SkyQuest's PHA (Polyhydroxyalkanoates) market report provides actionable insights for individuals interested in valuable data, trends, and opportunities in a rapidly growing industry. Additionally, the report is produced and published concisely, making it accessible to various audiences, from industry experts to market readers. Finally, one can gain an in-depth understanding of the primary and secondary market drivers, providing them with a comprehensive outlook of the current market situation and future projections.
Westford, USA,, April 26, 2023 (GLOBE NEWSWIRE) -- The global PHA (Polyhydroxyalkanoates) market size is expected to reach USD 339.25 million by 2030 and exhibit a CAGR of 15.4% in the forecast period (2022−2030), according to Skyquest's latest research report. The increasing demand for eco-friendly materials in various industries such as packaging, agriculture and medicine are primarily driving the global PHA market. In addition, the biocompatibility and biodegradability of Phcs make them promising materials for medical applications such as tissue engineering and drug delivery system.
Government Subsidies and Incentives to Promote the Use of PHA (Polyhydroxyalkanoates)
On a global scale, the various government initiatives from various countries such as the European Union, Japan, the United States and India have helped the market to grow substantially. European Union's Horizon 2020 programme, Japan's Ministry of Economy, Trade and Industry initiatives, and the United States Department of Energy’s Bioenergy Technology Offices initiative has led the vital support for the research and development, promoting the adoption of bioplastics in various industries and creating a favourable regulatory environment for PHA.
The Indian government has launched a mission to promote the development and adoption of bioplastics in the country. The mission aims to reduce the country's dependence on petroleum-based plastics and promote sustainable development. PHAs are one of the bioplastics included in the mission's scope.
Medium-chain-length PHA Type demand is to grow substantially in the forecast period
Medium-chain-length PHA type dominated the global market owing to its Unique property that makes it suitable for various applications. It is a suitable replacement for traditional petroleum-based plastics in several applications as it has better thermal and mechanical properties than other PHA types. Moreover, the ban on single-use plastics and growing environmental concerns have led to the adoption of biodegradable and compostable materials, such as mcl-PHA, in the packaging industry.
Packaging Industry is Driving the Sales of the PHA Market.
In terms of application, the packaging industry segment is the leading segment for its sustainable nature. The biodegradability and compostability make it an attractive material for sustainable packaging solutions. Additionally, the demands for sustainable packaging solutions is increasing due to growing environmental concerns and regulations against single-use plastics.
Europe and Asia-Pacific are the Leading Market Due to the Presence of a Large Number of Bioplastic Manufacturers
Region-wise, Europe is one of the largest growing markets due to the presence of a large number of bioplastic manufacturers, increasing government support for the adoption of bioplastics and favorable regulatory policies. The European Union's Horizon 2020 program has funded several research projects related to PHAs, with a focus on developing sustainable solutions for packaging and biomedical applications. Additionally, the EU's Single-Use Plastics Directive, which bans certain single-use plastic products, is expected to drive the adoption of bioplastics such as PHAs in the region.
Asia-Pacific is one of the fastest-growing markets owing to the presence of a large population, rising industrialization, and increasing urbanization. Several government initiatives in the Asia-Pacific region are projected to shape the future of the PHA market in the region. For example, the Japanese government's initiative to promote the development and commercialization of bioplastics, including PHAs, is expected to drive the growth of the PHA market in Japan.
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Danimer Scientific, a green chemistry firm, has announced plans to construct a new plant to produce polyhydroxyalkanoate (PHA), a biobased polymer, in Bainbridge, Georgia. The project will cost around $700 million and will be financed through a special-purpose acquisition company (SPAC). Several other green chemistry firms have also gone public through SPAC mergers and have raised significant funds for ambitious projects, including PureCycle Technologies, which specializes in polypropylene recycling and is valued at $1.2 billion, and Origin Materials, which produces chemical feedstocks from lignocellulose and recently inked a $1.8 billion SPAC deal.
In terms of application, the packaging industry segment dominates due to due to the demand for sustainable packaging
In terms of type, the Medium-chain-length PHA type segment is projected to gain more popularity due to its thermal stability.
Europe and Asia Pacific are leading markets and will continue to exhibit dominance in the global market mainly due to the presence of major bioplastic manufacturers
PHA (Polyhydroxyalkanoates) Market Segmentation:
The global PHA (Polyhydroxyalkanoates) market report is segmented based on production method, type, application, and region.
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