The global bio-based polypropylene market size is expected to grow from 28.91 kt in 2023 to 72.99 kt by 2028, at a CAGR of 20.35% during the forecast period (2023-2028). The impact of COVID-19 was negative due to raw material shortages and lower product demand.
NEW YORK, Aug. 11, 2023 (Globe Newswire) — Reportlinker.com Announces Release of Report “Bio-Based Polypropylene Market Size and Share Analysis – Growth Trends and Forecasts 2023-2028” — https://www.reportlinker.com/p06484132/?utm_source=GNW
The global bio-based polypropylene market size is expected to grow from 28.91 kt in 2023 to 72.99 kt by 2028, at a CAGR of 20.35% during the forecast period (2023-2028).
The impact of COVID-19 was negative due to raw material shortages and lower product demand. However, the boom in the textile industry after the pandemic has driven the consumption of bio-based polypropylene.
The major factors driving the market are growing environmental concerns over the use of conventional plastics and increasing replacement of fossil-based raw materials with renewable materials.
On the other hand, the high cost of bio-based materials hinders the market growth.
Increasing government incentives to promote the use of bio-based materials are expected to provide new opportunities to the market.
Europe is estimated to dominate the survey market due to surge in demand in Germany and France.
Bio-based polypropylene market trends
Growing demand for injection molding applications
Due to its high melting point, excellent fatigue properties, heat and chemical resistance, and environmental friendliness, bio-based polypropylene is used in a variety of injection molding applications in the packaging, automotive, electronics and medical industries. I’m here.
Demand for bio-based polypropylene in packaging applications is steadily increasing, such as packaging for organic foods and luxury branded products with specific requirements.
Additionally, governments around the world are promoting bioplastic packaging in the context of various policies on innovation, resource efficiency and climate change.
According to a recent consumer survey, sustainability is a valuable purchasing criterion for 60% of consumers worldwide, with 61% in the US slightly above the global average.
In addition, China is heavily involved in the production of large quantities of plastic and derives income from trade exports. This has created significant capacity for various packaging companies. According to the ITC, China will export about $131.07 billion worth of plastics and products in 2021, up 36% from the previous year’s (2020) exports of about $96.38 billion.
Global bioplastics production capacity will increase by 16% to 2.4 million tonnes in 2021. Biodegradable bioplastics accounted for 1.6 million tonnes of total production capacity in 2021.
According to Middelharnis injection molding specialist SFA Packaging, most food products are shipped in polypropylene injection molded packages.
Due to environmental concerns, more and more consumers and manufacturers are preferring eco-friendly packaging options, increasing the demand for the bio-based polypropylene market.
Europe dominates the market
Europe is a key hub for the bio-based polypropylene industry, with around 50% market share. It ranks high in research and development in this industry.
Most European countries have strict government regulations regarding the use of biodegradable plastics, including bio-based polypropylene. The government continuously promotes the use of eco-friendly products.
Bio-based polypropylene is mainly used in the packaging industry. Europe is one of the major consumers of the packaging industry and develops various packaging segments.
Germany is Europe’s largest consumer of plastics. The increasing use of plastic in the packaging industry has increased the demand for plastic. In 2021, the German packaging industry took her €29.6 billion (US$34.55 billion) in revenue. It was €26.3 billion (US$30.7 billion), down from the previous year.
Additionally, the German government promotes bio-based and recycled materials used in the packaging industry. For example, the German Senate, the Bundestag, has approved a new packaging law to encourage recycling of packaging waste. This is an important signal for the bioplastics industry. For the first time bio-based and recycled materials have been recognized as equally viable solutions for making packaging more sustainable and reducing reliance on finite fossil resources.
Moreover, the popularity of the e-commerce sector and the growth of the retail market have provided significant growth opportunities for the bio-based polypropylene market in the region over the years.
In 2021, Germany’s B2C e-commerce sector generated around €86.7 billion (US$101 billion). Online shopping has increased since the COVID-19 pandemic spread across the world. In the e-commerce sector, Germany was her sixth in 2021, behind China, the US, the UK, Japan and South Korea. In particular, mobile commerce is becoming more and more important. Currently, 7.26 billion people use smartphones and it is estimated that by 2026 he will reach 7.5 billion.
The factors mentioned above are expected to drive the European bio-based polypropylene market in the coming years.
Overview of the bio-based polypropylene industry
The bio-based polypropylene market is partially consolidated, with large players controlling a significant portion. Companies active in the market include Borealis AG, Braskem, Mitsui Chemicals Inc., SABIC and LyondellBasell Industries Holdings BV (in no particular order).
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