Polyhydroxyalkanoate (Pha) Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The global market for Polyhydroxyalkanoate (PHA) is expected to grow at a CAGR of over 3% during the forecast period. The major factor driving the market studied is the growing demand for eco-friendly materials. On the flip side, the higher prices of PHA compared to the conventional polymers and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
Packaging application is expected to dominate the market studied during the forecast period.
Europe is expected to dominate the global PHA market owing to the increasing consumption from countries such as Germany, France, and United Kingdom.
Key Market TrendsIncreasing demand from Packaging ApplicationThe global Polyhydroxyalkanoate (PHA) market is partially consolidated in nature. The major companies are Bio-on SpA, PolyFerm Canada, Danimer Scientific, Tianjin GreenBio Materials Co., Ltd., and Kaneka Corporation among others.
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