Asia-Pacific Polyhydroxyalkanoates (PHA) Market
Asia-Pacific Polyhydroxyalkanoates (PHA) Market Size Grows at Significant CAGR of 6.7% During the Forecast Period
Published | 07 March 2023
Asia-Pacific polyhydroxyalkanoates (PHA) market is flourishing because of the emergence of new and cost-effective raw materials for PHA production and a surging demand for biodegradable materials in packaging and food service industries.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Asia-Pacific polyhydroxyalkanoates (PHA) market size at USD 33.55 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Asia-Pacific polyhydroxyalkanoates (PHA) market size to grow at a significant CAGR of 6.66% reaching a value of USD 52.29 million by 2029. Major growth drivers for Asia-Pacific Polyhydroxyalkanoates (PHA) market include increasing concerns about human health and safety, as a surging demand for biodegradable materials in the packaging and food service industries, and the advent of novel and cost-effective raw ingredients for PHA manufacture. Stringent government regulations prohibiting the use of single-use plastics and trends linked with sustainable development and growing concerns about greenhouse gas emissions are also boosting the demand for bio-based products. However, high price of PHA as compared to conventional polymers is anticipated to restrain the growth of overall market.
Asia-Pacific Polyhydroxyalkanoates (PHA) Market – Overview
Polyhydroxyalkanoates (PHA) are biodegradable polymers produced by microbial fermentation of glucose or sugar. In other term, polyhydroxyalkanoates (PHA) are synthesized by a variety of microorganisms, including bacterial lipid fermentation. PHA are used in a variety of industrial applications due to their biodegradability. When formed by bacteria, PHA serve as a source of energy as well as a carbon storage. PHA are found its usage in a variety of applications, including food packaging and biomedical applications, due to their outstanding biodegradability, biocompatibility, and thermal characteristics. Although PHA are non-toxic, inert, and hydrophobic, they are excellent for human use and pose no hazard to human health or safety. The severe regulatory ban on single-use plastics, as well as growing concerns about human health and safety, are projected to provide chances for growth in the PHA industry. The demand for environment-friendly products is pushing bioplastics innovation. Single-use plastics and sustainable packaging are in high demand in the packaging and food service industries. This increases the demand for bioplastics. Furthermore, there are many PHA manufacturers around the world who have a sizable domestic market in their own regions.
Challenge: Slow Progress in PHA Manufacturing Technology
Economic challenges impede PHA's widespread market penetration: production of these materials remains much more expensive as compared to the well-established, large-scale production of petrol-based plastics. The allocation of feedstocks required for PHA manufacture, in particular, significantly adds to the still high manufacturing costs of these polyesters. Special growth requirements, substrate composition, culture conditions, fermentation procedures (batch, fed-batch, repeated batch or fed-batch, and continuous modes), and high recovery cost are the key constraints in generating PHAs. In addition, the manufacture of PHA generates a substantial amount of biomass waste.
Impact of COVID-19 on Asia-Pacific Polyhydroxyalkanoates (PHA) Market
COVID-19 had a detrimental impact on Asia-Pacific polyhydroxyalkanoates (PHA) market. Businesses are working diligently to safeguard and sustain their supply networks in order to react to these extraordinary developments. Large corporations are entering into supply chain partnerships with their distributors and dealers to ensure that items such as PHAs are distributed effectively throughout all regions. However, competition is expected to worsen as manufacturers aim to increase their profit margins through various means, which may have an impact on Asia Pacific area market expansion throughout the forecast period.
Asia-Pacific Polyhydroxyalkanoates (PHA) Market – By Type
By type, Asia-Pacific polyhydroxyalkanoates (PHA) market is bifurcated into Short Chain Length and Medium Chain Length segments. The short chain length segment dominated the market in 2022 and is likely to maintain its leadership position during the forecast period. The widespread use of short chain length PHA in biological applications, as well as the increasing use of biodegradable plastics, are driving the expansion of this segment.
Major players operating in Asia-Pacific polyhydroxyalkanoates (PHA) market include BASF SE, PolyFerm Canada, Full Cycle Bioplastics, CJ CHEILJEDANG CORP., BIO-ON, Bluepha Co, Ltd, TERRAVERDAE BIOWORKS INC., and RWDC Industries. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Asia-Pacific Polyhydroxyalkanoates (PHA) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Asia-Pacific Polyhydroxyalkanoates (PHA) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Asia-Pacific Polyhydroxyalkanoates (PHA) Market - By Type (Short Chain Length, Medium Chain Length); By Form (Co-Polymerized PHA, Linear PHA); By Application (Packaging and Food Type, Bio-Medical, Agriculture, Chemical Additive, 3D Printing, Cosmetics, Wastewater Treatment); By Country (China, India, Japan, South Korea, Australia & New Zealand, Indonesia, Malaysia, Singapore, Philippines, Vietnam, Rest of APAC), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Publish Date: March 2023
Rising demand for biodegradable materials in packaging and food service industries and emergence of new and cost-effective raw materials for PHA production are projected to propel the expansion of Asia-Pacific Polyhydroxyalkanoates (PHA) Market during the forecast period between 2023 and 2029.
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