Pune, India, April 29, 2021 (GLOBE NEWSWIRE) -- The global bio-based polypropylene market size is projected to reach USD 996.9 million by 2028, exhibiting a CAGR of 39.9% during the forecast period. Fortune Business Insights™ shares this information in its report, titled “Bio-Based Polypropylene Market, 2021-2028”. As per the report, the value of this market was USD 68.5 million in 2020.
Growing Concerns over Plastic Pollution to Create Huge Demand for Bio-based Polymers
The waste generated by synthetic polymers across the globe has become a critical environmental issue today. While governments are taking stringent measures, plastic pollution continues unimpeded. A 2019 research study by the University of Barcelona found that polypropylene, polystyrene, and polyethylene are the most abundant microplastics floating around in the Mediterranean coasts.
Further, Greenpeace states that globally only 9% of plastic gets recycled. The ecological hazards caused by plastics have heightened the need to find alternatives and it is in this context that bio-based PP has gained significance. Biodegradable PP is made from natural sources such as corn, sugarcane, and other renewable biomass. As a result, they generate minimal waste and can be reused and recycled, making them the perfect substitute for synthetically formulated plastics.
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Market Segmentation
Based on application, the market has been categorized into building & construction, consumer goods, packaging, and others. In 2020, the automotive segment held a share of 12.24% in the global market and a share of 11.83% in the Germany market.
On the basis of region, the market has been analyzed across North America, Europe, Asia Pacific, and the Rest of the World.
List of the Leading Companies Profiled in the Global Bio-Based Polypropylene Market are:
- Braskem (U.S.)
- Neste Oyj (Finland)
- LyondellBasell Industries Holdings B.V. (The Netherlands)
- Borealis AG (Austria)
- NaturePlast (France)
- Mitsui Chemicals, Inc. (Japan)
COVID-19 Impact
The bio-based polypropylene market growth is facing hurdles because of the COVID-19 pandemic. With governments imposing strict social distancing measures and restricting cross-border trade activities, supply chains across industries have been disrupted, affecting manufacturing operations worldwide. The automotive and the construction industries, in particular, are bearing the brunt of these restrictions, with several auto plants being forced to close down and construction projects getting delayed or canceled. As a result, the growth of the bio-PP market is getting inhibited.
Highlights of the Report
The bio-based PP market report contains actionable insights into the factors and trends shaping the growth trajectory of the market. The report also incorporates a comprehensive analysis of the market restraints and an in-depth evaluation of all market segments. Additionally, the report covers a detailed study of the regional dynamics and competitive environment characterizing the market.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/bio-based-polypropylene-market-102758
Driving Factor
Active Collaborations between Market Players to Drive Growth
The growing urgency for polymers derived from organic sources is pushing companies in this market to collaborate with different entities to speed up and enhance the development of bio-based polypropylene and other such polymers. In 2018, for instance, Neste joined forces with Ikea to initiate the production of bio-based PP on a commercial scale. The aim behind this venture is to aid Ikea fully substitute the plastics used in its products with renewable materials by 2030.
Neste also partnered with LyondellBasell in June 2019 to pilot the first-ever commercial-scale simultaneous production of bio-PP and bio-polyethylene in Germany. The leading role played by these organizations in advancing biodegradable polymer production technologies is supporting the establishment of a circular plastic economy, which also favors this market.
Regional Insights
Germany’s Strong Auto Industry to Bolster the Europe Market Growth
Europe is expected to dominate the bio-based polypropylene market share during the forecast period on account of Germany’s large, strong, and well-consolidated automotive industry. Automakers in this country have been steadily incorporating naturally derived raw materials in vehicle interiors, such as dashboards and door handles, to accelerate sustainable development in the continent. The region’s market size stood at USD 34.4 million in 2020.
In North America, the market will be principally driven by the increasing deployment of bio-based PP in the building and construction industry. On the other hand, the market in Asia Pacific is set to experience dynamic expansion due to the widening utilization of bio-PP in household and industrial applications in the region.
Competitive Landscape
Capacity Enhancement by Key Players to Animate Competitive Spirits
One of the most visible growth strategies adopted by key players in this market is the expansion of production capacity. An enhanced capacity to produce bio-based polypropylene will empower companies to rapidly broaden their sales opportunities, especially in North America and Europe, where manufacturers are eagerly demanding sustainable materials to reduce their carbon footprints.
Industry Development
- March 2020: Borealis announced the commencement of polypropylene production from Neste’s renewable feedstock at its two facilities in Belgium. This will mark Borealis’ first departure from producing fossil fuel-based PP on a large, commercial scale.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on Global Bio-Based Polypropylene Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Bio-Based Polypropylene Market Analysis, Insights and Forecast, By Application, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Application (Volume/Value)
- Building & Construction
- Automotive
- Consumer Goods
- Packging
- Others
- By Application (Volume/Value)
- Global Bio-Based Polypropylene Market Analysis, Insights and Forecast, By Region, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Region (Volume/Value)
- North America
- Europe
- Asia Pacific
- Rest of the World
- By Region (Volume/Value)
TOC Continued…!
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