Polyhydroxybutyrate (PHB) Market Forecast to 2023:
According to Market Research Future (MRFR)’s analysis, the global polyhydroxybutyrate (PHB) market has been projected to thrive at a moderate CAGR during the forecast period 2016 to 2023. PHB is gaining traction owing to its environment-friendly characteristics. It is produced through a fermentation process using microorganisms. This is likely to have a positive impact on the growth of the polyhydroxybutyrate (PHB) market over the next couple of years.
Adoption of eco-friendly products is the key area of focus for the governments and manufacturers. It has intensified the demand for PHB in the manufacturing of different products such as packaging material, mulch films, and medical devices. This upsurge in demand is likely to become a major factor responsible for driving the expansion of the polyhydroxybutyrate (PHB) market through the assessment period.
PHB is gaining momentum in the market owing to the rising awareness about the harmful effects of non-biodegradable products on the environment. In addition, the favorable laws enforced are anticipated to further boost the proliferation of the polyhydroxybutyrate (PHB) market.
The rising demand for PHB from the food & beverage industry is an important factor favoring the expansion of the polyhydroxybutyrate (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 polyhydroxybutyrate (PHB) market in the foreseeable future. Furthermore, the rising demand for bin bags, cling films, and garbage bags from packaging industry, as well as growing demand for packaging from the personal care industry, is anticipated to propel the expansion of the polyhydroxybutyrate (PHB) market in the forthcoming years. However, expensiveness of PHB based polymer remains an impediment to the market growth.
- BASF SE
- TianAn Biologic Materials Co., Ltd.
- PHB Industrial S.A
- Tepha Inc
- Telles, LLC
In April 2018, The NASA, 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 polyhydroxybutyrate.
In June 2018, Bio-on, Italian bio-plastics leaders, has inaugurated its plant dedicated to the production of 100% natural and biodegradable special PHA bioplastics.
By application, the polyhydroxybutyrate (PHB) market has been segmented into medical devices, packaging, mulch films, and others.
By end-use industry, the polyhydroxybutyrate (PHB) market has been segmented into pharmaceutical, food, agriculture, automotive and others.
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The polyhydroxybutyrate (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.
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 rising inclination towards 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.
The Middle East & Africa is set to expand moderately over the forecast period. The factors such as technological advancements, and implementation of cultivation techniques for crop production are expected to revolutionize the polyhydroxybutyrate (PHB) market in the region over the next couple of years.