Chicago, Aug. 18, 2022 (GLOBE NEWSWIRE) -- Polyhydroxyalkanoate (PHA) Market is projected to reach USD 167 million by 2027, at a CAGR of 15.3% from USD 81 million in 2022, according to a new report by MarketsandMarkets™. The market is mainly driven by government regulations prohibiting/restricting the use of plastic bags across the globe. Certain factors are restraining market growth; among them, the high prices of final products is a major factor due to the expensive production process. Manufacturers of PHA can tap growth opportunities in the Asia Pacific market, where the adoption of biodegradable plastics is increasing.
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“Short chain length is projected to grow at fastest CAGR during the forecast period”
All larger companies produce short chain length PHA, except Danimer Scientific. Initially, ICL and Metabolix Inc. developed short chain length chain polymers, and various applications were identified. The most common short chain length PHA is Poly (HydroxyButyrate-co-HydroxyValerate), which is manufactured by TianAn Biologic Materials China. However, the most important factor that can be attributed to higher growth of short chain length PHA is the low cost of these polymers as compared to medium chain length PHAs.
“Vegetable oil fermentation is projected to be the fastest growing production method in PHA market, in terms of value”
Triglyceride-rich vegetable oil sourced from soy, canola, and palm, among others, is converted by triacylglycerol-utilizing bacteria, which secrete lipase. Lipase is a fatty acid from triacylglycerol molecules, which is then consumed by the bacteria. The process is a little complex and requires a special strain of bacteria. Kaneka is one of the major players utilizing this method of production. Used cooking oil is a cheaper source for the production of PHA, which helps reduce the cost of production. This factor is responsible for the high growth rate of the vegetable oil fermentation method.
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“Europe is expected to be the fastest growing market for PHA during the forecast period, in terms of value and volume.”
Europe is projected to grow at the highest CAGR during the forecast period both, in terms of value and volume, which is attributed to the significant demand from countries such as Germany, Italy, and France. Government policies supporting the use of biodegradable plastics and increasing awareness among consumers are the key factors responsible for market growth in the European region.
New product launches and expansions are the major growth strategies adopted by the key players in the market.
The key global players in the PHA market include:
- Danimer Scientific (US),
- Shenzhen Ecomann Biotechnology Co., Ltd. (China),
- Kaneka Corporation (Japan),
- RWDC Industries (Singapore),
- Newlight Technologies LLC (US),
- TianAn Biologic Materials Co., Ltd. (China), and
- Biomer (Germany).
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