Global bio based polyolefins market has grown significantly in the past few years owing to application in numerous industries such as building & construction, packaging, transportation & automotive, and others comprising of stretch & shrink films, blow molded bottles and detergents. These industries have adopted bio based polyolefins, on account of stringent laws regulating the usage of synthetic polymers and rising environmental concerns among the consumers. These have been drivers of the bio based polyolefins market, coupled with rising R&D projects and technological advancements. This trend is expected to continue in the coming seven years, and is expected to significantly accelerate the market growth. High price of bio based polyolefins as compared to synthetic polyolefins is expected to be a key challenge affecting market growth.
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Furthermore, bio based polyolefins demand is expected to be bolstered by significant growth in the packaging and automotive & transportation industry. The packaging industry experienced growth on account of increasing global trade among and within countries. Whereas, rising automotive and transportation industry on account of improving standard of living coupled with rapid industrialization is expected to propel market growth. Asia Pacific is expected to witness the highest growth due to improving infrastructure. Emerging economies, such as, India and China were at the epicenter of development in the region and are expected to witness high growth further bolstering the bio based polyolefins market, over the forecast period.
Key players involved in the bio based polyolefins market are P&G, SABIC, The Dow Chemical Company and Braskem. P&G is a major FMCG player in the global market and has committed to use of atleast 25% of renewable material in packaging applications. In order to honour its commitment the company made a supply agreement with Brazilian major Braskem for procurement of sugarcane based polyethylene, as of 2010. The company uses this bio based polyethylene for packaging of major brands including Cover Girl, Max Factor and Pantene. As of 2012, P&G along with Nike, Heinz, Ford Motors and Coca-Cola formed the Plant PET Technology Collaborative with a view to support development and use of bio based PET. As of 2010, Coca-Cola developed Plant Bottle consisting of 30% bio based material.
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