Health hazards associated with the production of synthetic polypropylene is expected to boost the demand for bio-based polypropylene. Depleting levels of crude oil are opening new opportunities to bio-based chemical manufacturers. Favorable norms towards environmental concerns regarding low carbon emission and high fuel efficiency are expected to drive the bio-based polypropylene market.
However, presence of substitutes such as bio-based polyethylene terephthalate, and polylactic acid is expected to hamper the market growth over the forecast period. Increasing demand for soy, sugar cane, and corn from food & beverage industry is another factor that is expected to restrain the market growth.
Application segment includes injections, films, textiles, and others. Bio-based polypropylene has a wide range of applications in films that are used as packaging material. Increasing demand for sustainable packaging material is expected to drive the market growth. Bio-based polypropylene foam is extensively used in packaging of foods products such as meat, vegetables, and confectionery products.
Based on the region the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is estimated to be the fastest growing region in terms of revenue.
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Increasing demand for automotive and infrastructure in developing economies like India, China, and Indonesia is expected to fuel the market growth in the region. Increasing disposable income of the people in the region is expected to drive the bio-based polypropylene market. The growth of end-user industries namely automotive, injections, and construction in the region is expected to drive the market growth over the forecast period.
Key players operating in the global bio-based polypropylene market include The Dow Chemical Company, Washington Penn Plastic Co., Inc., Braskem S.A., Solvay S.A., Biobent Polymers, FKuR Kunststoff GmbH, LyondellBasell Industries Holdings, China Petrochemical, Exxon Mobil Corporation, and INEOS Group Holdings.