The PHA market is projected to reach USD 167 million by 2027, at a CAGR of 15.3% from USD 81 million in 2022. The growth is largely driven by factors such as high demand from industries such as consumer packaging, food services, biomedical and agriculture. The replacement of conventional plastics in various industries, increasing demand for environment-friendly products, and the use of renewable raw materials are driving the demand for PHA.
The key global players in the PHA market include Danimer Scientific (US), Shenzhen Ecomann Biotechnology Co., Ltd. (China), Kaneka Corporation (Japan), RWDC Industries (Singapore), Newlight Technologies LLC (US), TianAn Biologic Materials Co. Ltd. (China), and Biomer (Germany). The global and regional players have sizable shares in the PHA market. They are focusing on strategies such as new product launches, acquisitions, and expansions, and partnerships & agreements to expand their businesses globally.
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Danimer Scientific, formerly known as Meredian Holdings Inc., which is biopolymer manufacturer, was formed in 2004 to provide biodegradable and sustainable solutions and decrease the global dependence on conventional plastics. Meredian Holdings Inc., a sister company of Danimer Scientific, purchased the intellectual property rights for bio-plastic technology called Nodax from Procter & Gamble in 2007. In 2016, Danimer Scientific LLC and Meredian Holdings Inc. merged into a single company, and their corporate identity became Danimer Scientific, which is currently the leader in biodegradable polymer, PHA. Danimer Scientific currently has two facilities to cater the demand for biodegradable polymers. The recent merger with Live Oak Acquisition Corp, a publicly traded special purpose acquisition company, helped Danimer become a public company. It has a production capacity of 10,000 tons per year and the capability to customize biodegradable resins, constituting a range of products which include resins, pellets, and extrusion products. Currently, Danimer Scientific has a strong presence in North America and Europe.
Kaneka Corporation is a Japan-based chemical manufacturing company which produces chemical products such as functional resins, foam resins, expandable plastics, foodstuffs, life science products, electronic products, biodegradable materials, and synthetic products serving the food packaging, medicinal, electronics, and construction industries. The company offers its products through four business segments, namely, material solutions unit, quality of life solutions unit, healthcare solutions unit, and nutrition solutions unit. As part of its new business development initiatives, the company has started expanding the production of a biodegradable polymer called KANEKA Biodegradable Polymer PHBH through the material solutions unit at the Takasago factory, Japan. The company uses vegetable oils and other biomass as raw materials. It offers products for the food packaging materials, agricultural, and civil engineering materials, and marine materials applications. The company has a presence in North America, Asia Pacific, and Europe other than Japan.
Polyhydroxyalkanoate (PHA) Market by Type (Short chain length, Medium Chain Lenth), Production Methods (Sugar Fermentation, Vegetable Oil Fermentation), Application (Packaging & Food Services, Biomedical) and Region - Global Forecast to 2027
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