Feb 28, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Polyhydroxyalkanoate (PHA) Market.
It was estimated prior to this unanticipated outbreak that the Polyhydroxyalkanoate (PHA) Market is likely to witness an impressive CAGR of 11.5% during the forecast period. The growth of the market for polyhydroxyalkanoate (PHA) is mainly attributed by the increasing demand for biodegradable plastics, propelled by stringent government regulations against single-use plastics and trends related to sustainable development and rising concerns towards greenhouse gas emission linked with positive regulatory framework facilitating consumption of bio-based products.
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Polyhydroxyalkanoate is a type of natural polyester which is derived from bacterial fermentation. It possesses various properties, such as sustainability, biodegradability, and is of bio-based nature, which is used in various applications such as agriculture, biomedical, and packaging & food services.
The mechanical properties of PHA can also be changed by blending, modifying the surface or by combining it with polymers, enzymes and inorganic materials, so as to use it in a wide array of applications.
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Based on the type, the market is segmented as short chain length and medium chain length. The short chain length segment held the larger share of the market in 2019, and is expected to remain dominant during the forecast period. The extensive use of short chain length PHA is in the biomedical application and increasing usage of biodegradable plastics is driving the growth of this segment.
Based on the application type, the polyhydroxyalkanoate (PHA) market is segmented as packaging & food services, biomedical, agriculture, and others. The packaging & food services segment is estimated to dominate the market during the foreseen duration. Polyhydroxyalkanoate is used in various applications of packaging & food services, such as plastic bags, sheets, and disposable cutlery, which is propelling the growth during the forecast period.
In terms of regions, Europe is estimated to be the largest polyhydroxyalkanoate (PHA) market during the forecast period, with Germany, France, and the UK, being the major countries with lucrative growth opportunities. The growth of the market is driven by the regulations, policies, and consumer behavior, which is generating huge demand for polyhydroxyalkanoate (PHA) and the presence of a large number of polyhydroxyalkanoate (PHA) manufacturers in the European region. North America and Asia-Pacific are also expected to offer considerable growth opportunities during the forecast period.
Key players operating in the global Polyhydroxyalkanoate (PHA) market are-
- Taconic Biosciences
- Saint-Gobain Performance Plastics
- W. L. Gore & Associates, Inc.
- Chukoh Chemical Industries
- Daikin Industries.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Polyhydroxyalkanoate (PHA) analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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