The global polyhydroxyalkanoate (PHA) market is expected to post a CAGR of more than 5% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
Polyhydroxyalkanoate is biodegradable in nature, which makes it best suited for various biomedical applications. It is widely used in the manufacture of biomedical products such as sutures, suture fasteners, meniscus repair devices, and others. The global rise in the geriatric population has significantly increased the use of such devices. This has subsequently increased the demand for PHA in biomedical applications, which is driving the growth of the global polyhydroxyalkanoate market.
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As per Technavio, the sustainable production of PHA will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Polyhydroxyalkanoate Market: Sustainable Production of PHA
Growing focus on sustainability and government regulations on the use of plastics are providing significant growth opportunities for market vendors. Rising use of biodegradable films for compostable waste bags, catering products, film packaging, and rigid packaging has increased the demand for PHA in packaging applications. PHA is also used to manufacture lightweight components in the automotive industry. It is considered as a replacement for polypropylene (PP), polyvinyl chloride (PVC), polyethylene (PE), and polyethylene terephthalate (PET). Thus, the use of PHAs to manufacture sustainable products is expected to boost market growth during the forecast period.
"Increasing preference for eco-friendly packaging and increasing investments in R&D activities will further boost market growth during the forecast period", says a senior analyst at Technavio.
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Global Polyhydroxyalkanoate Market: Segmentation Analysis
This market report segments the global polyhydroxyalkanoate market by type (copolymerized PHA and linear PHA), application (packaging, biomedical, food service, agriculture, and others), and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the market. This is due to the increasing demand for packaging materials from the e-commerce industry.
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Some of the key topics covered in the report include:
Five Forces Analysis
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