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.
Europe is projected to be the largest market for the polyhydroxyalkanoate (PHA) during the forecast period. Europe is the most promising market for bioplastics and related industries, including PHA. The European market is mostly driven by government regulations and a change in consumer behavior. The Europe market is segmented into Germany, France, Italy, UK and Rest of Europe. The Rest of Europe includes, Spain, Poland, the Czech Republic, Romania, the Benelux countries, and the Scandinavian countries.
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The strict governmental law against single use plastic and increasing concerns over human health and safety are the key driving factors responsible for the market growth in the European region. The need for environment-friendly products is driving innovation in the bioplastics industry in this region. The packaging and food services industry demands single use plastics and sustainable packaging. This increases the need for bioplastics, which in turn drives the market for polyhydroxyalkanoate (PHA). Moreover there are a large number of PHA manufacturers in European region which has a huge domestic market in the region, giving this the largest market share.
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).
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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