Polyhydroxybutyrate (PHB) Market Size - 283.53 million by 2028 Forecast by Credence Research

The latest market report published by Credence Research, Inc.?“Global Polyhydroxybutyrate Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028”.?The?Global Polyhydroxybutyrate Market generated revenue of around USD 102.4 million in 2021 and is anticipated to grow a CAGR of over 18.50% during the forecast period from 2022 to 2028 to reach around USD 283.53 million in 2028.?The market for biodegradable polymers is driven by the expansion of environmental regulations and growing concern about the accumulation of plastic waste, increasing demand for polyhydroxybutyrate. Due to its thermoplastic characteristics, which closely mimic those of synthetic polymers, PHB is in high demand. This aids several synthetic plastic-based applications. PHB is commonly used in this environmentally conscious era since it mitigates the negative effects of traditional, petroleum-based plastics and non-degradable polymers. Due to the increased replacement of polyolefin products like polyethylene (PE) and polypropylene with polyhydroxybutyrate, there will be several growth opportunities during the predicted timeframe (PP). PHB has a wide range of advantages, including its use in medical applications, biocompatibility, and nanotechnology, which fuel market demand and offer several opportunities for market expansion globally. However, PHB's poor mechanical properties and high production costs restrict its use in various applications and impede the market's growth.

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The global polyhydroxybutyrate market is segmented into application, end-use industry, and geography. Based on application, the polyhydroxybutyrate market is categorized into medical devices, mulch films, packaging, and others. Based on the end-use industry, the polyhydroxybutyrate market is segmented into the food & beverage industry, automotive industry, pharmaceutical industry, agriculture industry, and others. The polyhydroxybutyrate market is segmented geographically into North America, Europe, Asia Pacific, Latin America, the Middle East and Africa.

In 2021, Asia Pacific will dominate the global polyhydroxybutyrate market. Growing industrialization and disposable income are driving market demand. The growing demand for packaging films and items also drives up market demand. Due to several other factors, including growing industrialization, rising disposable income, rising environmental concerns, expanding consumer demand for packaged foods and packaging films, and strict regulations on the use of plastics in consumer goods, the market is anticipated to expand throughout the forecast period. According to the Japan Ministry of Environment, 2 million metric tons of bioplastics will be utilized annually by 2030.

Why To Buy This Report-

• The report provides a qualitative and quantitative analysis of the global polyhydroxybutyrate market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, base year- 2021, and forecast period 2022-2028.
• The report contains information related to the competitive landscape, like how the key players in the market are operating at a global, regional, and country level.
• In-depth analysis of the global polyhydroxybutyrate market segmentation based on the application and end-use industry.
• Major countries in each region with their import/export statistics.
• The global polyhydroxybutyrate market report also includes analyzing the global, regional, and country levels, key market trends, significant players analysis, market growth strategies, and key application areas.