Bio-based Polypropylene (PP) Market

Market Synopsis:

Global Bio-based Polypropylene (PP) market is valued at USD 41.18 Million in 2022 and is projected to reach a value of USD 63.70 Million by 2030 at a CAGR of 5.60% during the forecast period.

The increased growth of the bioplastics industry along with the increased adoption of sustainable packaging solutions are some other major factors for the Bio-based Polypropylene (PP) Market growth. In addition, the increased use of Bio-based Polypropylene (PP) market across numerous industries such as packaging, automotive, consumer goods, and others is another major factor for the Bio-based Polypropylene (PP) market growth during the forecast period. The increased environmental concerns regarding plastic use coupled with the growing replacement of fossil-based feedstock with renewable materials are some other major drivers of the market. The increased demand for Bio-based Polypropylene (PP) among emerging economies such as India, China, Brazil, Indonesia, and others is one of the prominent opportunities for the Bio-based Polypropylene (PP) market over the upcoming years. However, the presence of substitutes such as bio-based PET and polylactic acid (PLA) is one of the key restraints in the growth of the Bio-based Polypropylene (PP) market.

Market Segmentation:

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Corn to Continue Dominating the Bio-based Polypropylene (PP) Market:

The corn category dominated the global Bio-based Polypropylene (PP) market in 2021 and had more than 40% of the market share based on source in the same year. This is majorly due to the high water resistance of corn starch along with easy availability of this source. In addition, low-cost of corn led to its high preference among different applications is another key factor for category dominance. The corn category is an appropriate choice for packaging industry due to its feature of providing enhanced oxygen barrier when in dry state.

Injections to Hold Largest Share in the Bio-based Polypropylene (PP) Market:

In 2021, the injection segment held for the major chunk in the market. This is primarily owing to the high demand for injection-molded parts across end-use industries such as automotive, packaging, and construction among others. Besides, the high use of Bio-based Polypropylene (PP) films in the packaging industry is projected to boost the films category growth during the forecast period.

Packaging Segment Lead the End Users of the Bio-based Polypropylene (PP) Market:

The packaging category was the leader in the Bio-based Polypropylene (PP) market in 2021. The Bio-based Polypropylene (PP) increased demand for bio-based packaging across industries such as food & beverages, consumer goods, and automotive among others. The growing packaging industry and rising demand for sustainable packaging solutions are some other major factors for the growth of the packaging category over the forecast period.

Besides, the consumer goods category is projected to witness lucrative growth in the upcoming years due to the rapid increase of Bio-based Polypropylene (PP) products in numerous household applications such as table cloth, bottles, utensils, and others.

Asia Pacific Bio-based Polypropylene (PP) Market to Grow at the Fastest CAGR:

The stringent government regulations that support bio-based polymers use across industries along with the high adoption rate of bio-based polymers among consumers are the major factors for the expected Asia Pacific dominance. This is due to increase in the usage of Bio-based Polypropylene (PP) across industries including consumer goods, automotive, and construction along with the growing consumption of Bio-based Polypropylene (PP) in the packaging industry.

Asia Pacific is projected to witness the fastest growth over the forecast period. The rapidly growing packaging industry and growing manufacturing industry across emerging economies are the key factors for the fastest growth of the region. In addition, the changing consumer outlook towards the use of eco-friendly and sustainable packaging solutions are some other key factors for the Bio-based Polypropylene (PP) market in the years to come.