Polyhydroxyalkanoate (PHA) Market worth 93.5 Million USD by 2021

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The global Polyhydroxyalkanoate (PHA) Market size, Industry Demand in terms of value, the market is estimated to be USD 73.68 million, in 2016, and is projected to reach USD 93.52 million, by 2021, at a CAGR of 4.88%, between 2016 and 2021.

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GLOBAL GROWTH DRIVEN BY TOP 3 MARKETS: US, GERMANY, ITALY

The increasing awareness regarding environmental protection and changing preference of manufacturers from conventional to biodegradable plastic products, is driving the PHA market. The increasing demand for bioplastics in the countries such as US and Germany, along with the growing economies of Asia-Pacific such as China and India is expected to further drive the market.

KEY FINDINGS IN THE GLOBAL PHA STUDY:

China will be the Fastest Growing PHA Market Through 2022

China is not only the largest market in Asia-Pacific, but also the leading country, in terms of the production of PHA. It is also projected to grow at the highest rate during the forecast period. The growth is mainly driven by rapid urbanization and the presence of key players in the region. China, with its exceptional manufacturing facilities, has the manufacturing base of the top multinational and domestic PHA manufacturers such as Tianjin GreenBio Materials Co (China), Tianan Biologic Materials Co Ltd (China), and Shenzen Ecomann Biotechnology Co (China). The industry has undergone massive globalization and consolidation with huge capital investments and development projects to maintain its position in the competitive market.

China is the biggest manufacturing hub for a variety of applications of PHA. Owing to increasing levels of income in the country, people are able to afford various products which were considered luxuries a decade ago. Another key industry for the PHA plastics market is the food service industry, which has also resulted in increased demand for PHA-based bioplastics in the country. The increase in industrial and commercial packaging applications such as food packaging and cosmetics packaging, is also responsible for the high market size for PHA in packaging applications.

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PHA market to witness a significant growth in the developed economies of North America and Europe

Europe is the largest consumer of PHA, followed by North America in 2016, in terms of volume. Europe is the largest market of biodegradable plastics as the penetration of these plastics in the region is high. This is primarily because the focus on sustainability is significant in Europe, especially in the EU. Recently, the rising environmental concerns in North America, along with waste management issues have shifted consumer focus towards sustainable and environmentally-friendly plastics, especially for packaging. This has also resulted in a shift towards biodegradable plastics from regulatory bodies such as the EPA (Environment Protection Agency). In addition to this, presence of key players such as Metabolix Inc. (U.S.) and Newlight Technologies, LLC (U.S.), is expected to drive the market in North America.

Packaging segment is estimated to be the fastest growing PHA application during the forecast period

Packaging is indispensable for preserving and moving goods which caters to various sectors such as retail, institutional, and industrial. Change in the lifestyles of consumers and increasing movement of goods has augmented the importance of plastics. The demand for eco-friendly packaging made from bio-plastics is projected to grow at a high rate during the forecast period. This is due to products such as PLA, PHA, and starch-based plastics finding increasing applications in packaging. These plastics are biodegradable and compostable, enabling them to decompose rapidly. Increasing environmental legislations has restrained the use of conventional plastics, especially plastic carry bags and packages. Hence, PHA in packaging application are likely to have high growth potential in the coming years in emerging countries in Asia-Pacific and Latin America.

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