“Global Polyhydroxyalkanoate (PHA) Market to reach a market value of USD 276.1 Million by 2031 growing at a CAGR of 15.1%”
The Global Polyhydroxyalkanoate (PHA) Market size is expected to reach $276.1 Million by 2031, rising at a market growth of 15.1% CAGR during the forecast period. In the year 2023, the market attained a volume of 38,867.1 tonnes, experiencing a growth of 29.9% (2020-2023).
Consumers in Europe are increasingly aware of environmental issues such as plastic pollution and climate change, leading to a rising demand for eco-friendly products. In Europe, consumers actively seek out goods created from renewable and biodegradable materials, including PHAs, in various industries, including consumer goods, food services, and packaging. Thus, the Europe region acquired 37% revenue share in the market 2023. In terms of volume the Europe region is expected to utilize 39,685.2 tonnes of polyhydroxyalkanoate by 2031.
PHAs can produce biodegradable and compostable packaging materials like films, bags, and containers. These products offer an eco-friendly alternative to traditional plastics and help reduce plastic pollution in landfills and oceans.
Additionally, the use of agricultural residues, such as corn stover, wheat straw, and sugarcane bagasse, provides a cost-effective and sustainable feedstock for PHA production. These abundant materials do not compete with food production, making them an attractive option for biopolymer manufacturing.
However, PHA products often have higher prices than conventional plastics due to their high production costs. This price differential can make PHA less competitive in the marketplace, especially in price-sensitive industries. Thus, high production costs can slow down the growth of the polyhydroxyalkanoate (PHA) market.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Acquisitions, and Partnerships & Collaborations.
On the basis of application, the market is divided into packaging & food services, biomedical, agriculture, and others. In 2023, the packaging & food services segment dominated the market with 48% revenue share. Forks, spoons, knives, and stirrers for use in restaurants, cafeterias, and fast-food chains. In terms of volume 56,194.0 tonnes of polyhydroxyalkanoate are expected to be utilized in packaging & food services by 2031.
By type, the market is categorized into short chain length and medium chain length. In 2023, the short chain length segment held 68% revenue share in the market. In the terms of volume 81,440.0 kilo tonnes of the short chain length polyhydroxyalkanoate is expected to utilize by 2031. Short chain length (scl) PHAs are used in single-use packaging materials such as disposable cups, plates, utensils, and food containers.
Based on production methods, the market is classified into sugar fermentation, vegetable oil fermentation, methane fermentation. The vegetable oil fermentation segment acquired 34% revenue share in the market in 2023. In terms of volume 37,079.1 kilo tonnes of polyhydroxyalkanoate is expected to be utilized in vegetable oil fermentation production method. Vegetable oils are renewable resources derived from plants, lowering the reliance on finite fossil fuel resources for PHA production.
Free Valuable Insights: Global Polyhydroxyalkanoate (PHA) Market size to reach USD 276.1 Million by 2031
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2023, the Asia Pacific region acquired 25% revenue share in the market. In terms of volume the Asia Pacific region is expected to utilize 29,118.7 tonnes of polyhydroxyalkanoate by 2031. Consumers in the region are becoming increasingly aware of environmental issues such as plastic pollution and climate change, leading to an increasing demand for eco-friendly products.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 90.8 Million |
| Market size forecast in 2031 | USD 276.1 Million |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 15.1% from 2024 to 2031 |
| Quantitative Data | Volume in Tonnes, Revenue in USD Million, and CAGR from 2020 to 2031 |
| Number of Pages | 342 |
| Number of Tables | 690 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Production Method, Application, Region |
| Country scope |
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| Companies Included | RWDC Industries LLC, Newlight Technologies, Inc., TianAn Biologic Materials Co., Ltd., Ecomann Biotechnology Co. Ltd., Danimer Scientific, Inc., Kaneka Corporation, Bluepha Co., Ltd., TerraVerdae Bioworks Inc, Beijing PhaBuilder Biotechnology Co., Ltd., Genecis Bioindustries Inc. |
By Type (Volume, Tonnes, USD Million, 2030-2031)
By Production Method (Volume, Tonnes, USD Million, 2030-2031)
By Application (Volume, Tonnes, USD Million, 2030-2031)
By Geography (Volume, Tonnes, USD Million, 2030-2031)
This Market size is expected to reach $276.1 Million by 2031.
Rising demand for innovative waste management solutions are driving the Market in coming years, however, High production costs of PHA restraints the growth of the Market.
RWDC Industries LLC, Newlight Technologies, Inc., TianAn Biologic Materials Co., Ltd., Ecomann Biotechnology Co. Ltd., Danimer Scientific, Inc., Kaneka Corporation, Bluepha Co., Ltd., TerraVerdae Bioworks Inc, Beijing PhaBuilder Biotechnology Co., Ltd., Genecis Bioindustries Inc.
In the year 2023, the market attained a volume of 38,867.1 tonnes, experiencing a growth of 29.9% (2020-2023).
The Sugar Fermentation segment is leading the Market by Production Method in 2023; thereby, achieving a market value of $140.6 million by 2031.
The Europe region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $99.8 million by 2031.
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