Jun 4, 2020 12:55 AM ET
iCrowd Newswire – Jun 4, 2020
The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
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The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Global Polyhydroxyalkanoate Market: Overview
Polyhydroxyalkanoate is polymer synthesized with the help of bacteria by the fermentation of sugar or lipids. Plant and vegetable oils like soybean oil, palm oil are also used as raw materials for the production of Polyhydroxyalkanoate. Many biodegradable blends are produced from polyhydroxyalkanoate by blending it with other polymers. It has wide applications in packaging, healthcare, bio medical, agriculture and other industries. The biodegradable nature of Polyhydroxyalkanoate is proven to be very useful in bio medical industry. Government policies towards usability of environment friendly products, high demand due to expanding industries in developing countries and increasing prices for non-renewable materials like petroleum play vital role in global demand elevation for Polyhydroxyalkanoate.
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Global Polyhydroxyalkanoate Market: Drivers and Restraints
Polyhydroxyalkanoate has wide applications in various industries and in turn acts as a better replacement for conventional synthetic polymer. The upcoming trend of bio plastic usability due to government support, consumer preference for environment friendly product and rising prices of oil and oil based products are some of the reasons to drive the demand for polyhydroxyalkanoate in upcoming times.
The restraining factors for the global Polyhydroxyalkanoate supply are the performance issues and higher manufacturing cost over the synthetic polymer. Many big market players are still in the technology development phase to deal with the performance and cost issues. Considerable investment in Research and Development is expected and it would be crucial for the development of critical performance index of Polyhydroxyalkanoate at optimum production cost.
Global Polyhydroxyalkanoate Market: Segmentation
Global Polyhydroxyalkanoate market can be segmented into three types based on raw materials used (sources) for the production, end-use industry and region. Based on raw material used it is segmented as produced from natural sugar (like sugarcane, corn sugar, sugar beet), from Plant and Vegetable oil (like Soybean oil, Palm oil, Corn oil), from waste lipids and milk (currently in experimental phase).
Based on application industry they are segmented in Packaging Industry, Food Industry, Bio Medical, Agriculture, Others (consumer goods, electronics).
Based on region the global market for Polyhydroxyalkanoate is divided into seven key geographical regions which includes North America, Latin America, Western Europe, Eastern Europe, APEJ, Japan and Middle East & Africa.
Global Polyhydroxyalkanoate Market: Region wise Overview
Among the seven key areas North America, Europe, APEJ and Japan have the major share of Polyhydroxyalkanoate market. In North America the government initiatives for more usability of sustainable and bio degradable products is the main market driver. Ample availability of raw materials, rising prices of oil and technology development for the betterment of manufacturing processes are shifting stakeholders’ trends towards bio plastics like polyhydroxyalkanoate. Revenue wise United State leads other countries with expected two digit CAGR in future times.
Latin American countries like Mexico are expected to make mark in upcoming time in global polyhydroxyalkanoate market due to strict government policies regarding the use of synthetic polymers. Western Europe also covers the major market share for polyhydroxyalkanoate due to its countries’ policies of green procurement and major market players’ investment in technology development. This region is supposed to expect double digit CAGR for the polyhydroxyalkanoate market.
Asia-pacific, being the substantial developing part of the globe with huge consumer pool have the immense demand for the bio plastic. It is expected to show extensive market growth for Polyhydroxyalkanoate. The technology development and transfer initiatives for optimum production cost by major players across globe, availability of variety of raw materials and growing economies in this region are expected to create major demand for Polyhydroxyalkanoate. China being the country with major market share in this region is expected to enjoy two digit CAGR in coming times.
Application wise Packaging industry is creating more demand for Polyhydroxyalkanoate and is expected to grow with substantial rate in future, followed by food and beverages industry with expected two digit CAGR.
Global Polyhydroxyalkanoate Market: Key Players
The major players in Polyhydroxyalkanoate production are trying to widen the usable raw material band for the optimum production cost, for instance Meredian group is using canola oil as raw material for production. Along with increasing the production capacities, the major players like Meredian (U.S.), Eco Mann (China) are bringing in the innovative techniques to meet the specific demand of polyhydroxyalkanoate.
- Metabolic Inc.
- Newlight Technologies LLC
- Tianjin GreenBio Materials Co. Ltd.
- Shandong Ecomann Technology Co.
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