(PHA) Market size, Industry Demand in terms of value, the market is estimated to be USD 73.68 million, in 2016 adidas nmd negras hombre , and is projected to reach USD 93.52 million, by 2021, at a CAGR of 4.88%, between 2016 and 2021.
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GLOBAL GROWTH DRIVEN BY TOP 3 MARKETS: US, GERMANY, ITALY
The increasing awareness regarding environmental protection and changing preference of manufacturers from conventional to biodegradable plastic products adidas nmd negras ofertas , is driving the PHA market. The increasing demand for bioplastics in the countries such as US and Germany, along with the growing economies of Asia-Pacific such as China and India is expected to further drive the market.
KEY FINDINGS IN THE GLOBAL PHA STUDY:
China will be the Fastest Growing PHA Market Through 2022
China is not only the largest market in Asia-Pacific, but also the leading country, in terms of the production of PHA. It is also projected to grow at the highest rate during the forecast period. The growth is mainly driven by rapid urbanization and the presence of key players in the region. China, with its exceptional manufacturing facilities, has the manufacturing base of the top multinational and domestic PHA manufacturers such as Tianjin GreenBio Materials Co (China) adidas nmd negras , Tianan Biologic Materials Co Ltd (China), and Shenzen Ecomann Biotechnology Co (China). The industry has undergone massive globalization and consolidation with huge capital investments and development projects to maintain its position in the competitive market.
China is the biggest manufacturing hub for a variety of applications of PHA. Owing to increasing levels of income in the country, people are able to afford various products which were considered luxuries a decade ago. Another key industry for the PHA plastics market is the food service industry, which has also resulted in increased demand for PHA-based bioplastics in the country. The increase in industrial and commercial packaging applications such as food packaging and cosmetics packaging, is also responsible for the high market size for PHA in packaging applications.
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PHA market to witness a significant growth in the developed economies of North America and Europe