka Corporation
- Mango MaterialS
- Medpha
- Nafigate Corporation
- Newlight Technologies, Inc
- Phabuilder
- Rwdc Industries
- Shenzhen Ecomann Biotechnology Co. Ltd
- Tepha, Inc.
- Terraverdae Bioworks Inc.
- Tianan Biologic Materials Co. Ltd
For more information about this report visit https://www.researchandmarkets.com/r/2wn0bp
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