LONDON--(BUSINESS WIRE)--The polyhydroxyalkanoate market is expected to grow by USD 18.66 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Growing environmental concerns have increased the preference for eco-friendly packaging among consumers. In addition, the rising government regulations around the use of plastic have led vendors in the market to focus on the manufacture of biodegradable plastics. This has increased the use of eco-friendly raw materials such as polyhydroxyalkanoate among plastic manufacturers owing to its biodegradable and thermoplastic properties. Therefore, the increasing demand for biodegradable plastics is expected to drive the growth of the global polyhydroxyalkanoate market during the forecast period.
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As per Technavio, the increasing demand for polyhydroxyalkanoate (PHA) from the biomedical industry will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Polyhydroxyalkanoate Market: Increasing Demand for PHA in Biomedical Industry
PHA is widely used in biomedical applications such as fixation or orthopedic applications, sutures, meniscus repair devices, and others due to its biodegradability. Over the years, the biomedical industry has witnessed significant growth due to the rise of the global geriatric population. This has resulted in an increased demand for biomedical products both at the regional and global level. These factors are expected to have a positive impact on the growth of the global polyhydroxyalkanoate market during the forecast period.
“Fluctuations in crude oil prices and the growth in the food services industry will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Polyhydroxyalkanoate Market: Segmentation Analysis
This market research report segments the polyhydroxyalkanoate market by type (Copolymerized PHA and Linear PHA), application (packaging, biomedical, food service, agriculture, and others), and geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the polyhydroxyalkanoate market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the rising number of e-commerce companies in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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