Bio-Based Polypropylene (PP) Market Size Worth USD 63.1 Million 2027| A CAGR of 7.4%
Market Overview The forecasted growth rate for the Bio-based Polypropylene (PP) market is 7.4% during the projected period, aiming to achieve a value of USD 63.1 Million by 2027. There is a rising concern about the environmental impact of synthetic polypropylene, coupled with an increased demand for polypropylene in the automotive and construction sectors. These factors primarily drive the market's expansion.
The demand for lightweight materials in various sectors is boosting the need for polypropylene. Europe and the U.S. are focusing on reducing carbon emissions, with government regulations supporting bio-based product manufacturing. Additionally, the fluctuating prices of petroleum-based chemicals and the desire for alternative options are fueling the sector's growth. Advances in biotechnology and chemical processing are enabling the production of innovative bio-based polymers, such as polyhydroxyalkanoate and polylactic acid, contributing further to sector expansion. However, factors like the availability of shale gas and the impact of the COVID-19 pandemic could hinder market growth.
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Impact of COVID-19: The COVID-19 pandemic is expected to slow down sector growth, especially in the first three quarters of 2020. The automotive industry, a major polypropylene application sector, has been adversely affected by the outbreak. Around 80% of the global auto supply chain is linked to China, the pandemic's epicenter. Factory closures and reduced staff availability have impacted car sales and production. The pandemic's influence on the automotive industry is likely to restrain sector growth in the initial three quarters of the fiscal year 2020.
Application Outlook: In 2019, the Injection segment accounted for a considerable market share of over 50.0%. This is driven by the continuous expansion of the automotive sector, particularly in regions like China and India. Injection molded parts made from bio-based polypropylene are lightweight and increasingly sought after in the automotive, electrical & electronics, and aerospace industries.
End-user Outlook: The automotive segment held a significant market share of over 30.0% in 2019. The growing demand for polypropylene in the automotive sector, along with initiatives to reduce synthetic polymer usage due to environmental concerns, contributes to this share. Major players like Ford are incorporating bio-based resources to make vehicles more lightweight and eco-friendly, driving segment growth.
Regional Outlook: Europe dominated the market in 2019, with over 40.0% market share. This is attributed to a well-established automotive industry and European Commission's emphasis on reducing GHG emissions during manufacturing. However, the COVID-19 outbreak has impacted all sectors, potentially slowing down the sector's growth in Europe during the initial three quarters of 2020.
Market Insights: The Bio-based Polypropylene market was valued at USD 35.7 Million in 2019, projected to reach USD 63.1 Million by 2027. Corn-based polypropylene held a significant market share due to its water resistance and cost-effectiveness. The Injection segment dominated applications due to automotive sector expansion. The Automotive segment's growth was attributed to increasing demand for polypropylene and environmental considerations. Europe emerged as a key region, with more than 40.0% market share in 2019.
Companies Profiled: Key players 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. These companies have implemented strategies like new product launches to foster market growth.
Initiatives in the Market: Startups like GFBiochemicals, Eranova, CelluComp, and Willow Ridge Plastics are entering the market with innovative solutions. For instance, GFBiochemicals has developed technology to produce bio-based Levulinic Acid, reducing petroleum-based plastics in various applications. Mergers and acquisitions are also prevalent, with Neste and LyondellBasell collaborating to manufacture bio-based plastics from renewable sources.
Expert Predictions: Reports and Data anticipate stable growth after the initial COVID-19 impact. The automotive sector's setback due to the pandemic is expected to negatively affect the sector, given its significant application. Efforts to develop a Circular Economy are encouraging the use of plastic destined for landfills, supporting the expansion of recycled polypropylene production.
Report Segmentation: The report provides a revenue forecast at the global, regional, and country levels, analyzing industry trends in sub-segments from 2017 to 2027. The report covers Source, Application, End-user, and region segments.
Get a discounted quote now! ASK FOR DISCOUNT For this study, Reports and Data segmented the Bio-based Polypropylene market by 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, Latin America, MEA).
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