Bio-based Polypropylene Market outlook:
Bio-based Polypropylene Market is expected to reach a CAGR of 39.9% during the forecast period 2022-2029. The growing demand for lightweight vehicles in the automobile industry is triggering the demand for bio-based polypropylene (PP) products. The rising consumption of bioplastic in the packaging industry is expected to uplift the demand for bio-based polypropylene (PP) in the forecast period.
Bio-based polypropylene is a polymer manufactured from natural materials such as corn, sugar cane, vegetable oil, and other biomass. Bio-based polypropylene has qualities similar to synthetic polypropylene. Bio-based polypropylene is used in injection molding, textiles, film, and other applications. Furthermore, Automobiles, textiles, packaging, medical devices, and pipe systems are among the industries that employ bio-based propylene. Due to its good fatigue qualities, polypropylene is also utilized in living plastic hinges like those on flip-top bottles.
Market Growth Demand:
The demand for bio-based plastics is expected to be fueled by an increase in the use of lightweight materials in the automobile sector and an increase in automobile sales in developing nations such as India and China. The mentioned factor is expected to boost demand for bio-based polypropylene in injection molding parts for construction, electronics packaging, automotive, and industrial applications.
The new bio-based materials are expected to eventually replace their petrochemical counterparts in automotive applications such as (i) bumpers and bumper spoilers, lateral siding, roof/boot spoilers, rocker panels, and body panels; (ii) dashboards and dashboard carriers, door pockets and panels, consoles; and (iii) heating ventilation air conditioning, air ducts, battery covers, splash shield, and others.
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Impact of COVID-19 on the Global Market:
The global Bio-based Polypropylene (PP) market has shown a significant decline due to the COVID-19 pandemic, as many manufacturing facilities were shut down for months during the 2019-2020 period. Further several countries have restricted production activities in different industries during the covid-19 pandemic.
Due to the COVID-19 outbreak, the major lockdown leads to the sudden shutdown of various industries such as automotive, construction, and consumer goods across the globe, leading to a drop in the demand for Bio-based Polypropylene (PP)s during the 2019-2020 period.
Industry Regional Insights:
The European bio-based polypropylene market is expected to dominate throughout the forecast period due to increased product consumption in the automotive end-use industry. Furthermore, due to advantageous legislation reducing vehicular carbon emissions, this region is expected to grow its automotive usage. Furthermore, increased automobile manufacturing in countries such as Germany, France, and Spain is likely to promote the European bio-based polypropylene market during the forecast period. Because of the product’s use in aerospace applications, the bio-based polypropylene market in North America is expected to grow at the quickest rate.
Competitive landscape and Major Companies Involved:
The Bio-based Polypropylene (PP) Market is highly competitive with the presence of local as well as global companies. Some prime companies contributing to the market’s growth include Dow Chemical, Washington Penn Plastic Co., Inc., FKuR Kunststoff GmbH, LyondellBasell Industries Holdings, Braskem, Solvay S.A., Biobent Polymers, Exxon Mobil Corporation,China Petrochemical Corporation, INEOS, SABIC, Mitsui Chemicals and Global Bioenergies and among others.
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The Full Report has the below insights.
- The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021), and verifiable projections about market size during the forecast period (2022-2029).
- Visualize the composition of Bio-based Polypropylene Market segmentation By Type, Application, and Region, highlighting the key commercial assets and players.
- By Type
- By Application
- By Region
- Identify commercial opportunities in the Market by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as porter’s five forces, regulations in each country, reimbursement scenario, technological advancements, PEST analysis, and pricing analysis.
- Excel data sheet with thousands of Market-level 4/5 segmentation data points.
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- Product mapping in excel for the key product of all major market players
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