Polyhydroxyalkanoate (PHA) Market worth $98 million by 2024 | Key Players include Kaneka Corporation, Danimer Scientific., Shenzhen Ecomann Biotechnology Co., Ltd, Bio-On Srl, Newlight Technologies, LLC, TianAn Biological Materials Co. Ltd.

According to recent market research "Polyhydroxyalkanoate (PHA) Market by Type (Short Chain Length, Medium Chain Length), Production Method (Sugar Fermentation, Vegetable Oil Fermentation, Methane Fermentation), Application, and Region - Global Forecast to 2024", The PHAs market is projected to reach USD 98 million by 2024, at a CAGR of 11.2% from USD 57 million in 2019.

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The polyhydroxyalkanoate (PHA) market size is projected to reach USD 98 million by 2024 from USD 57 in 2019, at a CAGR of 11.2% between 2019 and 2024. PHA is a family of biodegradable polymers which are synthesized and accumulated by bacteria inside their cells. PHA can be used widely for various applications, and it can replace many conventional plastics in some very specific applications, such as packaging and food services.

Based on type, PHAs are segmented into the short-chain length and medium chain length. The short-chain length segment accounted for the largest share, in terms of value as well as volume, in 2018. The dominance is attributed to overall production of short-chain length PHAs and their widely accepted applications, such as packaging and agricultural films.

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The polyhydroxyalkanoate (PHA) market size is projected to reach USD 98 million by 2024 from USD 57 in 2019, at a CAGR of 11.2% between 2019 and 2024. Strict government policies and regulations on plastics use as well as changing consumer behavior, and market sentiments towards biodegradable plastics are majorly driving the market. High production and R&D costs are restraining the growth of the PHA market.

The players in the PHA market are mainly concentrating on expansions, new product launches, and partnership to meet the growing demand in various applications. New product launches help companies strengthen their product portfolio and meet the specific requirements of customers.

The growth of the PHA market has been influenced primarily by expansions, new product launches, and acquisitions that took place between 2016 and 2019. Kaneka Corporation (Japan), Danimer Scientific. (U.S.), Shenzhen Ecomann Biotechnology Co., Ltd (China), Bio-On Srl (Italy), Newlight Technologies, LLC (U.S), and TianAn Biological Materials Co. Ltd. (China) adopted expansions, new product launches, and partnerships to remain competitive in the PHA market.

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Danimer Scientific (U.S.) is the largest player in the PHA market. The company is developing its PHA business via expansion in countries such as APAC and North America and partnerships with various end-user companies. The company mainly focuses on expansions and partnerships to strengthen its position in the market. As an expansion strategy, the company has already started constructing a new plant for PHA production, which will not only increase its production capacity but also boost its position in the market. It also partnered with Nestle to produce biodegradable water bottles which will widen the company’s product portfolio.

Kaneka Corporation (Japan), is one of the major manufacturers of PHA. The company announced plans to expand its production capacity to 5,000 tons per year starting December 2019 and will further increase the capacity up to 10,000 tons per year in the near future. The expansion will help the company strengthen its position in the PHA market globally. In December 2018, Bio-on Srl (Italy) entered a partnership with Acor (Spain)to produce PHA on Spain. This will not only help Bio-on to expand to a different country, but it will also help the company to secure a leading position.

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