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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