The global Polyhydroxybutyrate Market is expected to reach USD 1,146.4 Million by 2028, according to a new report by Reports and Data. Polyhydroxybutyrate is a biodegradable co-polyester of 1, 4-butanediol, adipic acid, and dimethyl terephthalate, and is available commercially as resin and as a compound with PLA (polylactic acid) or starch.
Increasing demand for biodegradable plastics in packaging is estimated to stimulate market demand in the upcoming years. This is due to the increasing use of biodegradable plastics, such as Polyhydroxybutyrate in the manufacturing of single-use packaging materials, including shopping bags, and disposable cutlery, among others.
Stringent government regulations about the use of non-biodegradable plastics is anticipated to boost the market demand in the forecast period. The accumulation of non-biodegradable substances in landfills alter the porosity of land and lead to depletion of underground water. Besides, certain non-biodegradable materials are toxic, which may cause harm to humans when they consume food grown on such lands.
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Moreover, an increase in the level of disposable income of people, especially in developing countries, such as China and India is likely to propel the growth of the market in the upcoming years. This would lead to an increase in the purchasing power parity of consumers, which, in turn, would create demand for sustainable and biodegradable packaging.
Key participants include BASF SE, Lotte Fine Chemicals Co. Ltd., Nova SPA, Eastman Chemical Company, Far Eastern New Century Corporation, Biome Bioplastics, WILLEAP, Jiangsu Torise biomaterials Co. Ltd., Toray Industries, and Danimer Scientific, among others.
Further key findings from the report suggest
- By raw materials, terephthalic acid held a substantial market share in 2018 and is expected to grow at a considerable rate in the forecast period.
- By application, composite bags contributed to the largest market share in 2018 and is expected to witness a CAGR of 13.3% in the forecast period. Polyhydroxybutyrate possesses properties similar to HDPE (High-density polyethylene). The product has a low tensile and high elongation at break. Primarily it is used in food packaging industries owing to its compost ability property.
- Europe dominated the market in 2018 and is expected to grow at a rate of 13.9% in the period 2019-2026. The market dominance of Europe is owing to the growth of end-user industries, such as the packaging, coatings, and consumer goods industry, among others.
- In July 2019, BASF, a leading player in the market, by using the certified compostable plastic ecovio®, has developed a material portfolio for several applications which can be used all over the entire food cycle. ecovio® M 2351 is a certified (EN 17033) soil-biodegradable plastic for mulch films, comprising of the biodegradable copolyester ecoflex® (PBAT) and other biodegradable polymers produced from renewable raw materials.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/Polyhydroxybutyrate-market
For the purpose of this report, Reports and Data have segmented the global Polyhydroxybutyrate market on the basis of raw materials, application, industry vertical, and region:
Raw Materials Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- 1,4-Butanediol
- Adipic Acid
- Terephthalic Acid
Application Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Composite Bags
- Cling Films
- Bin Bags
- Scrubs
- Mulch Films
- Others
Industry Vertical Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- Packaging
- Agriculture
- Coatings
- Consumer Goods
- Others
Regional Outlook (Volume, Kilo Tons; 2018-2028 and Revenue, USD Million; 2018-2028)
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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