Polyhydroxyalkanoate Market Comprehensive Swot Analysis, Revenue, Share and Forecasts By 2023
The global polyhydroxyalkanoate market is segregated into five regions in the world namely Asia Pacific, Europe, North America, Latin America and the Middle East & Africa. Europe holds the largest share of polyhydroxyalkanoate market in the world and is expected to continue its dominance during the forecast period, 2017-2023. The prominent players in this region are Germany, U.K. and Italy due to its continual progress and development achieved in the production of biopolymers. An increase in the consumer growth has been estimated to fuel the demand of polyhydroxyalkanoate market during the forecast period.
Top Market Key Players:
The important players operating in the global polyhydroxyalkanoate market are Shenzhen Ecomann Biotechnology Co, Ltd (China), Tianjin GreenBio Materials Co., Ltd (China), Kaneka Corporation (Japan), BASF SE (Germany), Biome Technologies PLC (U.K.), BIO ON (Italy), Polyferm, Inc (Canada), Full Cycle Bioplastics (U.S.A), Cardia Bioplastics (Australia), among others.
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Asia Pacific region has been emerged to grow at a higher CAGR during the forecast period due to the increasing use in end-use industries such as agriculture, pharmaceutical, among others. The rising demand observed in biomedical, drug delivery carriers and biofuel applications has propelled China to be the major player in Asia Pacific region. India and Japan have witnessed a rapid growth in the market due to plenty of raw materials available and the progress made in technology. The development in genetic engineering and the stringent regulations set by the government have implemented manufacturers and innovators to shift their focus from fossil sources to bio based polymers in order to save the cost of production, energy, non-renewable sources and to attain a significant development in the environment.
A notable development has achieved in the North American regions such as U.S. and Canada due to its growing demand from the food and beverage services. U.S. is predicted to be the major shareholder of polyhydroxyalkanoate market followed by Mexico in the North American region due to its application of various technologies such as genetically engineered plants and bacteria. Latin American region has observed a good growth in the production and cultivation of plants, crops and others which will drive the global market in the future. The Middle East & Africa is predicted to witness a moderate growth during the forecast period.
Polyhydroxyalkanoate polymers are biodegradable compounds, derived from natural resources such as vegetable oil, starch and proteins, among others. These polymers exhibit optical display, anti-oxidant property and piezoelectric effect which make them useful in various applications such as packaging, medical, agriculture and food services. Polyhydroxyalkanoate polymers are of two types namely polyhydroxybutyrate and polyhydroxybutyrate blended with copolymers. Polyhydroxybutyrate polymers are composed of 14 monomeric units. These polymers can be used as a substitute for synthetic plastic in order to avoid the depletion of natural resources and improvement achieved in the downstream process.
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The global polyhydroxyalkanoate market is classified into type, technology and application. Polyhydroxybutyrate and polyhydroxybutyrate blended with copolymers are segregated on the basis of market type. On the basis of technology, it is classified as genetically engineered plants and genetically engineered bacteria. Biomedical, packaging, drug delivery and biofuels are fragments of the market on the basis of applications.
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