According to a newly published report by Research Nester on “Global Polyhydroxybutyrate Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global polyhydroxybutyrate market in terms of market segmentation by applications, by end use industry and by region.
Adoption of environment friendly products is the key area for the governments and manufacturers these days attributing to increasing demand for eco-friendly products by the consumers. It has strengthened the demand for PHB in manufacturing of distinct products such as packaging material, medical devices, and mulch films.
The use of biodegradable polymer helps in the reduction of the problems associated with non-biodegradable conventional petroleum based plastics. Currently, the world trend in the development of more bio-based plastics is worthy and the contribution of PHB in the sustainability of the ecosystem is increasing. On account of these factors, the market is anticipated to record a significant growth during the forecast period i.e. 2019-2027.
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The market is further segmented by end use industry into automotive, pharmaceutical, agricultural, food & beverage and others out of which, the pharmaceutical industry segment is anticipated to have significant growth on account of growth in the demand for PHB based medical products.
Asia Pacific is estimated to have leading shares during the forecast period owing to the increasing demand of PHB from various end use industries such as agriculture, pharmaceutical, automotive, and food and rise in food and pharmaceutical industries in the countries.Europe is anticipated to have significant growth and has been the largest market for biodegradable packaging and paper industry. North America is expected to witness a stable growth and U.S. is anticipated to be the largest market in this region followed by Canada and Mexico. Latin America is estimated to be the growing market. Middle East and Africa is estimated to have modest growth on the back of increase in technology with implementation of various cultivation techniques in order to enrich the crop production.
Government Initiatives and Increased Usage
There is an increase in the use of PHB in packaging material such as bin bags, cling films and in the consumption of packaged food owing to busy lifestyle and easy availability.Government is working continuously in taking initiatives and formulating regulations coupled with environmental agencies to reduce the harmful effects of non-biodegradable materials with eco-friendly nature of the product. These factors are expected to spur the market growth.
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Manufacturers are investing in the market to bring the costs down in the near future
The cost of PHB based polymers is high in comparison to conventional polymers. Furthermore, when PHB is stored at room temperature, it becomes stiff, brittle, and thermally unstable during processing. These factors are expected to hamper the growth of the market during the forecast period.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global polyhydroxybutyrate market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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