New York, Sept. 27, 2023 (GLOBE NEWSWIRE) -- The global polyhydroxyalkanoate market size is slated to expand at ~10% CAGR between 2023 and 2033. The market is poised to garner a revenue of USD 195 million by the end of 2033, up from a revenue of ~USD 82 million in the year 2022.The growth of the market can be attributed to the increasing demand for sustainable, eco-friendly, and biodegradable materials for packaging purposes. It was noted that polyhydroxyalkanoates (PHAs) are viewed as an environmentally friendly substitute for petrochemical polymers. Owing to their environmental biodegradability and biocompatibility, PHAs are advantageous. PHAs cover a wide spectrum of biological polyesters with properties ranging from elastomers to thermoplastics, making them highly suitable for various packaging needs. For instance, according to a global poll, approximately 58% of shoppers favor sustainable packaging when making a purchase.
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Additionally, almost 75% of businesses have firmly committed to using sustainable packaging. In addition to this, the growing packaging industry across the world, backed by the increasing adoption of packaging across a wide range of end-users, is predicted to drive market growth during the forecast period. It was observed that in 2021, the packaging industry in America was valued at around USD 185 billion, and it’s estimated to garner a revenue of more than USD 215 billion during the forecast period.
Growing Usage of PHAs in Various End-Use Industries to Boost Market Growth
The polyhydroxyalkanoate (PHA) market expansion is anticipated to be fuelled by a variety of factors, including its many advantageous properties. PHAs are believed to have a wide range of uses and are appropriate for a number of medical operations. PHAs are effective as antitumor agents, biocontrol agents, medication carriers, disposable prostheses, tissue engineers, and memory boosters, among other medicinal applications. In the anticipated years, the PHA market is anticipated to be driven by the expanding pharmaceutical industry. For instance, it was discovered that worldwide pharmaceutical sales in 2018 totaled around 973 billion USD, and that figure was expected to increase to almost 1,187 billion USD in 2021. In addition to this, owing to their excellent biocompatibility and thermal qualities, PHAs have drawn more attention than other biopolymers and are highly adopted in the manufacturing of bottles, foil laminations, and kitchenware. As a result of the expanding kitchenware industries, the market is expected to grow over the forecast period. It was observed that the kitchenware sale revenue reached a value of USD 65 billion in 2021 and is expected to garner revenues of more than USD 92 billion in the upcoming years.
Polyhydroxyalkanoate Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Pharmaceutical and Biomedical Sectors to Drive Asia-Pacific Growth
The polyhydroxyalkanoate (PHA) market in the Asia Pacific region is estimated to garner the largest revenue by the end of 2033. The growth of the market can be attributed to the increasing pharmaceutical sector, supported by the increasing demand for medicines and medical equipment in the region. It was observed that the Indian pharmaceutical sector generated approximately USD 39.5 billion in 2021, and it is projected that this figure will increase further during the forecast period as a result of the region's growing hospital population. For instance, India has about 42,000 private and nearly 70,000 state hospitals. In addition, as online sellers focus more on packaging to draw customers' eyes to their products and make them more aesthetically pleasing, the rising purchase of pharmacies through online applications in important nations like India, China, Japan, and Korea is anticipated to fuel the market growth during the forecast period. In addition to this, the booming biomedical industries and the expanding labor force, which drive up demand for packaged meals and other ready-made goods, are both anticipated to fuel the market's expansion during the forecast period. For instance, Tianjin Green Bio-Science estimates that China produces about 10,000 metric tons of PHA annually and had about 747 million active workers in 2021. Another element that is projected to boost market expansion during the forecast period is the existence of large and important polyhydroxyalkanoate producers in the region.
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Rising Environmental Concerns to Drive the Growth in the Europe Region
The polyhydroxyalkanoate market in Europe is estimated to garner the highest CAGR by the end of 2033. The growth of the market can be attributed to the increasing environmental concerns regarding the usage of non-biodegradable packaging material and the rising awareness among people regarding the benefits of eco-friendly and biodegradable packaging products. As a result, the top packaging businesses are emphasizing modern packaging solutions that comprise PHAs, which typically use recyclable or biodegradable packaging. Hence, the increasing investment and growing biodegradable packaging in food industry especially in the region are predicted to drive the polyhydroxyalkanoate market growth over the forecast period. It was noted that the biodegradable packaging material in food industry in Europe generated around 3 billion in the year 2022 and is expected to attain a value of ~USD 5.8 billion over the forecast period. Furthermore, the increasing investment by the key market players in developing innovative sustainable packaging is anticipated to propel market growth over the forecast period. It was found that one of the leading packaging companies in the region, JBM Packaging, has introduced EcoView, a windowed paper pack that uses a clear biodegradable film in place of plastic, on January 2023. Additional aspects that are anticipated to contribute to the market over the anticipated time frame include the rising demand for premium packaging and expanding international exports in the region.
Polyhydroxyalkanoate, Segmentation by Application
- Packaging & Food Services
- Biomedical
- Agriculture
- Cosmetics
- Others
The packaging & food services segment in polyhydroxyalkanoate market is anticipated to hold the largest revenue by the end of 2033. The growth of the segment can be attributed to the increasing usage of PHAs in the packaging of food items; owing to their high mechanical flexibility and hydrophobic properties, they have the ability to compete with petroleum plastics in the market for food packaging, which is supported by the growing food and beverage industry across the globe. For instance, the food segment earned USD 15 billion in total revenue in 2022, and this figure is expected to rise sharply over the course of the forecast period as a result of young people's growing propensity for online meal ordering. It was observed that nearly 46% of Americans used a meal delivery app in March 2021, and by the middle of the estimated time frame, it is expected that the sector will have grown to more than USD 42 billion. In addition to this, the segment’s growth can be attributed to the increasing demand for packaged foods and ready-to-eat meals across the world. It was found that approximately 36.1% of American adults, according to one study, consumed ready-to-eat meals in 2020, and this figure is anticipated to dramatically increase during the projection period owing to a lack of diet discipline and a rising preference for quick food options.
Polyhydroxyalkanoate, Segmentation by Production Methods
- Sugar Fermentation
- Vegetable Oil Fermentation
- Heterogeneous Waste Streams
- Other
The heterogeneous waste streams segment in polyhydroxyalkanoate market is anticipated to hold the largest revenue by the end of 2033. The growth of the segment can be attributed to the increasing demand for waste management across the globe. The materials once known as detritus, solid waste, garbage, and junk are now referred to as "heterogeneous wastes." And proper disposal of this waste is the need of the hour owing to increasing concerns related to the environment. It was found during research that the increasing usage of plastic and the rising dumping of this non-biodegradable waste in the sea and landfills is predicted to accelerate the demand for PHA-based products, and the growing investment by the various government and non-government agencies in environmental protection initiatives is expected to fuel the segment growth during the forecast period. For instance, the EPA's proposed budget for FY 2023 includes USD 11.881 billion and 16,204 FTE to fulfill the agency's goal of defending the environment and human health. In addition to this, the growth of the segment can be attributed to the increasing usage of PHAs in the production of fuel and the rising ban on the usage of single-use plastic. For instance, the Indian government's plastic waste amendment laws from 2021 prohibit the use of single-use plastics with a thickness between 50 and 75 microns by 2022.
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Major industry leaders in the polyhydroxyalkanoate market that are profiled by Research Nester are Kaneka Corporation, Bio-on SpA, Danimer Scientific, Inc., TianAn Biologic Materials Co., Ltd., Bluepha Co, Ltd., PolyFerm Canada, Yield10 Bioscience, Inc.,NEWLIGHT TECHNOLOGIES, INC., and other key market players.
Recent Development in the Polyhydroxyalkanoate Market
- Novomer, Inc., a pioneer in the development of conversion technology that enables the production of PHA-based resins and other biodegradable materials with transformable, useful, and low-net carbon inputs, has been acquired by Danimer Scientific, Inc.
- AIMPLAS has used polyhydroxyalkanoate (PHA) from restaurant coffee grounds that Bio-Bean gathered to create the biobased plastic film.
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