The rapid expansion of the packaging industry globally is estimated to generate profitable opportunities in the global polyhydroxyalkanoate market in the upcoming years, notes an assessment by Transparency Market Research (TMR). Furthermore, the study highlights that the polyhydroxyalkanoate market is prognosticated to expand at a CAGR of 9.2% during the forecast period 2021 to 2031 and gain a valuation of US$ 440 Mn by 2031.
Polyhydroxyalkanoate is being increasingly adopted across varied end-use industries such as the food and packaging industries owing to their degradable properties. With rising environmental concerns across the globe, people are increasing adoption of biodegradable products. Hence, the demand for biodegradable plastic manufactured using polyhydroxyalkanoates is rising around the world. This factor is propelling the global polyhydroxyalkanoate market.
Biomedical Applications of Polyhydroxyalkanoate Polyesters Fuel Expansion of Polyhydroxyalkanoate Market
Polyhydroxyalkanoate polyesters are being increasingly utilized in different biomedical applications such as tissue engineering scaffolds and drug deliveries owing to different advantages such as biocompatible, degradable, and thermoplastic nature of these materials. Thus, the polyhydroxyalkanoate market is likely to gain profitable prospects due to increased product use in the biomedical applications.
Players Expand Businesses Using New Product Launch Strategies
Companies operating in the global polyhydroxyalkanoate market are concentrating on the execution of different strategic moves such as collaborations, mergers & acquisitions, and joint ventures in order to expand their business operations. Moreover, many enterprises in the polyhydroxyalkanoate market are utilizing strategy of new product launches in order to augment their product portfolios. Owing to these factors, the polyhydroxyalkanoate market is anticipated to expand at prominent pace in the forthcoming years.
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Some of the key players operating in the global polyhydroxyalkanoate market include Bio-on S.p.A., BASF SE, Kaneka Corporation, Danimer Scientific, Inc., Bluepha Beijing, TianAn Biologic Materials Co., Ltd., Tianjin GreenBio Materials Co., Ltd (GreenBio), Blue Crystal Microbial Technology Co., Ltd. (BLUEPHA).