According to a new report by Reports and Data, the projected value of the Global Bio-based Polypropylene (PP) market is USD 63.1 Million by 2027. The sector's expansion is driven by the increasing cost of petroleum-based chemicals due to fluctuating crude oil prices and the growing demand for alternative chemicals among end-users. Technological advancements in biotechnology and chemical processing are also contributing to the industry's growth by enabling the production of innovative bio-based polymers such as polyhydroxyalkanoate and polylactic acid, which are gaining popularity in various industries. The market is further fueled by concerns about the environmental impact of synthetic polypropylene use and the rising demand for polypropylene in the automotive and construction sectors.

The COVID-19 pandemic has negatively affected the sector, particularly in the first three quarters of 2020. The automotive sector, a major user of bio-based polypropylene, has been significantly impacted, with a shortage of staff and disruptions in the supply chain. China, the epicenter of the pandemic, is responsible for about 80% of the global auto supply chain, and the closure of automotive plants in the Hubei province, where the outbreak originated, has further hampered the industry's growth. This pullback in the automotive sector has acted as a hindrance to the growth of the bio-based polypropylene market in the first three quarters of the fiscal year 2020.

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Key findings from the report include:

• The Corn segment accounted for over 40.0% of the market share in 2019, driven by the high water resistance of corn starch compared to other types of starch, its abundant availability, and low cost, making it a preferred choice among end-users.
• The Industrial applications segment is projected to witness a significant growth rate of 8.1% during the forecast period, fueled by the expansion of industries like e-commerce and the increasing demand for industrial packaging. Polypropylene is used in polymeric films for sustainable packaging applications.
• The Automotive segment held a considerable market share of over 30.0% in 2019 due to the growing demand for polypropylene in this sector. Market players are taking initiatives to reduce the use of synthetic polymers in response to environmental concerns, contributing to the market share of this segment.
• Key participants in the market include The Dow Chemical Company, Global Bioenergies SA, Trellis Earth Products, Inc., Braskem S.A., Mitsubishi Chemical Holdings Corporation, LyondellBasell Industries Holdings B.V., DowDuPont, Exxon Mobil, Biobent Polymers, and Neste.

Furthermore, the report highlights various deals and collaborations in the industry, such as the merger between E.I. du Pont de Nemours & Company and The Dow Chemical Company, strategic cooperation between Neste and Borealis to increase bioeconomy and circularity in plastics, and the commercial-scale manufacturing of bio-based plastics by Neste and LyondellBasell.

The Bio-based Polypropylene market is segmented based on Source (Corn, Sugarcane, Beet, Others), Application (Injection, Textile, Films, Others), End-user (Automotive, Electronics, Construction, Industrial applications, Others), and Region (North America, Europe, Asia Pacific, MEA, Latin America).

Bio-Based Polypropylene (PP) Market: Drive factors

Factors Driving the Bio-Based Polypropylene (PP) Market:

1.      Increasing Cost of Petroleum-Based Chemicals: The fluctuating price of crude oil has led to a rise in the cost of petroleum-based chemicals. This factor has propelled the demand for bio-based alternatives, including bio-based polypropylene, as end-users seek more sustainable and cost-effective options.

2.      Growing Demand for Environmentally Friendly Alternatives: There is a growing concern about the environmental impact of using synthetic polypropylene. As a result, there is an increasing demand for bio-based polypropylene, which offers a more sustainable and renewable solution. Industries are actively seeking alternatives to reduce their carbon footprint and enhance their environmental credentials.

3.      Abundant Availability of Bio-Based Feedstock: The availability of bio-based feedstock, such as corn, sugarcane, and beet, is another driving factor for the bio-based polypropylene market. These renewable resources offer a sustainable and reliable supply chain for the production of bio-based polypropylene, ensuring its availability for various applications.

4.      Increasing Consumer Awareness and Demand: With growing environmental consciousness among consumers, there is an increasing demand for eco-friendly and sustainable products. This consumer awareness and preference for environmentally friendly materials have influenced industries to adopt bio-based polypropylene and incorporate it into their products, enhancing their market competitiveness.

Overall, the combination of environmental concerns, technological advancements, regulatory support, and changing consumer preferences has created a favorable market landscape for bio-based polypropylene, driving its growth and market expansion.

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