USD 68.5 million
Report ID: SQSG15E2020 | Region: Global | Published Date: November, 2022 | Pages: 165
Global Bio-based Polypropylene Market was valued at USD 68.5 million in 2021, and the market size is estimated to reach USD 996.9 million by 2028, at a CAGR of 39.9% over the forecast period (2022-2028).
The key drivers of bio-based polypropylene market expansion in recent years have been increased demand for polypropylene from the construction and automotive industries, as well as rising environmental concerns regarding the use of synthetic polypropylene.
Demand for lightweight materials has increased across a number of industries, which is driving up demand for polypropylene. Emphasis on lowering carbon emissions in countries like Europe and the United States and government policies that support the usage and production of bio-based products are also contributing to the market's growth.
The rising demand for alternatives to petroleum-based chemicals among end users and the rising expense of these chemicals as a result of the fluctuating price of crude oil are also paving the way for the market's growth. Continuous advancements in biotechnology and chemical processing are also helping to fuel this industry's expansion and enable the production of innovative bio-based polymers like polyhydroxyalkanoate and polylactic acid, which are becoming more and more popular across a range of sectors. Therefore, such technological advancement would also aid in the bio-based polypropylene market's growth.
The global market for bio-based polypropylene (PP) is expected to expand as a result of the increasing need for bio-based polymers across producers of numerous end-use industries to reduce their carbon footprint and the strict regulatory regulations associated with synthetic polymers. The market for bio-based polypropylene (PP) is also expected to increase as a result of significant investments in R&D made by leading corporations and novel product offers. Another key factor projected to promote the growth of the bio-based polypropylene market is the rising food and beverage industry, growing number of U.S. manufacturers, and high use of bio-based PP for many processes such as printing, coating, and laminating.
Global Market Size
USD 68.5 million
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The global bio-based polypropylene market is segmented based on application, end user, and region. Based on application, the bio-based polypropylene market is segmented into injection, textile, films. Based on end user, the bio-based polypropylene market is segmented into automotive, electronics, construction, industrial applications, others. Based on region, the Bio-based Polypropylene market is categorized into North America, Europe, Asia-Pacific, and MEA.
Injections to hold largest share in the bio-based polypropylene (PP) market
The injection segment accounted for a significant portion of the bio-based polypropylene market in 2021. This is primarily due to the increased demand for injection-molded parts across many end-use industries, including the construction, packaging, and automotive sectors. The demand for bio-based plastics is expected to rise as lightweight materials are used more frequently in the automotive industry along with growth in automobile sales in emerging markets like China and India. Automotive applications for this product include bumpers, lateral siding, rocker panels, body panels, dashboards, door pockets, panels, consoles, battery covers, heating, ventilation, and air conditioning systems, as well as air ducts and pressure vessels. The demand for bio-based PP is increasing as a result of the increased significance of recycling in the automotive sector. As a result, the need for bio-based polypropylene in the production of injection-molded components for use in construction, electronics packaging, automotive, and industrial applications will rise.
Films used in the packaging business are made of bio-based polypropylene. The bio-based polypropylene market will grow throughout the forecast period due to the expansion of the packaging sector and growing emphasis on environmentally friendly packaging.
Biaxially orientated polypropylene (BOPP), which has stronger strength and superior clarity, is often created by extruding and stretching bio-based polypropylene. Additionally, it can make coating, printing, and laminating considerably simpler. Vegetables, meats, and confectionary products are just a few examples of the many food items that are packaged with BOPP. It is also projected that a high demand for cutting-edge materials will be advantageous for this segment.
Packaging segment to hold the major share in the bio-based polypropylene market during the forecast period
The packaging segment has dominated the bio-based polypropylene market due to the significant demand from industries such as food & beverage, automotive, and consumer products. In the building and construction industry, bio-based polypropylene is used for roof panels, bathroom fixers, coatings, and insulation. The expansion of the building and construction sector in developing nations is linked to the demand for this product.
The consumer goods category is projected to experience the highest growth throughout the forecasted period due to the quick adoption of bio-based polypropylene in home applications like table and chairs, tablecloths, covers, kitchenware, and bottles. IKEA and Neste have teamed up to offer furniture that is manufactured from garbage and leftover oils and is biodegradable. IKEA receives these raw materials from Neste.
Growth in the other category is also projected due to the growing demand for bio-based polypropylene in medical applications. A bio-based polypropylene (PP) has been created by Mitsui Chemicals and can be utilised for a variety of products, including medical care items and automobile parts.
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Europe dominated the bio-based polypropylene market, in terms of value, worth US $34.4 million in 2020. The market is expanding as a result of the rising demand for bio-based polypropylene in the automobile industry. Germany is a major manufacturer and consumer of autos, and the expansion of the automotive sector there is expected to drive up demand for bio-based polypropylene. This material will be utilised to make auto parts for bumpers, panels, and interior and external design.
North America accounts for a huge portion of the global bio-based polypropylene market. This market share can be attributed to the region's high level of technical development and disposable income. The building and construction sector's rising demand for bio-based PP for remodelling and new construction projects is driving market expansion.
Asia-Pacific is projected to have significant market expansion during the projected period. The market is expected to be driven by the rising demand for bio-based polypropylene from a variety of industries, including the automotive and building & construction sectors. A substantial demand for bio-PP based goods in home and institutional applications is being caused by the economic development in nations like China, India, and Japan, and this demand is projected to drive the bio-based polypropylene market throughout the forecast period. Additionally, the region's expanding population has increased demand for individual automobiles, driving up the price of this material.
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In the packaging sector, bio-based polypropylene is mostly used for goods like packaged food, packaged beverages, and sealed food. This polymer is used to create films that are used to cover objects during transportation. The usage of this material gives the products outstanding flexibility and durability while also shielding them from outside influences. As a result, the bio-based polypropylene market is significantly driven by the rising demand from the packaging sector.
The rising consumption of this product is a result of growing environmental consciousness regarding the use of industrial waste and biomass for the production of plastic. For the commercialization of bio-PP, Mitsui Chemicals employed a novel production technique that involved the fermentation of different biomass, primarily non-edible plants, to generate isopropanol (IPA). Moreover, the adoption of bio-based alternatives is being pushed by the fluctuating costs of traditional plastic raw materials like crude oil.
The bio-based polypropylene market is expected to be hindered in the coming years by the significant availability of substitute goods such polylactic acid and bio-based PET. These materials include bio-based PET, bio-based PHA, and bio-based PE. These materials are readily available at reduced prices, which acts as an obstacle in market expansion. Additionally, the market is being hampered due to the slow technological progress for bio-polypropylene compared to other non-biodegradable bio polymers. The absence of global regulations governing the uses of bio-based polypropylene is projected to hinder the market during the forecast period. Each nation has its own regulations governing the use of bio-based polypropylene. Businesses find it challenging to comply with these regional regulations, which discourages investment in the bio-based polypropylene market and is therefore expected to impede the market growth.
The market for bio-based polypropylene is also constrained by the high cost of manufacture and distribution. It is projected that rising demand for sugarcane, soy, and corn from the food and beverage sector will have an impact on availability of raw materials and restrain market expansion.
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Key players operating in the bio-based polypropylene industry are Mitsui Chemicals, Inc., LyondellBasell Industries Holdings B.V., and Neste Oyj. Businesses are implementing methods like distribution improvement, new product creation, and collaboration to acquire a competitive edge in the global market. For instance, Neste manufactures a variety of renewable goods that help consumers lower their carbon footprints. The company is a significant producer of renewable diesel that is made from trash and by-products and has worked with numerous significant plastic manufacturers, including IKEA, Borealis, Braskem, and Henkel. These company’s receive refined trash & leftovers from Neste to help in the production of environmentally friendly goods.
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According to our analysis, due to growing environmental concerns surrounding the usage of synthetic polypropylene, bio-based polypropylene has developed as a better substitute. The manufacturing and usage of polypropylene derived from fossil fuels are linked to health risks, which has increased demand for bio-based polypropylene. However, the market for bio-based polypropylene is still in its infancy and is expanding quickly. The end-users of polypropylene have been further encouraged to convert to bio-based propylene by the growing costs of petroleum-based chemicals as a result of fluctuating crude oil market. The market for bio-based chemicals is also benefiting from the decline in crude oil levels. Governments all throughout the world have supported producers of bio-based chemicals by giving them subsidies.
|Market size value in 2021||USD 68.5 million|
|Market size value in 2028||USD 996.9 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Bio-based Polypropylene Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Bio-based Polypropylene Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG15E2020