Polyhydroxyalkanoate (PHA) Market worth $121 million by 2025 | Key players Danimer Scientific, Kaneka Corp, Bio-On, Biomer, Bochemie

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 2025", The polyhydroxyalkanoate (PHA) market is projected to reach USD 121 million by 2025, at a CAGR of 14.2% from USD 62 million in 2020. PHA, a family of organic compounds, is used to produce biodegradable polymer and plastics. The increasing focus on the reduction of non-degradable plastics is attributed to the implementation of stringent government norms and regulations regarding the use of petro-based plastics. The global demand for PHA from various applications, including packaging & food services, biomedical, and agriculture, is expected to increase significantly during the forecast period.

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Monomers can form various structures, such as short chain length monomers and medium chain length monomers. Short chain length PHA monomers consist of not more than four to ten carbon atoms. Some of the short chain length PHA monomers include Polyhydroxybutyrate (PHB), Poly-3-hydroxybutyrate (P3HB), and Polyhydroxyvalerate (PHV). The structure determines the thermal and mechanical properties of the monomers, making them suitable for the use in diversified applications, for instance, environmental-friendly plastics, for packaging and biomedical (implants and controlled release drug carriers). PHA monomers can also be used to produce biofuels. The applications best suited for short chain length PHAs, such as packaging materials and carry bags. It has a large market in Europe due to strict governmental regulations regarding the single use plastics.

Based on the production method, the polyhydroxyalkanoate (PHA) market has been segmented into as vegetable oil fermentation, sugar fermentation, and methane fermentation. The demand for polyhydroxyalkanoate (PHA) in this segment is mainly driven by the abundance of carbohydrate source found in sugarcane, beet, molasses, and bagasse which can be easily consumed and converted by bacteria to produce PHA. The market in sugar fermentation is projected to witness a higher CAGR in the forecasted year because of its abundance in sugar sources.

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The polyhydroxyalkanoate (PHA) market size is estimated to be USD 62 million in 2020 and is projected to reach USD 121 million by 2025, at a CAGR of 14.2% during the forecast period. Factors such as vast availability of renewable and cost-effective raw materials and stringent governmental regulations will drive the polyhydroxyalkanoate (PHA) market. The major restraint for the market will be the cost of PHA over its counterparts in the emerging market. However, the emergence of new raw materials will act as an opportunity for the market.

The key market players profiled in the report include Danimer Scientific (US), Shenzhen Ecomann Biotechnology Co Ltd (China), Kaneka Corporation (Japan), RWDC Industries (Singapore), Newlight Technologies LLC (US), Bio-On (Italy), Tianan Biologic Materials Co Ltd (China), Biomer (Germany), and Bochemie (Czech Republic).

Players in the polyhydroxyalkanoate (PHA) market are mainly concentrating on new product launches, merger & acquisition, and expansions to meet the growing demand for polyhydroxyalkanoate (PHA) for various applications. New product launches help companies to strengthen their product portfolio and meet the specific demands of customers.

The growth of the polyhydroxyalkanoate (PHA) market has been largely influenced by new product launches, agreement, expansion and acquisition that were undertaken between 2016 and 2020. Companies such as Danimer Scientific, Kaneka Corporation and RWDC Industries have adopted new product launches to enhance their market position.

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Danimer Scientific is one of the major players in the polyhydroxyalkanoate (PHA) market. In order to expand its business, the company is focusing on enhancing its market reach by opening plants to increase the capacity. For instance, In May 2019, Danimer Scientific announced the completion of a new plant for PHA production in Kentucky, US. The plant will use canola oil as the raw material for PHA production. The plant started operating from September 2019. Similarly, September 2019, RWDC announced the closing of a USD 133 million two-stage Series B funding round. This funding will be used to replace single-use plastic continues to rise to meet growing consumer demand for better materials choices. The funding will meet the growing demand for PHA by expanding the company's production capacity to a new facility in Athens, Georgia.

The companies also adopted new product launch as a strategy to expand their product portfolio and market presence. For instance, in September 2018, Danimer Scientific developed a straw using Nodax PHA. This will help the company to expand its product offering and expand the whole PHA business. In July 2019, RWDC Industries launched Solon-based straws at the 2nd Liveability Challenge by Temasek Foundation.

The companies also came into agreement as a strategy to expand their market presence and brand image. In November 2020, Danimer partners with Eagle Beverage to produce biodegradable drinking straws. It will use Danimer's Nodax PHA for marine degradable straws with plans to expand into adjacent product categories. Similarly, in August 2020, Kaneka, in a partnership with Shiseido Company Ltd., has been developing cosmetics packages made from Kaneka Biodegradable Polymer PHBH since 2019. Shiseidos new lip palette, "A Kiss to the sea," matching with PHBH's function of sea biodegradability, has laid a path for PHBH to be adopted in the palettes case (both the main body and lid). This is the first time PHBH is used in the field of cosmetics.

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