Polyhydroxyalkanoate (PHA) is biodegradable linear polyesters produced naturally by the chemical reaction of bacterial fermentation on lipids or sugar. PHAs can be combined with a wide array of monomers which results in the formation of different types of materials exhibiting a variety of properties. PHAs are used in several applications including packaging of food & beverages and cosmetics, bio-medical applications and agricultural films among others.
Rising demand for biodegradable materials owing to the rising awareness among consumers regarding environment protection is expected to be one of the primary factors driving the growth of the market. In addition, supporting initiatives such as subsidiaries and tax grants which are being offered by several national governments is expected to boost the market for PHAs over the forecast period.
Furthermore, growth of the packaging and healthcare industries are expected to augment the demand for PHAs, as more and more consumers are looking at bio-friendly solutions. However, higher costs of PHAs as compared to conventional polymers are expected to hamper the growth of the market. Focus on reducing the production costs of PHAs is expected to be a new opportunity for the growth of the market in the near future.
Europe was the largest market for PHA over the past few years. However, Asia Pacific is expected to witness the fastest growth over the forecast period. Presence of a large manufacturing industry is expected to drive the growth of the PHA market in this region. Moreover, increase in disposable income of consumers coupled with rising awareness regarding eco-friendly materials is expected to contribute to the growth of the market significantly.