According to the latest report by IMARC Group, titled “Bio-Polypropylene Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached 14.3 Kilo Tons in 2018, growing at a CAGR of 4.4% during 2011-2018. Bio-polypropylene is a thermoplastic polymer derived from plants, which is widely utilized by the packaging industry. It is made from natural materials, such as corn, sugar cane, vegetable oil and biomass. The polymer is tough, flexible and resistant to fatigue, which makes it an ideal packaging material. The production process of bio-polypropylene is environment-friendly as compared to that of conventional polypropylene, which utilizes petroleum, thus emitting a significant amount of greenhouse gases (GHGs). Furthermore, it is characterized by a higher melting point, which allows it to be used in various plastic products. As a result, it finds diverse applications in textiles, films, polymer banknotes and injection molding, among others.
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Global Bio-Polypropylene Market Trends:
Increasing adoption rates of sustainable packaging solutions are primarily driving the growth of the market. Growing awareness about the risk posed by the use of plastic-based products has led a majority of the population to shift toward bio-based alternatives. Furthermore, the rising demand for biodegradable polymers in the production of food packaging materials is also providing a thrust to the growth of the market. In line with this, several regulatory initiatives have been introduced, which promote the use of bioplastics and educate users about the importance of reducing GHG emissions. The thriving automobile industry is further propelling the market growth as biopolymers are extensively utilized to reduce the overall weight of the automobiles. Also, widespread adoption of injection molding across several industry verticals, including healthcare, aerospace and construction, is expected to create a positive outlook for the market. On account of the aforementioned factors, the market is estimated to reach a volume of 18.1 Kilo Tons by 2024, expanding at a CAGR of 3.9% during 2019-2024.
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- On the basis of the application, injection molding represents the largest market segment, exhibiting a clear dominance in the market. Other major application areas include textiles, films and others.
- On the geographical front, the market has been categorized into Europe, North America, Asia Pacific, Middle East and Africa, and Latin America. Amongst these, Europe holds the leading position in the market, accounting for the majority of the total share.
- The competitive landscape of the market has also been studied in the report with some of the key players being Braskem S.A., Biobent Holdings, LLC (Biobent Polymers), Dow Chemical Company, Global Bioenergies SA, Trellis Earth Products, Inc., Japan Polypropylene Corporation, Reliance Industries Limited, LyondellBasell Industries NV, Exxon Mobil Corporation and INEOS Capital Limited.
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