The global Polyhydroxyalkanoate (PHA) Market size is projected to reach USD 167 million by 2027, at a CAGR of 15.3% from USD 81 million in 2022. Packaging & food services, and biomedical are the major applications of PHA. The increasing emphasis on circular and green economies is encouraging various countries to ban single-use plastics, which are the largest source of plastic waste generated.
PHAs can be classified into two types based on their structure - short chain length and medium chain length. They have various properties depending upon their structure, which in turn, depend upon the growth conditions of microorganisms used for their production. In terms of value, the short chain length PHA segment accounted for larger share of the market in 2021, because of the low cost. The current industry leader, Danimer Scientific, produces Nodax PHA, which is medium chain length type.
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Three production methods have been identified based on sources of raw materials, namely, sugar fermentation, vegetable oil fermentation, and methane fermentation. Sugar fermentation is the most commonly used production method for the production of PHA, in terms of volume and value, during the forecast period. Currently, the majority of the PHA is being produced through this method due to the higher availability of raw materials and the easier process, as sugar molecules are easily cracked in the fermentation process. However, this process is highly expensive.
Packaging & food services, biomedical, agriculture and others are identified as major applications for PHA market. The packaging & food services segment accounts for the largest market share, followed by biomedical, agriculture, and others. Although the type of PHA used in different applications varies, medium chain length PHAs are used in biomedical applications due to their high quality and additional durable properties. Medium chain length PHAs are more expensive than short chain length PHAs and that is why biomedical applications account for almost half of the market in terms of value.
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The market for PHA is segmented into North America, Europe, Asia Pacific and Rest of the World, based on region. North America and Europe are currently the two major markets for PHAs due to increased environmental regulations and consumer awareness. The market in the Asia Pacific is projected to grow at a decent rate supported by emerging countries in the region such as China, India, and Malaysia. Europe is one of the largest bio-based biodegradable plastics markets. The governments of the European countries are promoting the use of biodegradable plastics by setting up infrastructure for the composting of these plastics. The key companies producing biodegradable plastics in Europe include BASF (Germany), Total Corbion PLA (Netherlands), and Biome Bioplastics (UK).
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) and others.
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