Future Market Insights
Global Polyhydroxybutyrate Market: Overview
Polyhydroxybutyrate is a biopolymer which is manufactured from microorganisms. It is a kind of polyhydroxyalkanoate and is synthesized via fermentation process. These are thermoplastic polymers with similar properties to petroleum based polypropylene. Polyhydroxybutyrate is biodegradable polymer and is widely used in the manufacturing of packaging material of medical devices and mulch films. Polyhydroxybutyrate is drawing heavy interest from end use industries such as food, agriculture and pharmaceutical owing to its environmental friendly features. Polyhydroxybutyrate is widely used in the packaging of cosmetic and food products. Increasing preference of packaged food due to easy availability and hectic lifestyle is set to uplift the market growth over the forecast period. Moreover, the increasing population has resulted in the reduction of agricultural land due to urbanization and industrialization has forced farmers to increase the productivity in the comparatively smaller areas. This led to increase in demand for polyhydroxybutyrate as mulch films. Additionally, increasing number of initiatives by environmental agencies and government coupled with rising awareness within consumers regarding the negative effects of the non-biodegradable packaging materials along with ecofriendly nature of the products is driving the polyhydroxybutyrate market growth.
Global Polyhydroxybutyrate Market: Dynamics
Increasing usage of polyhdroxybutyrate in packaging material such as cling films, bin bags, and garbage bags is expected to uplift the global polyhdroxybutyrate market in the coming future. The growing consumption of packaged food has also propelled the usage of polyhydroxybutyrate in food processing industry. Moreover increasing government initiatives and norms made by environmental agencies coupled with rising consumer wakefulness concerning the harmful effects of the non-biodegradable packaging materials along with environmentally friendly nature of the product is driving the polyhydroxybutyrate market growth. However, high price of polyhydroxybutyrate based polymers as compared to conventional polymers expected to hinder the polyhydroxybutyrate market growth over the forecast period.
Global Polyhydroxybutyrate Market: Segmentation
Global polyhydroxybutyrate market can be segmented on the basis of applications, end use industry and regions.
On the basis of applications, global polyhydroxybutyrate market can be segmented as
On the basis of end use industry, global polyhydroxybutyrate market can be segmented as
Global Polyhydroxybutyrate Market: Regional Outlook
Asia pacific is anticipated to grow at the higher rate over the forecast period owing to rising demand from many end use industries such as food, pharmaceutical, agriculture, and automotive. In Asia Pacific the demand for biodegradable plastic is expected to increase mainly in developing countries such as China and India, owing to increasing pharmaceutical and food industries in these countries. Western Europe is expected to dominate the global polyhydroxybutyrate market owing to presence of paper and biodegradable packaging industries. In this region, countries such as Germany, UK, Italy, and Sweden are anticipated to be leading consumer of polyhydroxybutyrate markets and are expected to witness above average growth in the next coming years. North America is expected to witness a steady growth in the usage of biodegradable plastic and paper over the forecast period. U.S is predicted to be the leading polyhydroxybutyrate consumer in this region followed by Mexico and Canada. Latin America is also predicted to show a positive growth in the usage of polyhydroxybutyrate over the forecast period. The Middle East & Africa is estimated to witness substantial growth over the forecast period. This is mainly due to increasing technological advancement together with implementation of cultivation techniques to boost crop production is expected to uplift the product demand in countries like South Africa.
Global Polyhydroxybutyrate Market: Market Participants
Some of the main market participants of global polyhydroxybutyrate market are namely
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