Bio-based Polypropylene (pp) Market

Bio-based Polypropylene (pp) Market

Bio-based Polypropylene (pp) Market- By Source, Application and End-user.

Market Synopsis:

The global Bio-based Polypropylene (pp) market is valued at USD 90.5 Million in 2021 and is projected to reach a value of USD 644.3 Million by 2028 at a CAGR of 38.50% over the forecast period.

Bio-based polypropylene is a polymer derived from natural sources such as corn, sugar cane, vegetable oil, and other biomass. Bio-based polypropylene has properties similar to synthetic polypropylene. This polymer is used in injection moulding, textiles, and film, among other things. The global bio-based polypropylene market has grown significantly in recent years, owing to a variety of factors such as increased product consumption in automobiles and increased pressure on manufacturers to use bio-based materials. Increased adoption of specialty polymers to improve downsizing in automobiles is expected to boost demand for bio-based polypropylene during the forecast period.

Bio-based PP is primarily used in the packaging industry for items such as packaged food, packaged beverages, and sealed food. This polymer is used to make films that are used to protect products during transportation. The use of this material provides excellent flexibility and sturdiness, as well as protection from external factors. As a result, rising demand from the packaging industry is a major driver of the bio-PP market. The growing awareness of the use of biomass and industrial residue for plastic production as an act of environmental protection is leading to increased consumption of this product. The increasing importance of recycling in the automotive industry is driving demand for bio-based PP, resulting in market growth. When compared to traditional polypropylene, bio-PP has a higher recycling rate, resulting in a higher consumption of this material. Furthermore, commercial production bio-PP for widespread polypropylene applications in the automotive industry is expected to have a high market growth potential.

Market Segmentation:

The Bio-based Polypropylene (pp) market is segmented on the basis of Source, Application and End-user. On the basis of Source, the market is divided into Corn, Sugarcane, Beet and Others. On the basis of Application, the market is segmented into Injection, Textile, Films and Others. On the basis of End-user, the market is divided into Automotive, Electronics, Construction, Industrial applications and Others.

Based on Source-

On the Basis of source, the market is divided into Corn, Sugarcane, Beet and Others. In 2021, the Corn segment had a significant market share. The Corn segments market share is attributed to the high water resistance of corn starch compared to other types of starch, abundant availability of this source, and low cost, which results in its high preference among end-users, all of which contribute to the segments market share. Furthermore, when dry, it provides an improved oxygen barrier, making it an excellent choice for packaging applications. In many places, where the use of plastic grocery bags is completely prohibited, this source of polypropylene has a lot of potential.

Based on end user-

Based on end user, the market is divided into Automotive, Electronics, Construction, Industrial applications and Others. In terms of end-user, the automotive segment held a sizable market share in 2021. The Automotive segments market share is attributed to the fact that there is a growing demand for polypropylene in this sector, and in this regard, an increasing number of market players are taking initiatives to minimize the use of synthetic polymers due to their negative impact on the environment, which contributes to this segments market share. Major players in the automotive industry, such as Ford, have begun testing non-biodegradable bioplastics derived from the agave plant in order to make cars lighter and improve fuel economy.

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Europe is expected to acquire the largest market share during the year 2021

Europe dominates the market, accounting for the market share of 36.10% in 2021. Europes market share is attributed to the presence of a well-established automotive industry in this region, as well as the European Commissions increasing emphasis on minimizing GHG emissions during manufacturing, which contributes to the regions market share. Increased automotive manufacturing in countries such as France, Spain, and France would also help to expand the market in this region. However, during the COVID-19 outbreak in these European nations, all of its sectors were severely impacted, potentially slowing the sectors growth in Europe, particularly in the first three quarters of 2021.

Competitive Landscape:

Key players operating in the global Bio-based Polypropylene (pp) market include-The Dow Chemical Company, Global Bioenergies SA, Trellis Earth Products, Inc., Braskem S.A., Mitsubishi Chemical Holdings Corporation, LyondellBasell Industries Holdings B.V., DowDuPont, Exxon Mobil, Biobent Polymers and Neste.

Segmentation of Bio-based Polypropylene (pp) Market:

By Source-(Revenue- USD Million, 2016-2028)

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By Application-(Revenue- USD Million, 2016-2028)

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By End-user-(Revenue- USD Million, 2016-2028)

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By region-(Revenue- USD Million, 2016-2028)

North America-

· U.S.

· Canada

Europe

· Germany

· U.K.

· France

· Italy

· Spain

· Sweden

· Netherland

· Turkey

· Switzerland

· Belgium

· Rest of Europe

Asia Pacific

· China

· Japan

· India

· Australia

· South Korea

· Philippines

· Singapore

· Malaysia

· Thailand

· Indonesia

· Rest Of APAC

Latin America

· Brazil

· Mexico

· Argentina

· Colombia

· Peru

· Rest of South America

Middle East & Africa

· South Africa

· Saudi Arabia

· Egypt

· Rest Of MEA

· UAE