CHICAGO, Sept. 16, 2019 /PRNewswire/ -- According to the new market research report "Polyhydroxyalkanoate (PHA) Market by Type (Short Chain Length, Medium Chain Length), Production Method (Sugar Fermentation, Vegetable Oil Fermentation, Methane Fermentation), Application, and Region - Global Forecast to 2024", published by MarketsandMarkets™, the polyhydroxyalkanoate (pha) market is projected to reach USD 98 million by 2024, at a CAGR of 11.2% from USD 57 million in 2019.
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Rising demand for bioplastics and increasing use of PHAs in various applications such as packaging & food services, biomedical, and agriculture are expected to drive the PHAs market. Additionally, changing regulations and policies related to plastic use in countries such as China, Japan, Brazil and most of Europe will increase the demand for various end-use products such as packaging, agricultural films, and biodegradable cutlery & straws. These factors together are anticipated to drive the global polyhydroxyalkanoate (PHA) industry.
Short-chain length type is the largest segment of the PHA market.
Short-chain length PHA segment is estimated to lead the market, in terms of value and volume, in 2019. The demand for short-chain length is based on applications for which it can be used. At present, there is tremendous scope for the product in biomedical applications; however, the scope of application is expected to increase significantly over the next few years due to extensive research in this field. Moreover, a ban on various single-use and disposable plastic have increased the use of biodegradable plastics such as PHA.
Packaging & food service application is estimated to be the largest segment of the PHA market during the forecast period.
The packaging & food service application is estimated to be the largest segment of the PHA market, in terms of value and volume, during the forecast period. Due to the presence of bans and regulations on the usage of plastic bags and other disposable plastic products, consumers and end-use industries are shifting towards PHA, which is driven mainly by packaging and foods services applications.
Europe is estimated to be the largest market for PHAs during the forecast period.
Europe was the largest PHA market in 2018 and is expected to continue dominating the global market during the forecast period. Regulations, policies, and consumer behavior primarily drive the market. These regulations are forcing consumers and end-use industry to shift from conventional plastics to PHA or biodegradable plastics.
The key market players profiled in the report include as Kaneka Corporation (Japan), Danimer Scientific. (U.S.), Shenzhen Ecomann Biotechnology Co., Ltd (China), Bio-On Srl (Italy), Newlight Technologies, LLC (U.S), TianAn Biological Materials Co. Ltd. (China).
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