Global Polyhydroxyalkanoate Market: Overview
Polyhydroxyalkanoate is polymer synthesized with the help of bacteria by the fermentation of sugar or lipids. Plant and vegetable oils like soybean oil, palm oil are also used as raw materials for the production of Polyhydroxyalkanoate. Many biodegradable blends are produced from polyhydroxyalkanoate by blending it with other polymers. It has wide applications in packaging, healthcare, bio medical, agriculture and other industries. The biodegradable nature of Polyhydroxyalkanoate is proven to be very useful in bio medical industry. Government policies towards usability of environment friendly products, high demand due to expanding industries in developing countries and increasing prices for non-renewable materials like petroleum play vital role in global demand elevation for Polyhydroxyalkanoate.
Global Polyhydroxyalkanoate Market: Drivers and Restraints
Polyhydroxyalkanoate has wide applications in various industries and in turn acts as a better replacement for conventional synthetic polymer. The upcoming trend of bio plastic usability due to government support, consumer preference for environment friendly product and rising prices of oil and oil based products are some of the reasons to drive the demand for polyhydroxyalkanoate in upcoming times.
The restraining factors for the global Polyhydroxyalkanoate supply are the performance issues and higher manufacturing cost over the synthetic polymer. Many big market players are still in the technology development phase to deal with the performance and cost issues. Considerable investment in Research and Development is expected and it would be crucial for the development of critical performance index of Polyhydroxyalkanoate at optimum production cost.
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Global Polyhydroxyalkanoate Market: Region wise Overview
Among the seven key areas North America, Europe, APEJ and Japan have the major share of Polyhydroxyalkanoate market. In North America the government initiatives for more usability of sustainable and bio degradable products is the main market driver. Ample availability of raw materials, rising prices of oil and technology development for the betterment of manufacturing processes are shifting stakeholders’ trends towards bio plastics like polyhydroxyalkanoate. Revenue wise United State leads other countries with expected two digit CAGR in future times. Latin American countries like Mexico are expected to make mark in upcoming time in global polyhydroxyalkanoate market due to strict government policies regarding the use of synthetic polymers. Western Europe also covers the major market share for polyhydroxyalkanoate due to its countries’ policies of green procurement and major market players’ investment in technology development. This region is supposed to expect double digit CAGR for the polyhydroxyalkanoate market. Asia-pacific, being the substantial developing part of the globe with huge consumer pool have the immense demand for the bio plastic. It is expected to show extensive market growth for Polyhydroxyalkanoate. The technology development and transfer initiatives for optimum production cost by major players across globe, availability of variety of raw materials and growing economies in this region are expected to create major demand for Polyhydroxyalkanoate. China being the country with major market share in this region is expected to enjoy two digit CAGR in coming times.
Application wise Packaging industry is creating more demand for Polyhydroxyalkanoate and is expected to grow with substantial rate in future, followed by food and beverages industry with expected two digit CAGR.
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Global Polyhydroxyalkanoate Market: Key Players
The major players in Polyhydroxyalkanoate production are trying to widen the usable raw material band for the optimum production cost, for instance Meredian group is using canola oil as raw material for production. Along with increasing the production capacities, the major players like Meredian (U.S.), Eco Mann (China) are bringing in the innovative techniques to meet the specific demand of polyhydroxyalkanoate. Many large and medium scale industries are now developing on experimental and industrial manufacturing of polyhydroxyalkanoates. Some of the major players identified in Global Market are Meredian Inc. MHG, Metabolic, Inc., Newlight Technologies, LLC, Tianjin GreenBio Materials Co., Ltd., and Shandong Ecomann Technology Co., Ltd. Along with the others.