Global Market Insights announces addition of a new research based report on Bio Polypropylene (PP) Market. The market size is projected to hit 18.1 kilo tons by 2022, at a growing CAGR of 6.4% from 2015 to 2022. Growing demand of lightweight materials to manufacture vehicles to lower fuel consumption is expected to propel the market size.Bio polypropylene is similar to synthetic PP.
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It is a thermoplastic polymer obtained several natural sources like beet, corn and sugarcane through fermentation or gasification method. Owing to its properties like high melting point, stretchable, good fatigue, lightweight, etc, PP finds applications in various end user industries like automobiles, packaging, medical devices, pipe systems and textiles.‘BOPP (biaxially oriented polypropylene) films’ is a new application of bio PP and is used in food packaging. Furthermore, Australia, New Zealand, Canada, and Singapore are using BOPP for currency notes. England, from September of this year, will be added to this list for using BOPP to manufacture plastic banknotes.
Growing application scope is likely to perk up bio-based PP use in pipe systems, textiles, and automobiles, medical and packaging. The majority of plastics used in automobiles are polypropylene to aid the weight reduction to achieve lower carbon footprint. Asia and South America are key regional markets, projected to register higher gains owing to abundance of raw material.
Injection molding application is projected to register significant growth owing to their use in manufacturing of injection molded parts for several applications including electronics, automotive, construction and packaging. Textile applications are likely to observe below average gains during the projected period. Environmental concerns about the production and usage of synthetic polypropylene have considerably given a push to the growth of global market. Furthermore, escalating prices of petroleum based feedstock is also resulting into a global shift from synthetic polypropylene to bio pp. The encouraging policies of Environment Protection Agency (EPA) are supporting the global market growth.
Europe biobased PP market size, by application, 2012 – 2022 (Kilo Tons)
At present, PET and PLA are the competitors of bio polypropylene. Moreover, the growing shale gas availability, resulting into petroleum based feedstock reduction can restrain the market growth. Asia Pacific is anticipated to continue its dominance and witness significant growth during the estimated period owing to surge in construction and automotive industries in Indonesia, India and China.
Europe dominates the global bio PP market in terms of both production and demand followed by North America and Asia-Pacific.
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Rising investments in R & D initiatives and mergers & acquisitions by key market players with an aim to perk up their product portfolio and boost production capacity is driving the market. Some key industry players include Trellis Earth Products, Biobent, Polymers, Global Bioenergies, Dow Chemicals and Braskem.