Global Polyhydroxyalkanoate Market 2019-2023 | Sustainable Production of PHA to Boost Growth | Technavio
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.
The global polyhydroxyalkanoate market is expected to post a CAGR of over 5% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has announced its latest market research report titled global polyhydroxyalkanoate market 2019-2023. (Graphic: Business Wire)
PHA is used in biomedical applications due to its biodegradability. In the medical industry, PHA is used in manufacturing biomedical products, especially for fixation and orthopedic applications, including sutures, suture fasteners, meniscus repair devices, and others. The significant growth in the geriatric population worldwide is also another factor contributing to the exponential growth of the global biomedical market, which will drive the demand for PHA in biomedical applications, during the forecast period.
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 global polyhydroxyalkanoate market 2019-2023 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
With the increasing focus on sustainability and favorable government regulations regarding the use of plastics, the global PHA market will witness significant growth opportunities from the packaging and the medical industries. The adoption of PHA in packaging applications is expected to experience a higher demand due to the increasing use of biodegradable films, compostable waste bags, catering products, film packaging, and rigid packaging. The packaging of food products is a large segment of the global food and beverage industry and is an important application of PHA. Other applications of PHA include use in the manufacture of lightweight automotive components for reduced fuel consumption and lower CO2 emissions in vehicles. Therefore, the increasing focus on sustainable production methods will boost the growth of the global PHA market, during the next few years.
“Along with sustainable production of PHA, the increasing preference for eco-friendly packaging is another major factor expected to boost the market growth. Currently, the rising plastic packaging waste production across the globe has forced vendors to consume more green packaging labels as a strategy for branding as well as customer acquisition. The increasing acceptance of sustainable packaging and green products by consumers will drive the global bioplastics market, which will support the growth of the global PHA market during the forecast period,” says a senior analyst at Technavio.
Global Polyhydroxyalkanoate Market: Segmentation Analysis
This market research report segments the global polyhydroxyalkanoate market by application (packaging, biomedical, food service, agriculture, and others) and geographical regions (APAC, Europe, North America, South America, MEA).
The APAC region led the market in 2018, followed by Europe, North America, South America, MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market and register the highest incremental growth due to the growing packaging industry across the region.
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