Plastic is one of the best packaging solutions for the packaging of food and other goods rather than other packaging solutions. The severe supervisory changes by several governments across the globe for decrease the usage of plastic has augmented the inclination of manufacturer towards the biodegradable plastics. This type of plastic is environmentally friendly and produced by the bacterial fermentation of lipids or sugar.
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Polyhydroxyalkanoates are gaining attention in the biodegradable polymers market due to their influence properties such as high biodegradability in different environments, not just in composting plants. Polyhydroxyalkanoates are used in the various application including packaging of food & beverages, cosmetics, bio-medical application and agricultural films among others.
The global biodegradable plastics market is undesirably affected by the high cost of the invention of biodegradable plastics. The huge difference between the prices of biodegradable plastics and conventional plastics has negatively affected the polyhydroxyalkanoates market. Furthermore, the necessity of skillful labour, which is a challenge in emerging countries, has also restrained the global polyhydroxyalkanoates market in the near future.
There are several reasons which contribute to the growth of the polyhydroxyalkanoates market. One of the significant reason which plays an important role in the growth of the polyhydroxyalkanoates market is raising awareness among the consumer towards the environment protection. In addition, government regulations against the use of conventional plastic and tax relevance in the biodegradable industry may be the reason towards the inclination of the manufacturer.
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One of the major drivers of the global polyhydroxyalkanoates market is the fact that many manufacturers are now considering a shift in preference for biodegradable plastics, rather than plastics. This is attributed to increasing awareness among manufacturers regarding the disadvantages of plastics. Higher costs of polyhydroxyalkanoates as compared to conventional polymers are expected to hamper the growth of the market. Emphasis on minimizing the production costs of polyhydroxyalkanoates is expected to be a new opportunity for the growth of the market in the near future.
Geographically, the polyhydroxyalkanoates for packaging market is segmented into North America, Latin America, Europe, Asia-Pacific (APAC) and the Middle East & Africa (MEA). Moreover, Asia Pacific is expected to be the largest polyhydroxyalkanoates market for packaging, due to the rising demand by the textile and various industry. North America is expected to be the biggest subscriber in terms of volume and value because of awareness towards the use of environmentally friendly products.
Europe is expected to occupy significant share in polyhydroxyalkanoates for packaging market significantly. Asia Pacific and North America have the largest regional market for polyhydroxyalkanoates for packaging, owing to high demand from customers. The Middle East and Central and South America are expected to observe considerable growth rates in near future. Alternatively, many polyhydroxyalkanoates suppliers and competitor companies are investing in Asia Pacific to tap the growing demand and potential. Furthermore, Asia Pacific is anticipated to witness maximum CAGR over the forecast period primarily driven by China, Japan, and India.
Few of the key players identified across the globe in the polyhydroxyalkanoates for packaging market are Yield10 Bioscience, Inc., Shenzhen Ecomann Biotechnology Co., Ltd., Meredian Holdings Group, Inc., Ningbo Tianan Biologic Material Co. Ltd., Tianjin Greenbio Materials Co. Ltd., Bio-on S.p.A., Kaneka Corporation, BioMatera Inc. etc.
