Polyhydroxyalkanoate Market to Grow with a CAGR of 5.28% through 2028

Growth in research and development activities is expected to drive the Global Polyhydroxyalkanoate Market growth in the forecast period, 2024-2028

 

According to TechSci Research report, “Polyhydroxyalkanoate Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Polyhydroxyalkanoate Market stood at USD 92.65 million in 2022 and is anticipated to grow with a CAGR of 5.28% in the forecast period, 2023-2028. The initiatives taken by government based on Polyhydroxyalkanoate has led to favorable market conditions for the Global Polyhydroxyalkanoate Market. Several factors contribute to the growth of various Polyhydroxyalkanoate products.

Governments worldwide have been making significant strides in promoting the use of Polyhydroxyalkanoate (PHA), a biodegradable and sustainable alternative to traditional plastics. This concerted effort is driven by the urgent need to address the global plastic pollution crisis and transition to a more environmentally friendly future.

One prominent initiative is the investment of $9.5 million by the United States Department of Agriculture (USDA). The USDA aims to develop new bioproducts from agricultural commodities, including PHA-based bioplastics. This research and development endeavor not only supports the growth of the global PHA market but also fosters innovation in the agricultural sector.

Moreover, governments across the world have launched numerous initiatives to reduce non-degradable wastes and minimize the environmental impact of plastic waste. These comprehensive efforts involve not only promoting the use of biodegradable materials like PHA but also implementing recycling programs and encouraging sustainable consumer practices. By taking proactive measures, governments demonstrate their commitment to creating a cleaner and more sustainable future for generations to come.

 

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Research and development (R&D) activities play a pivotal and indispensable role in driving the growth of the PHA market. These activities are fundamental in advancing technologies and methodologies to produce PHA in a more efficient and cost-effective manner. For instance, dedicated researchers continually explore and experiment with ways to optimize microbial fermentation, which is one of the primary methods utilized in PHA production.

Furthermore, R&D efforts are not solely limited to production methods, but also encompass the exploration of novel and innovative applications for PHA. While the current applications of PHA range from packaging materials to medical products, ongoing research aims to uncover and expand the potential uses and benefits of this versatile biopolymer. By pushing the boundaries of knowledge and scientific discovery, researchers strive to add to the ever-growing list of PHA applications, thereby unlocking its full potential for various industries and sectors.

The Global Polyhydroxyalkanoate Market is segmented into type, application, regional distribution, and company.

Based on its application, the Packaging & Food Services segment held the largest share in the market. Manufacturers place great emphasis on packaging as one of the key aspects to provide physical attractiveness and appeal to buyers. With the increasing number of production plants, food processing facilities, and industrial output, the international packaging industry is experiencing rapid expansion. Over the past ten years, there has been a significant shift towards flexible packaging in the manufacturing and processing sectors, leading to transformative changes in the packaging industry.

Consequently, the global packaging sector is witnessing a growing demand for flexible packaging applications, which in turn, highlights the need for Polyhydroxyalkanoates (PHA) as an innovative solution to meet these evolving requirements. PHA, a biodegradable and eco-friendly material, is gaining prominence as a sustainable alternative in the packaging industry, contributing to the overall growth and development of the sector.

Based on region, Europe segment is expected to grow during the forecast period.

The demand for Polyhydroxyalkanoates (PHAs) is experiencing a significant rise, driven by the increasing use of biodegradable plastics in various sectors such as packaging, food service, bio-medical, and agriculture applications. The European polyhydroxyalkanoate market is witnessing substantial growth, primarily due to the supportive regulatory measures and the growing inclination towards the adoption of biodegradable plastics.

The competitiveness plan Europe 2020, implemented by the European Union to reduce greenhouse emissions and promote the bioplastics industry, further reinforces the positive growth prospects of the European polyhydroxyalkanoate market. These favorable market conditions are expected to contribute to the market's growth during the forecast period.

 

Major companies operating in Global Polyhydroxyalkanoate Market are:

• Bio-on SpA
• CJ CheilJedang Corp.
• Danimer Scientific, Inc.
• Genecis Bioindustries Inc.
• Kaneka Corporation
• RWDC Industries Limited
• Tepha Inc.
• TerraVerdae Inc.
• Tianjin GreenBio Materials Co., Ltd.
• NEWLIGHT TECHNOLOGIES, INC.

 

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“Growing application of Polyhydroxyalkanoate in various end user industries are key drivers of the Polyhydroxyalkanoate Market. Growth in competitive landscape and presence of well-established companies in the market who are dedicated to enhance their productivity of Polyhydroxyalkanoate with every passing year are anticipated to register an impressive growth to Global Polyhydroxyalkanoate Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Polyhydroxyalkanoate Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Type (Short Chain Length, Medium Chain Length, Others), By Application (Packaging & Food Services, Biomedical, Agriculture, Others), By Region and Competition”, has evaluated the future growth potential of Global Polyhydroxyalkanoate Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Polyhydroxyalkanoate Market.

 

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