Polyhydroxy Butyrate Market 2023: Exploring the Potential of a Sustainable Alternative to Petroleum-based Plastics

 

Global Polyhydroxy butyrate (PHB) Market to Grow Moderately over 2023

Market Synopsis:

it is expected to grow at a higher CAGR of 18.69% in the global market to account for the higher market value of approximately USD 121 million by the end of the forecasted period from 2021 to 2028 in the global market

Polyhydroxy butyrate (PHB) Market is a biodegradable and biocompatible polymer produced by microorganisms as a storage material. It has a wide range of applications in various industries such as biodegradable packaging, biomedical products, agriculture, and textiles. The market for PHB is expected to grow in the future due to increasing demand for eco-friendly and sustainable products, as well as advancements in PHB production technology. However, the high production cost and limited availability of PHB are challenges for the market’s growth.

The rising demand for PHB from the food & beverage industry is an important factor favoring the expansion of the polyhydroxy butyrate (PHB) market. The changing lifestyle and food habits coupled with rising disposable income and standards of living have generated massive demand for packaged food. This, in turn, is expected to expand the polyhydroxy butyrate (PHB) market in the foreseeable future. Furthermore, the rising demand for bin bags, cling films, and garbage bags from the packaging industry, as well as the growing demand for packaging from the personal care industry, is anticipated to propel the expansion of the polyhydroxy butyrate (PHB) market in the forthcoming years. However, the expensiveness of PHB-based polymer remains an impediment to the market growth.

Market Segmentation:

By application, the polyhydroxy butyrate (PHB) market has been segmented into medical devices, packaging, mulch films, and others.

By end-use industry, the polyhydroxy butyrate (PHB) market has been segmented into pharmaceutical, food, agriculture, automotive and others.

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Regional Insights:

The polyhydroxy butyrate (PHB) market, by region, has been segmented into Asia Pacific, Europe, Latin America, North America, and Middle East & Africa. Asia Pacific is expected to strike a relatively higher CAGR owing to rising demand across different verticals such as packaging, pharmaceutical, agriculture, automotive, etc. The fast-developing economies such as China and India are likely to emerge as vital country-level markets over the assessment period owing to the growth of the end-user industries.

The Middle East & Africa is set to expand moderately over the forecast period. The factors such as technological advancements and the implementation of cultivation techniques for crop production are expected to revolutionize the polyhydroxy butyrate (PHB) market in the region over the next couple of years.

Europe is predicted to hold the largest market share in the forthcoming years. The consolidation of major developed economies such as Germany, Sweden, Italy, the U.K., etc. are poised to complement the expansion of the market over 2023.

North America is prognosticated to exhibit steady growth due to a rising inclination toward the adoption of biodegradable plastic. The U.S. is anticipated to lead the regional market for pharmaceutical, food, agriculture, and automotive through the forecast period.

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Competitive Dashboard:

Some of the key players profiled in this report are BASF SE (Germany), TianAn Biologic Materials Co., Ltd. (China), PHB Industrial S.A (Brazil), Biomer (Germany), Bio-On (Italy), Tepha Inc (U.S), and Telles, LLC (U.S).

Industry News:

In April 2018, NASA, the aeronautics, and aerospace research center has tested human waste for 3D printing of tools in space. The process relies on the conversion of genetically engineered Escherichia coli bacteria into polyhydroxy butyrate.

In June 2018, Bio-on, Italian bio-plastics leaders, inaugurated its plant dedicated to the production of 100% natural and biodegradable special PHA bioplastics.

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