Bio-based Polypropylene (PP) market is forecast to reach USD 63.1 Million by 2027, according to a new report by Reports and Data.

NEW YORK CITY, NY, UNITED STATES, October 20, 2021 /EINPresswire.com/ -- The report analyzes the historical and present-day scenario of the global Bio-Based Polypropylene (PP) market, to accurately gauge its potential future development. The increasing cost of petroleum-based chemicals because of the fluctuating price of crude oil and growing demand for the availability of alternatives of these chemicals among end-users is paving the path for the expansion of the sector. Continuous development in biotechnology and chemical processing is also contributing to this growth of the industry that is enabling the manufacturing of novel bio-based polymers like polyhydroxyalkanoate and polylactic acid, which is witnessing increasing popularity in various industries. Thus, such technological development would contribute to the expansion of the sector. In recent years, there has been an increasing concern about the environmental impact of using synthetic polypropylene and growing demand for polypropylene from the automotive and construction sector, which are the primary boosting factors for the growth of the market.

The COVID-19 Impact: The COVID-19 epidemic is expected to have a negative impact on the growth of the sector, which would be particularly witnessed in the first three quarters of 2020. Due to the outbreak, the automotive sector has been badly affected that would also act as a challenge for the growth of the market. The underlying reason being, the automotive sector is a major area of application of this type of polypropylene. 78% of the companies have a deficiency of staffs to operate a full production line. Approximately 80% of the auto supply chain across the globe is associated with China, the epicenter of the pandemic. As of January 2020, the car sales of China dropped by 18%. Hubei, the Chinese province where the inception of the global pandemic occurred, is one of the four major automobile production bases in the nation. It has more than 100 automotive suppliers. Until March 11, automotive plants in the region remained closed and have gradually started operating. Thus, such a pulling impact on the growth rate of the automotive sector would act as a retarding factor for the growth of the sector in the first three quarters of the fiscal year 2020.

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Key participants 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.

Further key findings from the report suggest
The Corn segment held a significant market share of more than 40.0% in 2019. The market share held by the Corn segment is attributed to the high water resistance of corn starch as compared to other types of starch, abundant availability of this source, and low cost that results in its high preference among end-users contributing to the market share held by this segment.

In the context of Application, the Industrial applications segment is projected to witness a considerable growth rate of 8.1% during the forecast period. The continuous expansion of various industries like the e-commerce sector and the associated increasing demand for industrial packaging contributes to the growth rate witnessed by this segment. The increasing demand for industrial packaging paves the path for application of this type of polypropylene in polymeric films for various applications for sustainable packaging.

In context to End-user, the Automotive segment held a considerable share of the market of more than 30.0% in 2019. The market share held by the Automotive segment is attributed to the fact that there is a growing demand for polypropylene in this sector and in this regards, an increasing number of market players are taking initiatives to minimize the use of synthetic polymers considering its adverse impact on the environment, which contributes to the market share held by this segment.

In October 2019, Braskem America launched I'm green Recycled Polypropylene. The launch was done by the company in the U.S. This launch was done by the company to encompass its full range of circular economy products under its commitment to transform the plastics chain.

In September 2018, Toray Plastics (USA) Co., Ltd. had launched white metallized biaxially oriented polypropylenes (BOPP). The BOPP has been formulated for application in consumer goods companies and films.

Deals Landscape

In September 2017, DowDuPont announced the successful completion of merger between E.I. du Pont de Nemours & Company and The Dow Chemical Company, which came effective in August 2017.

In October 2019, Neste and Borealis began strategic co-operation to increase bioeconomy and circularity in plastics. By the end of 2019, with the help of renewable propane of Neste, Borealis decided to produce renewable polypropylene.

In June 2019, Neste and LyondellBasell, in a collaborative manner, announced the commercial-scale manufacturing of bio-based plastic from renewable materials. Under this collaboration, for the first time, bio-based low-density polyethylene and bio-based polypropylene were manufactured simultaneously at a commercial scale. Under the project, the renewable hydrocarbons of Neste extracted from sustainable bio-based raw materials is used. Thus, such initiatives by the market players would contribute to the expansion of the market.

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For the purpose of this report, Reports and Data have segmented the Bio-based Polypropylene market on the basis of Source, Application, End-user, and region:
Source Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)

Corn

Sugarcane

Beet

Others

Application Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)

Injection

Textile

Films

Others

End-user Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)

Automotive

Electronics

Construction

Industrial applications

Others

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Regional Outlook (Volume, Kilo Tons; Revenue, USD Million; 2017-2027)

North America

Europe

Asia Pacific

MEA

Latin America

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About Reports and Data
RND is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

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