Bio-Based Polypropylene Market Size Expected to Be Valued at $69.4 Million by 2027

Bio-Based Polypropylene Market size is expected to be valued at US$69.4 million by the end of the year 2027 and is set to grow at a CAGR of 7% during the forecast period from 2022-2027. The increasing demand from the packaging industry is one of the major factors driving the demand for bio-based polypropylene. Polypropylene is a polymer with high melting point made with polylactic acid which makes it suitable for use in medical products and other purposes like thermoplastic polymer that is used to secure containers such as dishwashers, chemicals and others. Bio-based propylene has similar features that of propylene, but is produced through injection molding from raw materials such as sugarcane, beet and corn. Bio-based polypropylene is also substituting the use of synthetic polypropylene in bumpers, chemical tanks, gas cans and others in the automotive industry. This is driving the demand of bio-based polypropylene market.

COVID-19 impact

Amid the Covid-19 pandemic, the bio-based polypropylene market was hugely affected owing to the various legal and economic restrictions laid by governments across the world. Due to the various restrictions laid down during the pandemic across the globe, the bio-based polypropylene market was hugely affected. Any movements including the movement of people and goods were banned fearing the spread of the coronavirus. This hugely impacted the bio-based polypropylene market, as the sales crashed down due to the exponential decrease in demand. The situation is however set to improve by the year ending 2021 and the bio-based polypropylene market is expected to grow.

Bio-Based Polypropylene Market Segment Analysis – By Product Type

Lignocellulosic Biomass segment held the largest share in the bio-based polypropylene market in the year 2021. Lignocellulosic are dry plant matters and that is abundantly available in the nature. It consists of carbohydrate polymers and an aromatic polymer, that gives it the strength that polymer posses. Lignocellulosic is one of the important resources used in bio-products, bioethanol, power and heat production processes. Lignocellulosic is a mixture of natural polymers based on cellulose, lignin, hemicellulose and tannins. This is majorly driving the demand for lignocellulosic biomass segment in the bio-based polypropylene market.

Request for Sample Report @ https://www.industryarc.com/pdfdownload.php?id=503627
Report Price: $ 4500 (Single User License)

Bio-Based Polypropylene Market Segment Analysis – By Application

Textile segment held the largest share of 30% in the bio-based polypropylene market in the year 2021. There has been an increase in the demand and production of woolen fabric from various end use industry, especially post Covid-19. This is contributing to the demand for bio-based polypropylene market, as bio-based polypropylene is used as an ‘addition polymer’ in production of wool. According to American Sheep Industry Association, Defense Logistics Agency (DLA), plans to procure 1.5 million linear yards of wool and wool blend fabrics for use in recruit issue uniforms in the year 2021. They are also planning on selling more than 40,000 wool berets during the year 2021. According to Korea Customs Services, the export of textile yarns increased by 4% to US$130 thousands in June 2021 from US$125 thousands from May 2021. Bio based polypropylene is also used as a substitute to synthetic polypropylene. This will further drive the bio-based polypropylene market.

Bio-Based Polypropylene Market Segment Analysis – By Geography

Asia-Pacific region held the largest share of 40% in the bio-based polypropylene market in the year 2021. The major exporters of wool fabric in the world are from Asia Pacific region, namely China, South Korea and Japan. According to International Wool Textile Organization, China accounted for 21.1% of world exports of wool fabric in the year 2019, Japan accounted for 4.1% and South Korea accounted for 2.5%. This is making Asia Pacific region the largest exporter of wool fabric in the world. Furthermore, according to Directorate General of Commerce Intelligence and Statistics (DGCIS), exports of woolen yarn, fabrics and made ups reached US$125.13 million and raw wool exports reached US$71,111.74 in the year 2020, accounting for 2% of the global production. This is driving the demand for bio-based polypropylene market in the Asia Pacific region as it is widely used in the production of textile polymer. Furthermore, in the long-term development plan for automotive industry, the Chinese government set a goal for 2020, to reach and annual sales of 2 million for their new energy vehicles (NEV). This will also drive the demand for bio-based polypropylene in the automobile industry as bio-based polypropylene is used in bumpers, gas cans and chemical tanks in the automobile industry.

Bio-Based Polypropylene Market Drivers

The growing packaging industry is majorly driving the bio-based polypropylene market since bio-based polypropylene is one of the commonly used thermoplastics used in plastic packaging

Bio-based polypropylene is widely used in the packaging of consumer products, plastic parts, special devices, in textile industry and others as thermoplastic polymer. According to the data from World Packaging Organisation (WPO), a global organization and regulatory body of the packaging industry, the annual turnover of the global packaging industry crossed the value of US$500 billion during the year 2019, which served as an important factor driving the demand for bio-based polypropylene which in turn increased the growth of bio-based polypropylene market. This is driving the growth and demand for bio-based polypropylene market from the packaging sector across the globe.

Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=503627

Bio-Based Polypropylene Market Challenges

High initial cost for raw materials and set up

The initial cost for a set of raw material for thermoplastic composites and thermoplastic polymer such as polypropylene is more expensive than its close substitute thermosets, which makes it a costlier product that is not preferred first. The cost of setting up tools is also higher as it requires metal tooling for thermoplastic parts. Whereas aluminium tools do not involve high costs and therefore it helps in reducing lead time and save cost, which makes it a close and a preferred substitute for thermoplastic components and thermoplastic polymer. This is one of the biggest challenges faced by the bio-based polypropylene market.

Bio-Based Polypropylene Industry Outlook

Acquisitions and mergers, production expansion, facility expansion collaborations, partnerships, investments, are some of the key strategies adopted by players in the Bio-Based Polypropylene Market. Major players in the Bio-Based Polypropylene Market include:

Global Bioenergies
Washington Penn Plastic Co. Inc
Dow
Biobent Polymers
LyondellBasell Industries Holdings
Solvay S.A.
FKuR Kunststoff GmbH
Exxon Mobil Corporation
Braskem
INEOS
Mitsui Chemicals
SABIC
China Petrochemical Corporation

Direct Purchase @ https://www.industryarc.com/purchasereport.php?id=503627

Key Takeaways

Asia-Pacific market held the largest share in the bio-based polypropylene market owing to increase in demand from the textile industry and construction industry.

The growing packaging industry is majorly driving the bio-based polypropylene market since bio-based polypropylene is one of the commonly used thermoplastics used in plastic packaging.

The increase in demand from the building and construction industry is also driving the demand for bio-based polypropylene market.

Amid the Covid-19 pandemic, the bio-based polypropylene market was witnessed slow growth owing to the ongoing covid-19 pandemic.

Related Reports:

A Synthetic And Bio-Based Polypropylene Market

https://www.industryarc.com/Research/Synthetic-And-Bio-Based-Polypropylene-Market-Research-503675

B. Polypropylene And Polypropylene Composites Market 

https://www.industryarc.com/Research/Polypropylene-And-Polypropylene-Composites-Market-Research-507198

For more Chemicals and Materials Market reports, please click here

About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to [email protected]dustryarc.com to discuss more about our consulting services.

Tags: Bio Based Polypropylene Market Size, Bio Based Polypropylene Market, Bio Based Polypropylene Market Share, Bio Based Polypropylene Market Report, Bio Based Polypropylene Industry, Bio-based Polypropylene top 10 companies, Bio-based Polypropylene industry outlook