Bio-based Polypropylene Market Business Growth Drivers and Restraints Created by COVID-19 Outbreak | Finds Fortune Business Insights™
The global bio-based polypropylene market size is projected to reach USD 996.9 million by 2028, exhibiting a CAGR of 39.9% during the forecast period. This information is provided by Fortune Business Insights™ in its report, titled “Bio-Based Polypropylene Market, 2021-2028”. The report states that the value of this market stood at USD 68.5 million in 2020.
The unprecedented upheavals caused by the COVID-19 pandemic on the automotive and construction industries are expected to negatively impact the bio-based polypropylene market growth. Bio-based PP has been increasingly used in the making of automotive interiors and engine components, while in the construction industry this material is extensively used in bathroom fixtures, insulation, and roof panels. Thus, the coronavirus is likely to dampen the prospects of this market in the immediate future.
Braskem America Introduces Green Polypropylene
Braskem, one of the leading bio-polymer producers in the world, announced the release of ‘I’m green’ recycled green polypropylene (PP) in October 2019. Representing one of the first bio-based PP formulations under the ‘I’m green’ portfolio, the recycled PP offering is aimed at advancing Braskem’s commitment to transform the linear economy of plastics into a circular one. The ‘I’m green’ umbrella brand of Braskem also includes post-consumer-recycled (PCR) resins, bio-based resins, and a mix of bio-plastics and PCR solutions. The launch of the novel bio-based PP will enable Braskem to firmly secure its position in the bio-plastics industry as well as cater to a wide range of end-user industries.
Widening Application of Bio-based PP in Auto Manufacturing to Fuel the Market
Conventionally formulated polypropylene has been one of the mainstay raw materials adopted by vehicle manufacturers to make cost-efficient interior components. However, with an increasing emphasis on improving the sustainability quotient in the auto industry, auto companies are steadily transitioning towards biodegradable materials to make their vehicles lightweight and energy-efficient. Bio-based polypropylene is speedily becoming the preferred choice of material for automakers due to its high recyclability and biodegradability.
For example, General Motors has been utilizing bio-based PP for seatbacks in its Cadillac DeVille and PP derived from flax for its trim and shelving in the Chevrolet Impala. Similarly, Toyota uses bio-PP for injection molded parts such as scuff plates and interior trims. The opportunities for organically derived PP are, thus, immense in the auto industry.
Packaging Segment to Dominate in Terms of Market Share
On the basis of application, the market has been segregated into building & construction, consumer goods, packaging, and others. Among these, the packaging segment dominated the market in 2020 and will retain its commanding position due to the increasing demand for eco-friendly packaging materials from the food & beverage industry. The automotive segment is also anticipated to enlarge its share of 12.24% in the global market and a share of 11.83% in the Germany market in the forthcoming years.
Information source: https://www.fortunebusinessinsights.com/bio-based-polypropylene-market-102758