According to a new report published by Allied Market Research, titled,"Bio Based Polypropylene Market,by Application: Global Opportunity Analysis and Industry Forecast, 2018 - 2025",the global bio based polypropylene market was valued at $32.0 million in 2017, and is projected to reach $53.0 million by 2025, growing at a CAGR of 6.5% from 2018 to 2025. The injection application segment accounted for a major share of the global bio based polypropylene market in 2017, in terms of revenue.
According to the European Standard, EN 16575, polymers derived from biomass are considered as Bio Based Polymers. As the Bio based polypropylene is derived from vegetable oils, corn, and various biomass materials, this product can be considered as a Bio Based polymer.
The product demand is predicted to increase, owing to the increase in demand for lightweight plastic materials from the automotive end-use industry, to improve fuel efficiency in the automobiles. The use of these materials helps decrease the vehicle downsizing, which is expected to enhance the operating efficiency of the vehicles, and reduce the vehicular emissions. Favorable government regulations encouraging the use of lightweight polymer materials to reduce fuel consumption in automobiles increases the product demand, which drives the growth of the bio based polypropylene market during the forthcoming years.
Rise in use of substitute products such as the bio based PET and bio based PLA for similar applications is expected to restrain the growth of the global bio based polypropylene market. Increase in production of crude oil helps improve the generation of various crude oil derivatives, such as synthetic polymers, which act as a significant restraint to the growth of the global bio based polypropylene market.
Based on application, the bio based polypropylene market is segmented into injection, textile, films, and others which include extrusion, coating, and blow molding. The market for injection molding is projected to remain dominant during the forecast period. Increase in use of injection molded parts in various applications such as automotive, electronics, packaging, and construction is expected to fuel the product demand.
Key Findings of the Bio Based Polypropylene Market:
- The North America bio based polypropylene market is projected to grow at a CAGR of nearly 6.9% during the forecast period, in terms of revenue
- The Europe bio based polypropylene market is anticipated to dominate the global market, in terms of revenue in the near future
- The global bio based polypropylene market for injection application dominated the market, with a share of over 36% in 2017
Based on region, the global bio based polypropylene market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Europe bio based polypropylene market is projected to reach $20,799.2 thousand by the end of 2025, owing to high product consumption from the automotive end-use industry. This region is majorly driven by the increase in product consumption in countries such as Germany, France, the UK, and Spain. Favorable initiatives and regulations by the European Union is expected to drive the use of various bioplastics over the coming years.
The global bio based polypropylene market is at a nascent stage. The companies operating in this market are highly concentrating on the procurement of raw materials to reduce production costs. Some key companies operating in the global bio based polypropylene market are Biobent Polymers, Dow Chemicals, Global Bioenergies, Braskem, and Trellis Earth.