would increase from USD 83.2 Million in 2021 to USD 216.3 Million by 2030, according to a new study by Market Research Community.
The agriculture segment is anticipated to witness substantial growth in 2021 owing to the factors such as the flexibility of the feedstock made of new PHA monomers, increased efficiency of the fermenters, and production of the maximum yield with minimal costs due to the improved biocompatibility of PHA-based approach is expected to further support the growth of the agriculture segment during the forecast period.
Bacterial fermentation transforms sugar or glucose into polyhydroxyalkanoates, which are biodegradable polymers (PHA). In addition, some microorganisms break down lipids to produce polyhydroxyalkanoates (PHA). Polyhydroxyalkanoates (PHA) are used in a wide range of industrial applications due to their biodegradability. PHA, which serves as both a carbon sink and an energy source, is made by the bacterium.
Along with the major key players Newlight Technologies LLC, Mitsubishi Chemical Holding Corporation, Biome Bioplastics, Eastman Chemical Company, Danimer Scientific, Shenzhen Ecomann Biotechnology Co., Ltd., Kaneka Corporation, RWDC Industries, TianAn Biologic Materials Co., Ltd., and Biomer, the report also includes regional and national analyses of the latest Polyhydroxyalkanoate (PHA) Market trends.
The market is projected to grow at a significant pace reaching a CAGR of approximately 11.2%, over the forecast period of 2022–2030, despite a considerable fall in product sales during the initial phase of the pandemic spread and lockdown restrictions imposed globally.
The study is consolidated into major segments and further into sub-segments, such as by type (short chain length, medium chain length, long chain length), by production method (sugar fermentation, vegetable oil fermentation, heterogeneous waste streams), by application (packaging & food services, biomedical, agriculture), to forecast the market size by value; also includes the analysis of past dynamics from 2016 – 2021, considering 2021 as the base year.
The Asia Pacific is estimated to witness significant growth during the forecast period. The factors such as the rising awareness in terms of utilizing sustainable alternatives for product packaging, the favorable government initiatives for the replacement of conventional use plastic with bioplastics, and growth prospects for bioplastics in agriculture and medical industry owing to the increased use of polyhydroxyalkanoates are the major contributors to the growth of the polyhydroxyalkanoate (PHA) market in the Asia Pacific region.