The report “Polyhydroxyalkanoate (PHA) Market by Type (Short chain length, Medium Chain Lenth), Production Methods (Sugar Fermentation, Vegetable Oil Fermentation), Application (Packaging & Food Services, Biomedical), and Region – Global Forecast to 2028″, size was and is projected to reach USD 195 million by 2028, from USD 93 million in 2023 to a CAGR of 15.9%. Government policies that prohibit or restrict the use of plastic bags are expected to drive the PHA industry, with growth in this segment anticipated as a result.
However, constraints including the high cost of finished goods arising from costly production techniques restrict market expansion. In spite of these obstacles, PHA producers might investigate bright potential opportunities in the Asia Pacific market, where demand for biodegradable plastics is continuously increasing. The region’s growing use of these environmentally friendly substitutes offers PHA producers a chance to grow their market share and meet the rising demand for sustainable materials.
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- 219 Market data Tables
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- 218 Pages and in-depth TOC on “Polyhydroxyalkanoate (PHA) Market – Global Forecast to 2028”
Some of the prominent key players are:
· 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)
· Biomer (Germany)
Driver: Rising concerns regarding human health and safety
Toxic chemicals in traditional plastics represent a significant risk to human health and safety. Polyvinyl chloride (PVC) is one example, which has been linked to a variety of health issues, including genetic diseases, ulcers, deafness, and eyesight impairment, which can be temporary or permanent. Because of these major concerns, there is an increasing desire for novel products that prioritize human health and safety. Increased consumer awareness and government rules are driving demand. This is causing a shift in consumer choice from traditional plastics to bio-based alternatives such as PHA.