The global polyhydroxyalkanoates market is anticipated to grow significantly over the forecast period. Rising concerns towards green house gas emission coupled with positive regulatory framework facilitating consumption of bio-based products is expected to promote polyhydroxyalkanoates market growth in the near future. PHA is increasingly used owing to its biodegradable nature and exhibiting thermosetting properties, which enables its use in food & beverage, cosmetics, pharmaceutical and agriculture applications.
The European Union's competitiveness strategy Europe 2020, intended for reducing green house emission and promoting bioplastics industry is expected to have a positive impact on polyhydroxyalkanoates market. U.S. government has passed Federal Farm bill, urging federal agencies to procure sustainable bio-based products. Aforementioned government’s supportive measures are expected to play an important role in driving market growth over the next six years. Long-time market presence coupled with application growth of substitute such as PLA is expected to hamper PHA market demand in the near future. Moreover, growing sugar demand in food & beverage industry is expected to restrict its availability for PHA production, negatively impacting market over the next six years. In 2011, Micromidas Inc. forged an alliance with Michigan Molecular Institute (MMI) for USD 130,000 in order to promote research on the development of PHA from municipal waste. Aforementioned development is expected to facilitate other companies to undertake similar activities, which is expected to open new market avenues over the near future.
Europe is expected to be the one of the largest market over the next six years. Gaining importance of biodegradable plastics coupled with regulatory support is expected to favor market growth in Europe. Asia Pacific would emerge as a promising market in the near future. Low production cost as compare to North America and Europe coupled with application growth in agriculture, food & beverage and cosmetics in as China and India is expected to have a positive impact on polyhydroxyalkanoates market in the near future.
Metabolix was the largest market player, with an annual production capacity of 50,000 tons of PHA and have manufacturing facilities located at Lowa (U.S.) and Leon (Spain). The company markets its PHA under the brand name Mirel, intended for injection molding, thermoforming, cast film and sheet applications in food & beverage, agriculture and healthcare sector. Other market operating companies include Shenzhen, Newlight Technologies and Biomatera.
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The COVID-19 pandemic and subsequent halt in manufacturing activities shall have an impact on the supply availability of a variety of renewable chemicals. Furthermore, current disruption in trade shall also gravely impact the availability of chemical stocks in import-dependent countries. The report will account for Covid19 as a key market contributor.