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The polyhydroxyalkanoate market size is expected to increase by USD 23.71 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 6.22%.
This polyhydroxyalkanoate market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers polyhydroxyalkanoate market segmentation by application (packaging, biomedical, food services, agriculture, and others), type (copolymerized PHA and linear PHA), and geography (APAC, Europe, North America, South America, and Middle East and Africa).
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Key Polyhydroxyalkanoate Market Driver
One of the key factors driving growth in the polyhydroxyalkanoate market is the increasing demand for biodegradable plastics. Due to the increasing demand for eco-friendly packaging from various consumers, major plastics and packaging manufacturers are opting for biodegradable materials. Vendors are focusing more on manufacturing biodegradable plastics due to the rising government regulations regarding the use of plastic products. The global biodegradable plastics market is driven by the emergence of renewable resources such as biomass and bio-based raw materials. The use of biodegradable plastics in numerous applications, such as packaging and domestic goods, has encouraged plastic manufacturers to reduce their over-dependence on petroleum-based plastic products. Raw materials used in biodegradable plastic production are renewable in origin, and the supply is abundant as compared to petroleum and fossil raw materials across the globe. The increasing demand for bioplastics across the globe will drive the demand for PHAs.
Key Polyhydroxyalkanoate Market Trend
The sustainable production of PHA is a polyhydroxyalkanoate market trend that is expected to have a positive impact in the coming years. Plastic manufacturers are under strict regulatory pressure to use sustainable production methods. With the increasing focus on sustainability and favorable government regulations regarding the use of plastics, the global PHA market will experience growth opportunities in the global packaging and medical industries. The adoption of PHA in packaging applications is expected to experience a higher demand due to the increasing use of biodegradable films, compostable waste bags, catering products, film packaging, and rigid packaging. Other applications of PHAs include the manufacturing of automotive components for reduced fuel consumption and CO2 emission in vehicles. Therefore, the use of sustainable production methods to manufacture PHA will boost the growth of the global PHA market.
Key Polyhydroxyalkanoate Market Challenge
The cost-effectiveness of conventional plastics over PHAs will be a major challenge for the polyhydroxyalkanoate market during the forecast period. One of the biggest challenges for the global PHA market is the cost-competitive inability of PHAs over conventional plastics. The price of PHAs is in the range of USD2,500-USD5,200 per ton, which is more than that of conventional plastics. The high price is mainly attributed to the high polymerization cost of PHAs as most of the processes are still in the development stage, and therefore, the production of PHAs has not achieved an economy of scale. The lack of efficient technologies and the unavailability of feedstock are increasing the production cost of PHAs. High production costs because of small-scale production by vendors, high R&D costs incurred by vendors, and a substantial price difference between PHAs and conventional petroleum-based products are hindering the demand for PHAs.
This polyhydroxyalkanoate market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the real estate investment trust market. The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
Qualitative and quantitative analysis of Companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize Companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize Companies as dominant, leading, strong, tentative, and weak.
Our report provides extensive information on the value chain analysis for the polyhydroxyalkanoate market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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47% of the market’s growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for polyhydroxyalkanoate in APAC. Market growth in this region will be faster than the growth of the market in regions.
The growing packaging industry and increasing agricultural activities across the region will facilitate the polyhydroxyalkanoate market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 in the region hampered the growth of the regional PHA market in 2020. China, India, Nepal, Pakistan, South Korea, Malaysia, Sri Lanka, and the Philippines were either under partial or full lockdown to control the spread of COVID-19. However, the market has been recovering since 2021 due to the growth of the e-commerce industry in the region. Also, the rising focus on sustainable development in the packaging industry in the region is supporting the adoption of biodegradable materials such as PHAs.
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Globally, stringent regulations against the use of conventional plastic will drive the demand for PHAs in the packaging industry. The packaging industry is mainly dominated by the global e-commerce industry. The e-commerce industry uses large quantities of foams, carrier bags, and shrink wraps, among others, as packaging materials. Globally, e-commerce rose from 15% of the total retail sales in 2019 to 21% in 2021. The thriving global e-commerce industry will drive the demand for packaging materials, including PHAs, during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the polyhydroxyalkanoate market size and actionable market insights on post COVID-19 impact on each segment.
Foodservice market - The market share is expected to increase by USD 10.13 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 28.15%.
Agricultural Biotechnology market - The market share is projected to surge by USD 27.00 billion from 2021 to 2026, at an accelerating momentum CAGR of 10.55%.
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Polyhydroxyalkanoate Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 6.22% |
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Market growth 2022-2026 |
USD 23.71 million |
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Market structure |
Fragmented |
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YoY growth (%) |
5.7 |
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Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 47% |
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Key consumer countries |
US, China, Japan, India, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
BASF SE, Biomer, Bio-on Spa, Bluepha, Cereplast Inc., CJ CheilJedang Corp., Danimer Scientific Inc, Ecomann Biotechnology Co Ltd, Evonik Industries AG, Genecis, Kaneka Corp., Merck KGaA, Polyferm Canada, RWDC Industries Ltd, SKYi Composites Pvt. Ltd, Tepha Inc., Terraverdae Bioworks Inc, TianAn Biologic Materials Co. Ltd., and Yield10 Bioscience Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Market Segmentation by Type
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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