increasing need for synthetic and bio-based polypropylene with improved characteristics is key factor driving revenue growth of the market
The global Bio based Polypropylene Market size was USD 89.88 Billion in 2022 and is expected to reach USD 165.24 Billion in 2032, and register a rapid revenue CAGR of 7% during the forecast period.
Increasing awareness about sustainable development and rising need for ecologically friendly are key factors driving market revenue growth. Corn, sugarcane, and beet are some examples of renewable materials used to make bio-based polypropylene. The manufacture of this type of polypropylene emits less carbon dioxide compared to synthetic polypropylene and is biodegradable. Bio-based polypropylene is widely used in the automobile industry because of their low weight, which enhances vehicle fuel efficiency.
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Major Companies:
- Braskem S.A.
- LyondellBasell Industries Holdings B.V.
- SABIC
- Exxon Mobil Corporation
- Total S.A.
- Reliance Industries Limited
- Sinopec Corp.
- Borealis AG
- Dow Inc.
- INEOS Group Holdings SA
Strategic Development:
- In 2020, Braskem S.A. introduced a new I’m greenT product line of bio-based polypropylene. The product has a reduced carbon footprint than conventional polypropylene because it is made from sugarcane ethanol.
- In 2021, Sasol Limited and LyondellBasell Industries Holdings B.V. stated that their joint venture project, Louisiana Integrated Polypropylene Complex, would be finished. The goal of the project is to create high-quality polypropylene products for use across a range of industries.
- Exxon Mobil Corporation revealed intentions to increase the volume of high-performance polypropylene goods produced at its Texas facility in 2021. The increase in demand for polypropylene products in the packaging and automotive industries is the reason for the expansion.
Key questions addressed in the report:
- What is the expected market size of the global Synthetic and Bio-Based Polypropylene market during the forecast period?
- What CAGR is the global market expected to register during the forecast period?
- Which key factors are expected to boost global market growth between 2021 and 2028?
- What are the key restraints that are expected to hamper global market growth?
- Which regional market is expected to register robust CAGR during the forecast period?
- Which key players are operating the global Synthetic and Bio-Based Polypropylene market?
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Synthetic and Bio-Based Polypropylene Market Segmentation:
By Product Type Outlook:
- Homopolymer
- Copolymer
By Application Outlook:
- Packaging
- Automotive
- Construction
- Healthcare
- Others
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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