Rising government policies with regards to use of environment-friendly products expanding industries in the developing economies as well as increasing costs of the non-renewable materials such as petroleum is expected to play a vital role in the elevating demand supply in polyhydroxyalkanoate market. Several medium and large scale industries have been taking immense efforts in developing on the industrial and experimental manufacturing of polyhydroxyalkanoate, which in turn throws positive output on the growth of global market.
Growing concern with regards to greenhouse gas emissions together with the positive regulatory framework simplifying consumption of the bio-based products is likely to promote polyhydroxyalkanoate market growth during the forecast period from 2018 to 2028.
Production Cost to Take a Toll
Higher manufacturing costs as well as performance issues over synthetic polymer is expected to pose a significant challenge for manufacturers in polyhydroxyalkanoate market. Several polyhydroxyalkanoate market players are still dealing with technology development phase in order to cater to the cost and performance issues. However, growing number of investments in R&D is anticipated to play a significant role in the development of crucial performance index with regards to polyhydroxyalkanoate at optimum manufacturing cost.
Medical Applications to Emerge Lucrative
Polyhydroxyalkanoate has been witnessing wide-ranging acceptance from the medical applications due to its bio-compatibility that helps in generating lucrative polyhydroxyalkanoate market gains during the projected timespan. Surging product consumption as anti-cancer agents, memory enhancers, engineering biodegradable implants, drug carrier tissues and biocontrol agents will further boost polyhydroxyalkanoate market growth. Increasing number of R&D investments in medical industry is expected to result in rising development of the bio-compatible materials, which in turn would stimulate the growth of polyhydroxyalkanoate market in the long run.
Government Policies in Developed Regions to Hold Future
North America polyhydroxyalkanoate market has been witnessing notable growth on account of increasing government initiatives with regards to usage of bio-degradable and sustainable products. Significant gain are also expected to be witnessed by polyhydroxyalkanoate market in North America owing to stringent regulations that are imposed by the region’s regulatory bodies with regards to consumption of bio-based packaging materials. For example, EPA has imposed stringent laws on the elimination of toxic waste materials for environment conservation. In addition, leading players in the medical industry of U.S. have been making significant investments for developing bio-compatible materials, benefitting the healthcare applications that includes implants, drug deliveries, etc. This in turn is likely to facilitate in the demand growth of polyhydroxyalkanoate market in the near future.
Stringent government policies with regards to usage of synthetic polymers in Mexico is expected to market a remarkable time in Latin America polyhydroxyalkanoate market in the imminent years. Western Europe is likely to hold a significant share in polyhydroxyalkanoate market with rising number of policies based on green procurement. In addition, increasing number of polyhydroxyalkanoate market players in the region have been taking immense efforts in heavily investing towards technological developments. All in all, increasing number of transfer initiatives and technological development, in order to attain optimum manufacturing cost by the leading players and enhancing availability of varieties of the raw materials is expected to drive the growth of polyhydroxyalkanoate market in the developed regions.
Food Packaging Industry to Be the Driving Force
Polyhydroxyalkanoate market is expected to be significantly stimulated by the food packaging industry as PHAs offer tunable set of properties that holds unparalleled potential for the bioplastic substitutes. This in turn impacts on the usage of fossil fuel-based plastics in wide-ranging applications. Polyhydroxyalkanoate are also helps in catering to the challenging temperature needs with regards to hot food & beverage service applications, for instance, coffee pods.
Usage of bioplastics in the food and beverage industry was earlier limited owing to its technical performance at extremely high temperatures, cost as well as limited supply. This had also led to limited supply of cups for storing cold beverages. However recent studies found polyhydroxyalkanoate exclusively suitable for even extremely challenging convenience food purposes. All these afore-mentioned factors are attributing towards notable growth of polyhydroxyalkanoate market.
To know more on the impactful trends and discoveries in polyhydroxyalkanoate market, click here.