The market for PHA is projected to grow from an estimated USD 73.6 Million in 2016 to USD 93.5 Million by 2021, at a CAGR of 4.88%.
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Browse 97 market data tables and 46 figures spread through 156 pages and in-depth TOC on “Polyhydroxyalkanoate (PHA) Market ”
This growth is due to the growing regulations by governments towards green procurement policies for the purchase of sustainable and environment-friendly products (green products). Along with restrictions on the use of traditional plastics, governments are also offering incentives to companies that produce and promote green materials, which has led to the high growth of the PHA market.
The PHA co-polymer segment is projected to grow at the highest CAGR during the forecast period.
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The PHA co-polymer segment is projected to be the fastest-growing from 2016 to 2021. This growth is attributed to the cost-effectiveness of the PHA co-polymers as compared to other types which includes PHA monomers, and PHA terpolymers, which is expected to drive the demand for PHA in the near future.
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The packaging segment to account for the largest share in the PHA market
The packaging segment accounted for the largest market share in 2015, owing to stringent government regulations against recycling and waste management of petro-based plastics, which led to an increased consumption of biodegradable plastics such as PHA in packaging applications. PHA can replace traditional plastics in the near future and can be used in various types of packaging such as, rigid, flexible, and others.
The Asia-Pacific region to play a key role in the growth of the market for PHA
On the basis of key regions, the PHA market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa. The Asia-Pacific region is a key market for PHA.
Development in the economies and the rapid growth in the bio-medical and packaging industry in this region have led to the high growth of this market. Increasing concerns over the use of conventional plastics which are hazardous to the environment, are also expected to contribute to the growth of the PHA market.
The following companies are the key players in the PHA market:
- Metabolix Inc. (U.S.)
- Kaneka Corporation (Japan)
- Meredian Holdings Group, Inc. (U.S.)
- Shenzhen Ecomann Biotechnology Co., Ltd (China)
- BioMatera (Canada), Biomer (Germany)
- Bio-On Srl (Italy)
- Newlight Technologies, LLC (U.S.)
- PHB Industrial S.A. (Brazil)
- PolyFerm Canada, Inc. (Canada)
- TianAn Biological Materials Co. Ltd. (China)
- Tianjin GreenBio Materials Co., Ltd. (China)
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