Polyhydroxybutyrate (PHB) companies are at the forefront of biopolymer innovation, developing sustainable alternatives to traditional plastics. They produce PHB, a biodegradable polymer derived from renewable resources like plant sugars or bacteria. These companies drive environmental conservation by offering eco-friendly packaging, biomedical, and agricultural solutions, promoting a circular economy.
The polyhydroxy butyrate (PHB) market, where plastic transforms from villain to eco-hero, is a battleground teeming with innovation and sustainability ambitions. Players big and small vie for a slice of this burgeoning pie, utilizing diverse strategies to cater to the growing demand for environmentally friendly alternatives to traditional plastics. Let's delve into the intricacies of this market, exploring the strategies, market forces, and recent developments shaping its trajectory.
Strategies Adopted: Shaping a Greener Future with PHB:
Factors Fueling the PHB Market Growth:
Key Players:
Recent Developments:
October 2023: NatureWorks unveils a new grade of PHB with enhanced heat resistance, opening doors for its use in automotive and electronics applications.
November 2023: Mitsubishi Chemical Corporation partners with a startup to develop PHB production technologies that utilize food waste as feedstock, promoting resource efficiency and circularity.
December 2023: Tianjin Green Bio expands its production capacity and establishes a new research facility dedicated to optimizing PHB production processes.
January 2024: Zhejiang Hisun Biomaterials enters into a collaboration with a major food packaging manufacturer to develop and supply PHB-based food trays and containers.
The polyhydroxy butyrate market was valued at USD 62 million in 2018, and 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 2024 to 2030 in the global market.
A naturally occurring who is partially in the crystalline polymer is called Polyhydroxy butyrate (PHB). During starvation, it helps in energy storage which is primarily synthesized by prokaryotic microorganisms. Various bacterial strains are potent producers of polyhydroxy butyrate. Some of these are rhizobium, pseudomonas, Nocardia, Bacillus, Azotobacter, Alcaligenes, and many others. PHB is also used as an attractive alternative for petroleum-derived plastics as it has non-pollutant and biological degradability characteristics.
COVID 19 Analysis
The global pandemic of COVID 19 has affected a large section of society. Most people have lost their livelihood because of this global pandemic. It has affected the growth and dynamics of several industries. Owing to the shortage of vaccines, everyone is concerned about their immunity and follows social distancing. With the increasing social distancing and contactless activities, the demand for the packaged food for ensuring proper hygiene and safety. Food and beverages also show significant demand when packed taking all the necessary measures.
The global pandemic of COVID 19 has a neutral impact on the global market share of the polyhydroxy butyrate market. The market share for PHB is expected to show positive growth during the forecasted period from 2021 to 2028.
Competitive Landscape
The most prominent major key players in the polyhydroxy butyrate market all across the globe are mentioned below:
Market Dynamics
Drivers
Various factors drive the market demand. The rise in the regulations regarding the environment and increasing concern for plastic waste accumulation drives the demand for biodegradable plastics and hence increases demand for polyhydroxy butyrate. As PHB has thermoplastics characteristics that resemble synthetic polymers to a great extent which helps in various synthetic plastic-based applications and hence drives the market demand. In this eco-friendly era, PHB is largely used as it reduces hazardous effects caused by non-degradable and conventional petroleum-based plastics.
Opportunities
The rise in demand for PHB in the global market. Owing to increasing use of polyhydroxy butyrate as a replacement of polyolefin commodities like polyethylene (PE) and polypropylene (PP) creates various growth opportunities during the forecasted period. Moreover, owing to various qualities of PHB like nanotechnology, biocompatibility it is largely used in medical applications which propel the market demand and hence provide various growth opportunities in the global market.
Restraints
Though the polyhydroxy butyrate market is increasing at an incredible rate some factors restrict its growth in the global market. The presence of poor mechanical properties of biopolymer coupled with high fabrication cost restricts the use of PHB in various applications and hence hamper the market growth. The cost of manufacturing biodegradable plastic-like PHB is 20%-80% more than conventional plastics. Since most of the countries are at the developing stage it becomes difficult to afford biodegradable plastic. Also, the PHB market is at the early development stage and hence it does not achieve economies of scale.
Value Chain Analysis
The demand for the polyhydroxy butyrate market is increasing rapidly in the global market owing to various benefits associated with it. Since it has properties like oxygen permeability and resistance from UV rays it is largely used in the various medical and biomedical industries. It is also used in the production of microcapsules to control the release of drugs. Another use of PHB is seen in tissue engineering. Regular research and development done in PHB fuels the market demand in the global market. Additionally, increasing concern regarding environment-related issues provides growth opportunities.
Market Segmentation
The polyhydroxy butyrate market has been divided all across the globe based on the type, end-user industry, and region.
Based on the Type
The market has been divided all across the globe based on the type into granules type, sheet type, film type, and powder type.
Based on the End-User Industry
The market has been divided all across the globe based on the end-user industry into the agriculture industry, consumer goods industry, biomedical industry, packaging industry, and many others.
Based on the Region
The market has been divided all across the globe based on the region into the Asia-Pacific region, European region, North American region, Latin American region, and the Middle East and African region.
Regional Analysis
The polyhydroxy butyrate market has been divided all across the globe based on the region into Asia-Pacific region, European region, North American region, Latin American region, and the Middle East and African region. The largest market share in the global market is held by the European region owing to rising demand for sophisticated biopolymers and reduction in dependency on fossil fuels. Additionally, rise in several legislations and the presence of mature bioplastic industries. According to the reports of the European Biomass Industry Association, 41.5% of the global biopolymers market is held by Western Europe. Moreover, strong research and development coupled with the increasing use of biopolymers boost the market growth.
The second-largest market share in the global market is held by the Asia-Pacific region owing to increasing disposable income coupled with increasing industrialization drives the market demand. Additionally, the growing demand for packing films and packaged foods boost the market demand. The use of 2 million tons of bioplastics per year has been estimated by the Japan Ministry of Environment by the end of 2030.
The third-largest market share is held by the North American region. Owing to the presence of stringent regulation regarding non-biodegradable plastic waste’s use. Additionally, the use of biopolymer-based nanocomposites especially in the food packaging industry boosts the market growth in this region. Among all the countries present in this region, the US holds the largest market share and hence dominates the market.
The Middle East and African region and Latin American region are expected to grow at a substantial growth rate owing to a rapid increase in per capita disposable income coupled with an increase in industrialization.
These major key players use various strategies to sustain their market position in the polyhydroxy butyrate market in the global market by going for mergers, and acquisitions, by collaborating, setting up a new joint venture, establishing a partnership, developing a new production process, developing a new product line, innovation in the existing product, and many others to expand their customer base in the untapped market of the polyhydroxy butyrate across the globe.
Recent Developments
Report Overview
The global polyhydroxy butyrate market research report consists of the following elements mentioned below:
This market research report contains factors that drive the growth of the polyhydroxy butyrate market in the global market along with the factors that restrict its growth in the global market. The opportunities available for growth during the forecasted period are mentioned. The impact of COVID 19 on the sales revenue of the polyhydroxy butyrate market all across the globe is mentioned. The future growth rate of the polyhydroxy butyrate market during the forecasted period is estimated and mentioned.
Intended Audience
Industry associations, distributors, polyhydroxy butyrate manufacturers, raw material suppliers, potential investors, traders and distributors of polyhydroxy butyrate, and many others.
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