Polyhydroxyalkanoate Market size is growing at a healthy CAGR over the coming years. Growing demand for eco-friendly products will significantly boost the market growth till the end of the forecast period.
Polyhydroxyalkanoate is a natural form of polyester which is derived from bacterial fermentation. Due to its sustainability, biodegradable and bio-based nature makes it a preferable choice across wide-ranging applications such as packaging, medical, agricultural, and several other end-user.
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Tightening regulations to replace synthetic plastic-based packaging materials with bio-based packaging materials has become a major factor, which creates a notable contribution to the growth of polyhydroxyalkanoate market size during the forecast timespan. Synthetic plastic packaging materials are non-biodegradable in nature and are likely to get replaced with bio-based packaging materials with the stringent environmental laws.
Additionally, this product has been witnessing a wide acceptance from medical applications owing to its bio-compatibility, which in turn would help in generating a significant market gains over the projected timespan. The increasing product consumption as biocontrol agents, drug carrier tissues, engineering biodegradable implants, memory enhancers and anti-cancer agents will further give a significant boost to the polyhydroxyalkanoate market over the coming years. Strong growth in the R&D investments in the medical industry has led to increasing development of bio-compatible materials, which will further boost the polyhydroxyalkanoate market size in the coming years.
High product manufacturing costs, coupled with performance issues over synthetic polymers are some of the major factors which are likely to hamper the growth of polyhydroxyalkanoate market size in the coming years. However, the major market players are working on developing technologies to deal with current cost and performance issues, and this may further help in generating ample opportunities for polyhydroxyalkanoate market to grow in the coming years.
By form, the global polyhydroxyalkanoate market has been segmented into copolymerized PHA and linear PHA. Copolymerized PHA is likely to contribute a major chunk of the overall polyhydroxyalkanoate market size in the coming years. This is primarily due to its cost effectiveness, compared to PHA monomers, which will help to boost the product demand soon. Aeromonas hydrophila and Thiococcus pfennigii are the two types of bacteria which are used to synthesize copolymerized polyhydroxyalkanoate in combination with hydroxy fatty acids.
Key Insights in this Report
- Global Polyhydroxyalkanoate (PHA) Market size & forecast by product & application
- Growth drivers, pitfalls & industry challenges
- Key Polyhydroxyalkanoate (PHA) Market growth opportunities & emerging business models
- Competitive benchmarking with market share analysis and company profiles
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